Are you sure? Or perhaps the question should be does your bank know?
Set up an Andrews CD yesterday and wanted to make sure DD's name was correct on their form. I setup the beneficiary some yrs ago when Andrews had the 3%/7 yr special and couldn't remember if I used DD's married or non-married name. Rep couldn't find the beneficiary listed.
Called again today and same result. I have a form that is a copy of what I filled out when I applied for membership. The beneficiary section is filled out but rep couldn't find the application for membership. The form was a bit strange since I filled it out online and the signature line is filled in with what looks like printed handwriting but it is not mine. Later I remembered it was a DOCUSIGN document that was filled out online and presumably the signature was by software.
The rep messaged the back office and they sent me a copy of what they had....similar to my copy w/ beneficiary listed but no electronic signatures, which is different from mine.
Don't know what would have happened if beneficiary called bank to ask about account since front-line reps didn't know about beneficiary and beneficiary may not have had enough knowledge/confidence to persist.
Also the front-line reps said if there was a beneficiary, it would be the same on every account. The back office person said that the beneficiary on the account application would only apply to the share account and not to the CDs so another murky cloud to disperse.
Before all of this arose, I was confident that the beneficiary designation was in place..............I know some institutions print the beneficiary on all the periodic statements so it is very clear what the situation is. Other institutions .......not so ideal esp since even if you have documentation at one point in time, beneficiaries can be lost when bank systems are changed/upgraded.
Set up an Andrews CD yesterday and wanted to make sure DD's name was correct on their form. I setup the beneficiary some yrs ago when Andrews had the 3%/7 yr special and couldn't remember if I used DD's married or non-married name. Rep couldn't find the beneficiary listed.
Called again today and same result. I have a form that is a copy of what I filled out when I applied for membership. The beneficiary section is filled out but rep couldn't find the application for membership. The form was a bit strange since I filled it out online and the signature line is filled in with what looks like printed handwriting but it is not mine. Later I remembered it was a DOCUSIGN document that was filled out online and presumably the signature was by software.
The rep messaged the back office and they sent me a copy of what they had....similar to my copy w/ beneficiary listed but no electronic signatures, which is different from mine.
Don't know what would have happened if beneficiary called bank to ask about account since front-line reps didn't know about beneficiary and beneficiary may not have had enough knowledge/confidence to persist.
Also the front-line reps said if there was a beneficiary, it would be the same on every account. The back office person said that the beneficiary on the account application would only apply to the share account and not to the CDs so another murky cloud to disperse.
Before all of this arose, I was confident that the beneficiary designation was in place..............I know some institutions print the beneficiary on all the periodic statements so it is very clear what the situation is. Other institutions .......not so ideal esp since even if you have documentation at one point in time, beneficiaries can be lost when bank systems are changed/upgraded.
