Payable on Death. (POD) Accounts – Payable on death accounts (accounts with POD beneficiaries) belong to the person(s) listed as the owner or owners of the account during their lives. Upon the death of the surviving owner, the funds automatically belong to the person(s) designated as POD beneficiaries. With the exception of IRA accounts, funds are disbursed equally among the POD beneficiaries if they survive the owner or owners of the account. There are no contingent beneficiaries; if any beneficiary is not living funds shall be paid to the surviving POD beneficiaries in equal shares or as expressly required by applicable state law. Any person named as a payable-on-death beneficiary of your regular savings account will also be a payable-on death beneficiary of all your savings, checking and Sub Accounts of that Primary Share Account. Payable on death beneficiaries of IRA, IRA share certificates, and share certificate accounts are designated by separate account agreements.
Payable on Death. (POD) Account and “In Trust For” Account (Trust Account) 7
Payable on Death. Payable on Death (“POD”) accounts are governed by your agreements with the Credit Union and applicable state law.
Payable on Death. (POD) Beneficiaries
Payable on Death. If your Account is opened as a Payable on Death (POD) Account, you retain complete withdrawal rights in the Account during your lifetime and for your own benefit. The named beneficiary has no withdrawal rights during your lifetime. You may change or close the Account, or change beneficiaries.
Payable on Death. (“POD”) Designation—A POD designation may be added to an individual Account or a joint Account. A POD designation allows you to designate one or more beneficiaries (with a limit of six (6)) who will receive the funds in your Account upon your death. If more than one beneficiary is designated, each beneficiary will be paid in equal shares. You may only designate a natural person or trust (with appropriate documentation) as a beneficiary for your Account. We reserve the right to remove a POD designation that does not meet our requirements. If you have designated one or more beneficiaries for your Account, that designation cannot be changed by a provision in your Will. If you add a POD designation to your Account, the Account belongs to you and any joint owners during the lifetime of the Account owner(s) and the funds in the Account belong to the designated POD beneficiaries upon the death of all Account owners. In the case of a deceased beneficiary, the funds in the Account will be paid in equal shares to the beneficiaries who have survived. The law of the state in which you reside may prescribe requirements and may restrict these types of accounts and account designations. We make no representation as to whether an Account with a POD designation will meet the specifications for a POD account under the laws of any state other than Utah. If you would like your Account to be treated as a POD account under any particular state law, you are solely responsible for determining that your Account meets your applicable requirements.
Payable on Death. Beneficiaries (POD): A POD designation is an instruction to the Credit Union that a designated account is an account payable to the owner or owners during their lifetimes, and upon the death of the last joint account owner, payable to any named and surviving POD beneficiary designated on your Account Card. Accounts payable to more than one POD beneficiary are owned jointly by such beneficiaries with right of survivorship. Any POD beneficiary designation shall not apply to IRA accounts or Health Savings Accounts which shall be governed by a separate beneficiary designation. The Credit Union shall at no time have any obligation to notify any beneficiary of the existence of any account or the vesting of the beneficiary’s interest in any account, except as otherwise provided by law.
Payable on Death. Designation. The party to the account owns the account. On the death of the party, ownership of the account passes as a part of the party’s estate under the party’s will or by intestacy.
Payable on Death. During your lifetime, a payable on death (POD) account belongs to you. You may conduct transactions on the account as usual including changing beneficiaries as you wish. When the last owner dies, we may pay any funds remaining in the account to the then-surviving POD beneficiaries, subject to our right to charge the account for any amount you or any POD beneficiary owes us. Beneficiaries do not have rights to the account unless all owners are deceased and the beneficiary is then living. If two or more beneficiaries are named and survive the death of all persons then owning the account, beneficiaries will own this account in equal shares, without right of survivorship.
Payable on Death. (POD) BENEFICIARIES Completion of the POD beneficiary designation section of the Account Card creates an account subject to Sections 461 .003 to 461 .081 of the Nonprobate Transfers Law of Missouri, incorporated herein by reference. The account will be payable to the owner or owners during their lifetimes, and upon the death of the last owner, payable to the POD beneficiary named on the Account Card.
