Common use of Beneficiary Accounts Clause in Contracts

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 Radius Riverside 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.