Banks and trust companies; share or deposit accounts; payable on death; effective date.

New inheritance rules for credit union accounts

Beginning November 1, 2025, Oklahoma law sets payable-on-death rules for all credit union share and deposit account types. These include checking, savings, and certificates of deposit. Owners must name at least one primary beneficiary: an individual, a trust, or a tax-exempt 501(c)(3) nonprofit. Each named beneficiary is primary unless the owner names them as a backup, called a contingent beneficiary. After the last surviving owner dies, creditors with valid security interests in the account get paid first. Living primary beneficiaries then receive the money, sharing equally unless the owner's designation says otherwise. Backup beneficiaries are allowed only when there is one primary beneficiary who is an individual—not when there are multiple primaries. If that sole primary has died, living backup beneficiaries share equally; the money does not enter the deceased primary's estate. If no primary or backup beneficiary is alive, the money goes to the account owner's estate. Owners keep full control while alive, including voting, withdrawing, adding, or pledging funds. Changes to beneficiaries must be made by the owner using the credit union's required form. Credit unions must give members creating these accounts written notice explaining that statutory distribution rules apply, and may require beneficiaries' addresses. Unclaimed interest-bearing accounts may stop earning interest after 60 days from the owner's death or the credit union's receipt of death notice, whichever is later. Payments covered by these rules release the credit union from liability for those payments. These rules control over conflicting state inheritance provisions.