How a POD works at ICCU
A POD beneficiary is a person (or people) you name to receive the money in your eligible accounts after your death. If you have joint owners, the POD becomes effective after the death of the last surviving joint owner.
You can change or remove POD beneficiaries at any time by submitting a new designation. A new POD form revokes all prior POD designations. When you list multiple beneficiaries, they are treated as owning the funds in equal shares by default, unless you designate otherwise in writing.
PODs are governed by the Membership & Account Agreement and your signed beneficiary designation. If anything on this webpage conflicts with the Agreement or your executed forms, those documents control.
Please contact us if you have any questions. To update your POD beneficiaries without a notary, you’ll need to verify your identity through a secure VideoChat or by visiting any ICCU branch.
Which accounts can have a POD?
Most personal deposit accounts can carry a POD beneficiary designation, including checking, savings, money market, and certificates of deposit. Some account types have additional rules or separate beneficiary processes. POD designations are not available on loans and most business products. We’ll help you choose the right path and paperwork for your situation. To submit a new POD designation on your account, start a video chat or come into a branch.
How to add or update a POD beneficiary at ICCU
Our team can help you add or update a POD beneficiary. Please start a video chat or come into a branch and we’ll guide you through all the options based on your goals.
What You’ll Need for Each POD Beneficiary
- Full legal name
- Date of birth
- Relationship to you
- Current address and phone number
We may request additional information to verify identity and complete your records, consistent with the Account Agreement and applicable laws.
Membership-wide or Per-account
When you set or update beneficiaries, you can choose to:
- Apply the POD designation to all existing (and future) accounts under your membership, or
- Apply the POD designation to a specific account only.
ICCU supports both options.
Signing Options
If you complete your POD designation in a branch, a Membership Officer will witness and approve your form—no notary needed. If you prefer to complete the form outside the branch, it must be notarized unless you sign during an ICCU VideoChat session, which satisfies our witnessing requirement.
Frequently Asked Questions
What’s the difference between a beneficiary and a joint owner?
A beneficiary (POD) has no access to the account while you’re living. The designation only becomes effective upon your death (or, for joint accounts, upon the death of the last surviving joint owner). A joint owner shares ownership and access now. See your Account Agreement for definitions and ownership rules.
Can I list more than one beneficiary and set custom percentages?
Yes. If you list multiple beneficiaries and do not specify percentages, we treat them as owning the funds in equal shares. If you want custom allocations, tell us and we’ll capture that in writing with your designation.
Do PODs automatically apply to new accounts I open later?
They can if you choose the option to assign your designation to all existing and future accounts under your membership. Otherwise, a POD set per account will not automatically extend to accounts you open later. We’ll confirm your preference during setup.
I already have a will or trust. Do I still need a POD?
A POD can complement your estate plan by directing deposit account funds to named beneficiaries outside of probate. The Account Agreement governs your accounts with us, and a new POD designation supersedes prior beneficiary designations on those accounts. Consider speaking with your advisor to coordinate beneficiary designations with your broader plan.
How do I change or remove beneficiaries?
Submit a new POD designation. This will revoke and replace any prior designation. You can do this via VideoChat or at any branch.
How are PODs handled on joint accounts?
The POD takes effect upon the death of the last surviving joint owner. Until then, joint owners retain full rights to the account.
Can a minor be a beneficiary?
Yes, but additional steps may apply depending on the situation. We’ll explain your options so the funds can be delivered according to your wishes and applicable law. Please ask us during setup. See Account Agreement for governing terms.
Can a trust be a beneficiary?
Yes, as long as a trust is not an owner of the account. You will need to provide the Certificate of Trust. See Account Agreement for governing terms.
Can an organization be a beneficiary?
No, we do not list organizations (such as a food bank, orphanage, homeless shelter, etc.) as POD. We suggest you make this request in a legal document such as a will. See Account Agreement for governing terms.