How do I add our revocable trust as the beneficiary of our checking and savings accounts?

casadelynch
Contributor

I've seen this topic a few times in the forums here, and am need of help myself. After four chat sessions and a couple of phone calls, I am in the exact same spot I was when I started this process three weeks ago. I mailed in ONE form to our other bank and they had it taken care of within a week. This is ridiculous.

 

USAA already has all of our trust's information - I uploaded it on May 9. Three customer care reps have confirmed it is there. However, every single rep I've come into contact with is trying their darndest to convert my account to a trust account. THAT IS NOT WHAT I WANT. I specifically told all three people I spoke to today all I want is to add a beneficiary! If I said I wanted to add my mom as the POD (pay on death) beneficiary, you guys wouldn't be trying to add her as a joint account owner. She said she understood, thanked me for clarifying and then - I kid you not - sent me an application for a new trust account.

 

I'm about to lose my mind, USAA. Been members for 20 years. You have our mortgage, our life insurance, our car insurance, and our checking account. I was able to update my life insurance's beneficiary online very quickly using an e-signature.

 

I need to know how to get this beneficiary done and get it done right. Help, before I just open a new checking account somewhere else because that seems a lot easier at this point. 

20 REPLIES

casadelynch - I apologize for any confusion you have experienced thus far. We no longer allow trusts to be added as a beneficiary to an account. If you wish to have your trust as a beneficiary for a bank account, you would need to make the bank account a trust account. Thanks, Jason

You have got to be kidding me. Sounds to me like you guys are the ones with the confusion. I worked at a bank 25 years ago when I was in college and was better trained than your reps are. Three weeks of chats and phone calls and not a single person knew this? Well, thanks for letting me know.

Casadelynch - I certainly understand your frustration and apologize that this change in process was not made clearer sooner. - Jason

I can't believe this conversation!  I'm having the the same issue!  My husband and I created a living trust, and I just want to add the trust name to our signature card (i.e. make the trust "payable upon death" to avoid probate for our heirs). My level of frustration has been equivalent to yours. Other banks I work with just had me send them the Certificate of Trust, along with the name, date and my social as the tax number for the trust and it was done.   But USAA is requiring that I fill out a Memorandom of Trust--collect the social of the successor of our trust and then add the trust as a member--THEN they will add this trust, as an individual member, to the account--all these hoops just to add the trust as our beneficiary! But that's what I've been told to do--so I hope it helps you if you choose to continue doing banking with USAA.  (I too am a long time member and never had an issue with the insurance side--however, I am not sure I trust the banking side!).  Sorry USAA!

 

I moved six figures out of my savings because the hassel wasn't worth it! (But I'll probably still do the memorandom of trust process for the little bit I left in the account-- once I'm done working with the banks that helped me make this simple but important task easy!) Good luck!

Hello @ DrAvalon, Thank you for the feedback about the process to add beneficiary to your account. As an online bank and a membership, we do request for complex account styling to fully document and sometimes that means providing extra paperwork. That insures we have everything in place for our eligibility requirements. Based on the feedback from you an others, we may need to take a closer look at the process. I do thank you for your feedback. It is a clear message that paperwork needs to be minimal and possibly more one and done. Thank  you, ~ Suzy

I hope that the USAA rep responding to this thread is not correct, because I talked to a different rep yesterday about the exact same issue, and she emailed me a Memorandum of Trust to add our Trust as a beneficiary on our checking and savings accounts.  There was no mention of changing our checking/savings accounts to Trust accounts.  But apparently as of several months ago this was impossible?

 

I just uploaded my Trust docs and a letter of instruction a few minutes ago.  X-ing fingers it will work.

I am confused. I cannot find the trust memorandum to fill out. And I do not want to close my 6 accounts and reopen them. I have allotments/ auto pay and this would be a pain. What forms from my trust do I need to add? 

@Janflan, I am sorry to hear of the difficulty in locating this form. I confirmed that in order to have a Trust setup, you will need to establish new accounts. We no longer offer the option to place your current accounts into a trust.  The Memorandum of Trust document is still uploaded to you.  Select the My Tools option > documents > "all" folder and you will see this form.  It will be needed.  Please call us at 800-531-8722 so we can assist you with the best options for your trust.  ~JM

Yes, I was just told in order to add a revocable trust I would have to "close all of my accounts and reopen them in the name of the trust"  I have accounts with several investment firms, a local bank, 401k/retirement, insurance, etc and NONE of them were this difficult.