Joint Account with Payable-on-Death Designation Sample Clauses

Joint Account with Payable-on-Death Designation. Upon the final owner’s death, the POD beneficiary will be entitled to the funds in the account (subject to the terms of this Agreement) upon proof of death and the POD beneficiary’s identification. If you designate more than one POD beneficiary on the account, each will be entitled to his or her (or its) equal share of the funds in the account, which will be determined by dividing the amount of the funds in the account by the number of POD beneficiaries designated on the account, and will own those funds without right of survivorship.
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Joint Account with Payable-on-Death Designation. Upon the final owner’s death, the POD beneficiary will be entitled to the funds in the account (subject to the terms of this Agreement) upon proof of death and the POD beneficiary’s identification. If you designate more than one POD beneficiary on the account, each will be entitled to his or her (or its) equal share of the funds in the account, which will be determined by dividing the amount of the funds in the account by the number of POD beneficiaries designated on the account, and will own those funds without right of survivorship. For joint accounts, a surviving owner’s ownership interest is subject to the Credit Union’s right of setoff for the deceased owner’s obligations, and to any security interest or pledge granted by a deceased owner, even if a surviving owner did not consent to it.
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Joint Account with Payable-on-Death Designation. Upon the death of the last surviving owner, ownership passes to the designated POD “beneficiary(ies)”. For joint accounts, a surviving owner’s ownership interest is subject to the Credit Union’s right of setoff for the deceased owner’s obligations, and to any security interest or pledge granted by a deceased owner, even if a surviving owner did not consent to it.
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Joint Account with Payable-on-Death Designation. Upon the final owner’s death, the POD beneficiary will be entitled to the funds in the account (subject to the terms of this Agreement) upon proof of death and the POD beneficiary’s identification. If you designate more than one POD beneficiary on the account, each will be entitled to his or her (or its) equal share of the funds in the account, which will be determined by dividing the amount of the funds in the account by the number of POD beneficiaries designated on the account, and will own those funds without right of survivorship. For joint accounts, a surviving owner’s ownership interest is subject to the Credit Union’s right of setoff for the deceased owner’s obligations, and to any security interest or pledge granted by a deceased owner, even if a surviving owner did not consent to it. TERMS & CONDITIONS APPLICABLE TO CALIFORNIA UNIFORM TRANSFERS TO MINORS’ ACT ACCOUNTS:
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Joint Account with Payable-on-Death Designation. Upon the final owner’sdeath,thePODbeneficiarywill be entitled tothefunds in the account (subject to theterms of this Agreement) upon proof of death and thePOD beneficiary’s identification. If youdesignate more than one POD beneficiary on the account, each will be entitled to his or her (or its) equal share of thefunds in the account, whichwill be determinedby dividing the amount of the funds in the account by the number of POD beneficiaries designated on the account, and will own those funds without right of survivorship.
Sample 1
Joint Account with Payable-on-Death Designation. If the primary owner dies and joint owners remain on the account, the account must be closed by a surviving joint owner and the POD account designation will be void. Any joint owners will be required to open a new account under a new account number, if eligible, and designate new POD payees if they choose to do so. Upon the death of the primary owner, the POD beneficiary will be entitled to the funds in the account (subject to the terms of this Membership Agreement) upon proof of death and the POD beneficiary’s identification. If you designate more than one POD beneficiary on the account, each will be entitled to his or her (or its) equal share of the funds in the account, which will be determined by dividing the amount of the funds in the account by the number of POD beneficiaries designated on the account, and each will own those funds without right of survivorship. You understand that it is your responsibility (and not ours) to inform your legal representative(s) about your account(s) with us.
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