Adding Beneficiaries to Your Accounts
A smart financial move to protect your legacy
Key benefits of naming beneficiaries on your accounts
Avoid Probate
Your funds pass directly to the beneficiary
without going through the legal process,
saving time, money, and paperwork. Since probate
records are public, it also keeps the distribution of your assets private.
Faster Access to Funds
Beneficiaries can typically claim funds faster upon presenting a death certificate—very helpful when faced with funeral costs and any immediate expenses.
Simplifies Estate
Administration
Naming beneficiaries takes the burden off your
executor as your funds transfer
directly to the people of your choice.
Protects your Wishes
Gives you the peace of mind knowing who will
receive your assets when you’re gone.
Maximize your NCUA Insurance
Coverage*
An account with one beneficiary is insured up to
$250,000, with two, up to $500,000. An account owner can identify as many
beneficiaries as they like; however, for share insurance purposes, an account
owner that identifies five or more eligible beneficiaries will not be insured
beyond $1,250,000 per credit union.
How do I designate beneficiaries on my accounts?
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Log in to Digital Banking
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Select Self Service then Secure Forms
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Select Add or Update Beneficiaries then Complete and Submit the form
Beneficiary FAQs
Who can be named a beneficiary at
BankFund?
A beneficiary may be an individual, a charitable organization, or other non-profit entity recognized under the Internal Revenue Code of 1986.
Does the beneficiary need to be a
member of BankFund?
No, they do not. You should select or identify the person(s) or entity that you want to ensure your funds will be transferred to in the event of your death.
Can I make changes to my
beneficiaries in the future?
Yes, you may update your designated beneficiaries whenever you like.
*In calculating coverage, a beneficiary only counts once per owner, even if the same beneficiary is included multiple times on accounts at the same credit union.