Beneficiaries

• How do I know who my beneficiaries are on my accounts?
  

  If you are unsure who you have named as a beneficiary, contact any GSCU branch, call our toll-free number at 1-800-645-4728, or email us at members@gscu.org.

• How many beneficiaries can I have on each account?
  

  There is no limit on the amount of beneficiaries that can be added. Online Account Opening will only allow two during the account opening process.

  Please note that the percentage of funds is simply split among all beneficiaries named. GSCU will split funds as evenly as possible among beneficiaries.

• Do beneficiaries have to be GSCU members?
  

  No.

• What happens upon my passing?
  

  GSCU should be notified and will need to be provided with the death certificate(s). We will try to locate any beneficiaries and coordinate the account closure/disbursal of funds, upon verification of the beneficiary’s identity.

• Do beneficiaries currently have access to my accounts?
  

  No, beneficiaries would only be given access to their portion of the account balances once all accountholders have passed away.

• Does the beneficiary have to come with me to be added to my account?
  

  Beneficiaries are not given rights to an account unless all owners have passed away. There is no involvement from them in order to be added. They do not sign, so they do not need to come in. This does mean you can add beneficiaries without them being aware of it and it is your responsibility to inform your beneficiaries. However, a beneficiary being aware does make the process easier and could mean faster disbursal of funds, as it eliminates GSCU trying to locate or contact the beneficiary if made aware of the owner’s passing. It may also eliminate funds sitting if we are unaware that the owner has passed.

• What do I need to know about my beneficiary in order to add them to my account?
  

  You will need to provide their name, address, date of birth, and social security number. Providing their phone number and/or email address is also helpful to ensure we get in touch with them if the need arises.

• What would be the best way to add a beneficiary without my needing to go into a branch?
  

  Any accountholders can call or email and we will send them the membership application to sign and return either by email, fax or US mail.

• How do I add a beneficiary to my account?
  

  You will need to complete an updated membership application. To do so, visit one of our branch locations, give us a call at 1-800-645-4728 or email us at members@gscu.org. Please note, all accountholders are required to sign to add or update beneficiaries.