We want you to what?! Call into the credit union and/or log into online banking to make sure all your information is updated! No one has time for that, right? Wrong. Everyone needs to make time to keep his or her accounts updated or it can cost you, big time.
Here are 3 really, really good reasons to review your account information to make sure it is updated.
1. Unexpected Beneficiaries – Do you know who holds the key to your accounts? Former spouses, former friends, former business partners – who from that former life is still listed on all your accounts? Per operational law, the order of ownership on a deceased member’s account is assigned in the following order:
- Joint Owner(s)
- Court Appointed Legal Representative
This means whoever you leave your money to in your will may not be the person who gets it.
True Story: A RMLEFCU member opened a savings account in his younger years and had his current wife as the beneficiary on the account. Read More