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    1. Home
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    3. Keep your beneficiaries updated
    Smart Tips, Financial Wellness

    Keep your beneficiaries updated

    09/26/2023

    Every year, thousands of dollars in unclaimed funds are escheated to the state because members have not updated their beneficiaries.

     

    Employees in our Member Care Services team have said that the lack of beneficiaries or the challenge of accounts that are not updated with current beneficiaries, is one of the biggest obstacles for the settlement and closure of a deceased member’s account.

     

    Of course, no one wants to think about planning for the worst, but it’s crucial to make certain that your loved ones will be taken care of if something should happen to you.

     

    When To Update

    • Review your beneficiaries on an annual basis.

    • Update your beneficiaries upon the birth of a child or an addition to the family.

    • Appoint a guardian when designating a minor child as beneficiary.

    • Update the beneficiary upon the death of a spouse or joint owner.

    • Update the beneficiary upon divorce.

    • Make certain to update the beneficiary for all your assets: IRAs, 401(k)s, 403(b)s and other employee retirements; life insurance (including employer provided); Credit Union and bank accounts; real estate and investment properties and business interests.

    It’s important to remain in control of who inherits your assets by updating your beneficiary designations for every life event. Your family members will be grateful for your forethought and consideration for having a plan in place.

    Please note: Your beneficiary choices are private and may not be shared by the Credit Union with anyone other than the beneficiary.

    Updating Your Beneficiaries

    Here’s how to make sure they’re up to date:

    1. Log into online banking.
    2. Tap the bottom right hand corner “MENU” icon.
    3. Select the “Account Services’ menu option.
    4. Select “Manage Beneficiaries” and make changes as necessary.

    You can also update your beneficiaries by mail or simply by visiting a Credit Union branch near you. Once your beneficiaries are updated, the beneficiary names are listed on each account statement.

    Don’t forget: If your beneficiaries fall into our eligibility requirements, you can also pass on to them the legacy of membership. There’s never been a better time to share the benefits you already enjoy with the ones you love.



     

    About the Author
    ,

    Todd Camp is the Marketing Communications Manager for American Airlines Federal Credit Union.

     

    Share:

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    American Airlines Federal Credit Union 2025 | American Airlines Credit Union and the Flight Symbol are marks of American Airlines, Inc. If you are using a screen reader and are having problems using this website, please call (800) 533-0035 for assistance. Equal Housing Lender
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