Beneficiaries

The Account Opening Beneficiaries feature provides a clear and legally protected way to transfer account assets (especially for high deposit accounts like CDs) and depending on the account type, ensures higher FDIC insurance for deposits. Beneficiaries are product-specific, depending on which product(s) are selected by the applicant. If you would like to offer the beneficiaries feature at your institution, please contact your Narmi Relationship Manager. This feature is available for Consumer Account Opening and Staff-Led Account Opening.

Note: The beneficiaries feature is currently supported for Corelation, DNA, Silverlake, and Symitar cores only. If you would like this feature for a different core, please contact your Narmi Relationship Manager.

The Beneficiaries page in the Consumer Account Opening flow:

The Beneficiaries section in step 3 of the Staff-Led Account Opening flow:

Configuring Products for Beneficiaries

You will only see the Beneficiaries page/section in the Account Opening flows shown above if the product selected in the “Account Selection” step has beneficiaries configured for it. If no products configured for beneficiaries are selected in the flow, the Beneficiaries page/section does not display at all.

To configure an Account Opening product for beneficiaries, go to the Admin Platform under Account Opening > Product List Manager. Select the 3 dots on a product card and select Edit. Scroll to the question Can applicants add beneficiaries to this product? and select Yes. Add a note to the Change log and select Save changes.

Configuring the Beneficiary Input Fields

Note: You will only see the Beneficiaries page/section if the product selected in the “Account Selection” step has beneficiaries configured for it (go to Configuring Products for Beneficiaries for instructions). If no products configured for beneficiaries are selected, the Beneficiaries page/section does not display at all.

When Beneficiaries is first set up, the following fields are enabled default: first name, last name, and date of birth. If your institution would like to change the information collected, you can configure these fields using the instructions below. Note: Some fields may be required by your specific core and would need to be enabled. Currently, all fields that are enabled require data input from the applicant.

To configure the fields shown in the Beneficiaries section of Consumer Account Opening and Staff-Led Account Opening, go to the Admin Platform under Institution Settings > Ask additional fields > Consumer Account Opening. You can toggle on/off each of the following fields:

• Beneficiaries address

• Beneficiaries email

• Beneficiaries phone number

• Beneficiaries SSN

• Beneficiaries relationship

To configure which beneficiary relationships are shown in the Relationship dropdown menu of the Account Opening flow, go to the Admin Platform under Institution Settings > Beneficiaries Relationship Codes. The beneficiary relationship codes vary by core and are defined in your core as relCore. For example, your core may use the relationship code “PRNT” for a parent. When entering relationship codes in Institution Settings, use the following format, with the first item being the name of the relCode in the core and the second item being the user-facing version shown in the Account Opening flow:
[["PRNT", "Parent"], ["CHD", "Child"]]

For Consumer Account Opening, the beneficiary input fields appear when the applicant selects Yes to Do you want to add one or more beneficiaries to your account?

For Staff-led Account Opening, the beneficiary input fields appear when your staff selects Yes to Does the applicant want to add beneficiaries?

After the beneficiary’s information is completed, select the account(s) to which this beneficiary should apply. The accounts shown under Select Accounts depend on your institution’s configuration in Product List Manager (go to Configuring Products for Beneficiaries for instructions).

Select Add another beneficiary to add each additional person. If there are other beneficiaries added to the selected accounts, the funds will be allocated evenly between them.

Once the application is submitted, the beneficiary's information is written to the core and displayed in the Beneficiaries section of the Admin Platform’s application view and the Application record/Membership card PDF.