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
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 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 other 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(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. 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. 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.
Payable on Death Account. A Payable On Death account may be opened by one or more owners of the account. If two or more owners create a Payable On Death account, then between the account owners, the account is treated as a joint account with right of survivorship. The owner(s) of a Payable On Death Account are, subject to the terms set forth below, permitted to designate primary and contingent beneficiaries to which the account will be transferred upon the death of the last surviving owner of the account in the manner set forth below. JOINT WITH RIGHT OF SURVIVORSHIP ACCOUNT. The joint tenants (account owners) agree that all funds deposited now or in the future in this account shall be held as joint tenants with right of survivorship and not as tenants in common. Upon the death of a joint tenant, the account balance shall become the property of the surviving joint tenant(s). If there is more than one surviving joint tenant, then the account shall continue to be held as a joint account with right of survivorship. When there is only one surviving joint tenant, the account shall be treated as an individual account. JOINT WITHOUT RIGHT OF SURVIVORSHIP ACCOUNT. The tenants (account owners) agree that all funds deposited now or in the future in this account shall be held as tenants in common and that there shall not be a right of survivorship between the tenants. Upon the death of a tenant, we may pay the decedent's share of the account to his or her estate. If there is more than one surviving tenant, then between the surviving tenants, the account shall continue to be held as a joint account without right of survivorship. When there is only one surviving tenant, the account shall be treated as an individual account.
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.
