Payable on Death Account. A Payable on Death (POD) Account is established in order to designate any surviving POD beneficiary/payee of a single or multiple party account, excluding Individual Retirement Accounts (IRAs). If more than one POD or beneficiary(ies)/payee(s) is named, the ownership of account benefits passes to all such beneficiaries/payees, without rights of survivorship. Designation of a beneficiary/payee for IRAs and Health Savings Accounts (HSAs) is separate from, and does not apply to, POD designations. We are not required to inform the beneficiary/payee of the establishment of any such account or his or her vesting interest in any account, unless required by law. If no person designated as a POD beneficiary/ payee is living at the time of the death of the last surviving owner, the account shall be considered part of the owner’s estate.
Payable on Death Account. A Payable on Death (POD) Account is established in order to designate any surviving POD beneficiary/payee of an individual or joint Account, excluding IRA Accounts. For joint accounts with rights of survivorship, upon the death of one owner, the funds belong to the surviving owner(s) of the account. Upon the death of the final owner, the funds remaining in the account, if any, belong to the named POD beneficiary(ies); i.e., any remaining funds will not be disbursed to any beneficiary until the death of all account owners. Account benefits pass to beneficiaries, without rights of survivorship. We are not required to inform the beneficiary of the establishment of any such account or his or her vesting interest in any account, unless required by law. If no person designated as a POD beneficiary is living at the time of the death of the last surviving owner, the account shall be considered part of the owner’s estate. Revocable Trust Account You may establish a revocable trust Account for one or more beneficiaries. As the trustee of the Account, you can withdraw from or close the Account, change account types, or change the beneficiary(ies). If two or more of you create such an Account as named trustees, you hold the Account jointly with right of survivorship. Beneficiaries or their legal representative cannot withdraw unless all trustees die and the beneficiary is then living. If two or more beneficiaries are named and survive the death of all trustees, such beneficiaries will own this Account in equal shares, without right of survivorship. If no beneficiary is living at the time of the death of the last surviving trustee, the proceeds of the Account vest in the estate of the last surviving trustee. Custodian Account Custodian Accounts are subject to the Michigan Uniform Transfers to Minors Act. You may deposit or transfer money into a custodian Account. The transfer to the minor is not revocable. You may name yourself or another adult as custodian and may appoint a successor custodian. Generally, the custodian is authorized to handle this Account on behalf of the minor child until the minor child reaches 18 years of age, at which time the custodian shall transfer the property to the minor. Funds in this Account may not be pledged as security for any purpose. Any action that the custodian takes, including withdrawals from this Account, must be made in the capacity as custodian.
Payable on Death Account. Without having to establish a trust, you may, subject to Applicable Law, designate your account to be payable on your death to a designated beneficiary (Payable on Death Account). If you establish your account as a Payable on Death Account, your account belongs to you during your lifetime and your beneficiary has no interest in or any access to your account until your death. Upon your death (or in the case of a joint account, on the death of the last-surviving joint account owner), all of the funds in the Payable on Death Account will be owned by the living beneficiary. The funds in a Payable on Death Account are not governed by your will or inherited by your heirs. Certain state law restrictions may apply to Payable on Death Accounts. You are solely responsible for complying with Applicable Law in establishing a Payable on Death Account. We make no representation that designating your account as a Payable on Death Account is advisable. You should consult an attorney or other qualified estate planning professional before designating your account as a Payable on Death Account.
Payable on Death Account. You may designate an individual or joint account to be “payable on death” to a beneficiary by completing forms and providing documentation we request from you. No rights in an account with a payable on death designation vest in the designated beneficiaries until the death of the account owner. During his or her life, the account owner reserves the right to: (1) change the designated beneficiaries, (2) change account types, and (3) withdraw all or part of the funds in the account at any time and from time to time. If two or more people create such an account, they own the account as joint tenants with the right of survivorship. A designated beneficiary acquires the right to the account only if: (1) all account holders creating the account die, and (2) the beneficiary is then living. Unless otherwise provided in the beneficiary designation, if two or more beneficiaries are named and survive the death of all persons creating the account, such beneficiaries will own this account as tenants in common. Upon the death of the last surviving account owner, we are entitled to pay funds in an account with a payable on death designation to the then-surviving designated beneficiaries and are not liable to the person(s) establishing the account, their heirs, representatives or assigns or to any other person by reason of any such payment. We reserve the right to require a claim request from all beneficiaries prior to distributing the funds in the account. We are not liable for any erroneous payment unless we have obtained actual knowledge that the person to whom the payment is to be made is not one of the designated beneficiaries. If no designated beneficiary is living when the last surviving account owner dies, funds in the account will be paid to the legal representatives of the last surviving account owner. Changes in the designated beneficiaries must be made on such forms as we require. The most recent beneficiary designation we have received terminates, supersedes and replaces any prior payable on death designation for the specified account.
Payable on Death Account. A Payable on Death (POD) Account is established in order to designate any surviving POD beneficiary/payee of a single or multiple party account, excluding Individual Retirement Accounts (IRAs). If more than one POD or beneficiary/payee is named, the ownership of account benefits passes to all such beneficiaries/payees, without rights of survivorship. Designation of a beneficiary/payee for IRAs and Health Savings Accounts (HSAs) is separate from, and does not apply to, POD designations. We are not required to inform the beneficiary/payee of the establishment of any such account or his or her vesting interest in any account, unless required by law. If no person designated as a POD beneficiary/payee is living at the time of the death of the last surviving owner, the account shall be considered part of the owner’s estate.
Payable on Death Account. A Payable on Death (P.O.D.) Account is an account payable to the Account Holder during his or her lifetime. As owner of the Account, you may withdraw money from the Account and may, by written direction to us, change the P.O.D. beneficiary payee(s) under the Account. When the Account Holder dies, the Account is owned by the P.O.D. beneficiary payee(s). If the P.O.D. Account is held by more than one person, each Account Holder will be subject to the rules pertaining to joint account ownership as set forth above. If there is more than one surviving P.O.D. beneficiary payee, the respective interest of each shall be deemed equal to that of each other beneficiary payee, unless otherwise stated in the Financial Institution's deposit account records. If there is no surviving P.O.D. beneficiary payee upon the death of the last owner, state law will determine the ownership of the funds in the Account.
Payable on Death Account. A Payable on Death (POD) Account is established in order to designate any surviving POD beneficiary(ies)/ payee(s) of a single or multiple party account, excluding Individual Retirement Accounts (IRAs). If more than one POD or beneficiary/ payee is named, the ownership of account benefits passes to all such beneficiaries/payees, without rights of survivorship. Designation of a beneficiary/payee for IRAs and Health Savings Accounts (HSAs) is separate from, and does not apply, to POD designations. We are not required to inform the beneficiary/payee of the establishment of any such account or his or her vesting interest in any account, unless required by law. If no person designated as a POD beneficiary/payee is living at the time of the death of the last surviving owner, the account shall be considered part of the owner’s estate. require that endorsements be made on the back of the share draft or check within one inch of the upper edge, but we may choose to receive items that have been endorsed outside of that space. However, you are liable for any loss we incur from any delay or processing error due to an incorrect endorsement or other marks made by you or any previous endorser. OU Credit Union may disregard information on any check other than the signature of the drawer and amount of the item and any magnetic encoded information. You agree that OU Credit Union does not fail to use ordinary care in paying an item solely because its procedures do not provide for sight examination of items.
Payable on Death Account. For sole owner or joint Accounts, you may choose to make your Account payable on your death to one or more payable on death (“POD”) beneficiaries, including through an informal or Xxxxxx trust. The applicable state law usually imposes requirements that must be met in order to create a POD account. You may be required to include certain words or letters in the Account title to create a POD account, such as: “payable on death,” “POD,” “in trust for,” “ITF,” “transfer on death”, “XXX”, or “Xxxxxx Trust”. You are responsible for meeting any applicable state requirements for establishing a POD account; however, in the event those requirements are not met, Bank may treat the Account as if no POD beneficiary was named. If you establish your Account as a POD account, the Account will remain payable to the Account holder(s) during his or her lifetime. The beneficiaries have no right to any funds in the Account during your lifetime. As the owner of the Account, you may withdraw money from the Account and, by written direction to Bank, change the beneficiary(ies) on the Account. Once Bank receives sufficient evidence of the death of the last Account holder, Bank will pay the balance of the Account to the beneficiary or beneficiaries you designated. If there is more than one surviving beneficiary, the respective interest of each shall be deemed to be in equal shares, unless otherwise stated in Bank’s Account records and as allowed by applicable state law. If there is no surviving beneficiary upon the death of the last trustee or Account holder, state law will determine ownership of the funds in the Account.
