Beneficiary Accounts. An informal trust account is the account of the trustee depositor(s) only. For IRS reporting purposes, the TIN shall be that of the first listed trustee depositor. When the trustee depositor(s) dies, ownership of funds in the account passes to the beneficiary. However, the beneficiary will have no rights to the funds until all trustee depositors have died.
Beneficiary Accounts. The designation of a beneficiary is an instruction to Radius Federal Credit Union that an individual or joint account so designated is payable to the owner(s) during his, her, or their lifetimes and, when the last account owner dies, payable to any named and surviving beneficiary. Accounts payable to more than one surviving beneficiary are owned jointly by such beneficiaries without rights of survivorship. Any beneficiary designation shall not apply to Individual Retirement Accounts (IRAs), which are governed by a separate beneficiary designation. We are not obligated to notify any beneficiary of the existence of any account or the vesting of the beneficiary’s dividend in any account, except as otherwise provided by law.
Beneficiary Accounts. The designation of a beneficiary is an instruction to the Credit Union that an individual or joint account so designated is payable to the owner(s) during his, her or their lifetimes and, when the last account owner dies, payable to any named and surviving beneficiary. Accounts payable to more than one surviving beneficiary are owned jointly by such beneficiaries without rights of survivorship. Any beneficiary designation shall not apply to Individual Retirement Accounts (IRAs), which are governed by a separate beneficiary designation. We are not obligated to notify any beneficiary of the existence of any account or the vesting of the beneficiary’s dividend in any account, except as otherwise provided by law. ACCOUNTS FOR MINORS We may require any account established by a minor to be a joint member with an owner who has reached the age of majority under state law and who shall be jointly and severally liable to us for any returned item, overdraft or unpaid charges or amounts on such account. We may pay funds directly to the minor without regard to his or her minority. We have no duty to inquire about the use or purpose of any transaction. We will not change the account status when the minor reaches the age of majority, unless authorized in writing by all account owners. AGENCY DESIGNATION ON AN ACCOUNT An agency designation on an account is an instruction to us that the owner authorizes another person to make transactions as agent for the account owner regarding the accounts designated. An agent has no ownership interest in the account or Credit Union voting rights. We have no duty to inquire about the use or purpose of any transaction made by the agent.
Beneficiary Accounts. If you have an interest in a traditional XXX that you received as the result of someone who died after 1983, and you were not married to that person, then you may not make any contributions (including rollovers and direct rollovers) to that traditional XXX. Recharacterizing a Contribution. Under certain circumstances, you can treat a contribution to a traditional XXX as if you made it to a Xxxx XXX, or you can treat a contribution to a Xxxx XXX as if you made it to a traditional XXX. This can be done to correct an excess contribution situation, although you can also recharacterize a contribution that is not an excess contribution. To recharacterize a contribution you must be able to make the contribution as it has been recharacterized. For example, if you discover that you cannot deduct a contribution to a traditional XXX, then you can recharacterize it as a contribution to a Xxxx XXX if this is allowed by the Xxxx contribution rules. You must give a special notice to the fiduciaries of both IRAs. This notice includes notification that you intend to recharacterize the contribution along with instructions to direct transfer the amount of the contribution. The income attributable to the contribution must also be transferred, and you must use an IRS formula to compute the income attributable. Withdraw With Income by Deadline. You can withdraw any contribution, other than a direct transfer or SEP contribution permitted by the tax laws, until the deadline described below. Under this rule, you can withdraw both excess contributions and contributions that are permitted by the tax laws. The withdrawn contribution is not subject to income tax. You must also withdraw the income attributable to the contribution, and you must use an IRS formula to compute the income attributable. The income attributable is subject to income tax, and it is also subject to a 10% early distribution tax if you are under age 59½ at the time of withdrawal and none of the exceptions discussed in answer 12 apply. The 6% excess contribution tax does not apply to the contribution that is withdrawn. Normal Deadline to Withdraw or Recharacterize a Contribution. You can withdraw or recharacterize a contribution and the income attributable to it until the deadline for filing your federal tax return for the year for which the contribution was made. If you file your federal income tax return on a calendar year basis and do not apply for an extension, then the normal deadline is April 15. If April 15 ...
Beneficiary Accounts. Accounts which are payable solely by an individual beneficiary, recipient or subscriber individually and not directly to a Borrower by a Federal or state healthcare program Account Debtor or commercial medical insurance carrier acceptable to Agent in its Permitted Discretion;
Beneficiary Accounts. If the account has a beneficiary, all living joint owners must consent to change a beneficiary. Beneficiaries on your savings account are also the beneficiaries on any sub accounts except Individual Retirement Accounts (IRAs). A separate beneficiary designation form applies to IRAs. There can be no beneficiaries on checking accounts (except a revocable trust).
Beneficiary Accounts. The Customer acknowledges and agrees that, although funds will be debited from its OLB Account on the date it submits the payment instructions to Royal Bank, the beneficiary of the payment may not receive the funds on such date or otherwise on the date the Customer instructs. Royal Bank is not responsible for the actions or omissions of any other Person, including other financial institutions and beneficiaries receiving payments, in connection with the Service.
