Payable on Death Accounts. Payable on death accounts belong to the person(s) listed as the owner or owners of the account during their lives. On death, the funds automatically belong to the person or persons designated as payable on death beneficiaries. Any person named as a payable on death beneficiary of your regular share account will also be a payable on death beneficiary of all your other accounts at your credit union, except for share draft (checking) accounts and IRA accounts.
Payable on Death Accounts. Without having to establish a formal trust, you may, subject to applicable law, designate your account to be payable on your death to one or more designated beneficiaries ( payable on death or P.O.D. account ) by giving us a written (or, if applicable, electronic) beneficiary designation in the form we require in our discretion from time to time. You may designate up to six individual beneficiaries. We reserve the right to request a TIN (either a SSN or ITIN) and/or other identifying information for each beneficiary that you designate. Designated beneficiaries must have a valid U.S. mailing address. If you establish a payable on death account, the account belongs to you during your lifetime and your beneficiaries have no interest in and no access to the 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 beneficiary if then living (or in the case where there is more than one beneficiary, in equal shares by the beneficiaries then living). The funds in your P.O.D. account are not governed by your will or inherited by your heirs if a beneficiary is living upon your death (or, if applicable, upon the death of the last-surviving Joint Account owner). If there is more than one beneficiary living upon your death (or, if applicable, upon the death of the last-surviving Joint Account owner), in our sole discretion and subject to our right of set-off and security interest, we may pay the funds in a P.O.D. account in equal shares to the account’s then-living beneficiaries at the time of payment, or pay the funds by issuing a check in the name of all then-living beneficiaries, and giving the check to any one then-living beneficiary. We have no obligation to notify any beneficiary of the existence of a P.O.D. account or the vesting of an interest in such an account. Certain state law restrictions may apply to P.O.D. 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. It may be advisable or appropriate to obtain spousal or domestic partner consent if you reside in a community property state (for example, AZ, CA, ID, LA, ...
Payable on Death Accounts. A Payable on Death (POD) account designation is an instruction to the Credit Union that an individual or joint account so designated is payable to the owner(s) during his, her, or their lifetime and, when the last account owner dies, payable to all surviving POD or beneficiary/payee. Upon the death of the last account owner, if there is more than one surviving beneficiary/payee, the account is owned jointly by such beneficiaries/payees without the right of survivorship upon the death of the last account owner. Any POD or beneficiary/payee designation shall not apply to Individual Retirement Accounts (IRAs). We are not obligated to notify any beneficiary/payee of the existence of any account or the vesting of the beneficiary/payee’s interest in any account, except as otherwise provided by law. Accounts to Minors. We may require any account established by a minor to be a joint account with an owner who has reached the age of majority under state law and who shall be jointly and severally liable for any returned item, overdraft, or unpaid charges or amounts on such account. We may pay funds directly to the minor without regard to his or her minority. Unless a guardian or parent is an account owner, the guardian or parent shall not have any account access rights. We have no duty to inquire about the use or purpose of any transaction. Uniform Transfers to Minors Accounts. A Uniform Transfers to Minors Account (UTMA) is an individual account created by a custodian who deposits funds as an irrevocable gift to a minor. The minor whom the gift is made is the beneficiary of the custodial property in the account. The custodian has possession and control of the account for the exclusive right and benefit of the minor barring a court order otherwise, is the only party entitled to make deposits, withdrawals, or close the account. We have no duty to inquire about the use or purpose of any transaction. If the custodian dies, we may suspend the account, until we receive instructions from any person authorized by law to withdraw funds or a court order authorizing withdrawal. We will not change the account status when the minor reaches the age of majority, unless authorized in writing by all account owners. Once the age of majority is reached, we may limit the type of transactions until action is taken on the account.
Payable on Death Accounts. Payable-on-death accounts belong to the person(s) listed as the owner or owners of the account during their lives. On death, the funds automatically belong to the person or persons designated as payable-on-death beneficiaries. 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 and sub accounts of that regular savings account.
Payable on Death Accounts. Except as otherwise provided by applicable law, when an account beneficiary is named through any method prescribed by us, a Payable on Death (POD) Account is established in order to designate the surviving POD beneficiary(ies) of a single-party account. All POD beneficiary designations made or changed must be authorized by valid electronic signature of the account owner to be enforceable. In the event that the account owner does not provide signed authorization for any POD beneficiary designations (for example, at the time of opening an account or at the time of adding a beneficiary or changing the beneficiary designations), the account will be considered not to have an enforceable beneficiary designation and the remaining funds in the account will be paid to the deceased owner’s estate. However, if we determine that the signature of any account owner is not valid or is missing, we will enforce the immediately preceding beneficiary designation, if any, authorized by valid signature of the account owner at that time. • If more than one POD beneficiary is named, the remaining funds in the account will be paid to all such beneficiaries who survive the death of the deceased owner, divided equally among the beneficiaries who survive the death of the deceased owner. If a named beneficiary does not survive the death of the deceased owner, their share of the remaining funds in the account will be divided equally among surviving beneficiaries. In the event a minor is named beneficiary, we reserve the right to pay remaining funds in the account to persons permitted to receive such funds according to applicable state and/or federal laws, as determined by us. • If no beneficiaries are living at the time of the death of the deceased owner, the remaining funds in the account will be paid to the deceased owner’s estate. We recommend you obtain an independent legal opinion if you have questions about how your beneficiary designations may be affected by applicable state law.
Payable on Death Accounts. An account where the account owner names one (1) or more parties as beneficiaries is considered a Payable on Death Account (a “POD Account”). A POD Account is governed by the applicable law of the account domicile state. Accounts in Missouri are established pursuant to Section 362.471 X.X.Xx. and not under the Nonprobate Transfers Law of Missouri. A POD Account belongs to the owner(s) during their lifetimes and not to the POD beneficiary or beneficiaries. If the POD Account has two (2) or more joint account owners living, the account will be treated as a joint account with rights of survivorship. Upon the death of a joint account owner, the balance in the account belongs to any surviving account owner(s). If (i) all account owners are deceased, and (ii) the beneficiary is then living, and (iii) the requirements under Section II F of this Agreement have been satisfied, a beneficiary shall then have the right to claim the balance of the account funds as of the date of death of the last surviving account owner, minus transactions authorized by the account owner or deposited benefit payments made prior to death, or funds subject to our right of setoff and security interest in the account. If two (2) or more beneficiaries are named and survive the death of all owners, these beneficiaries will own the funds in equal shares, without right of survivorship. If a beneficiary dies before the account owner(s), neither that beneficiary’s heirs nor estate have any interest in the funds upon the death of the account owner(s). Upon request for payment by any beneficiary, we will pay to all of the beneficiaries surviving at the death of the last surviving owner, the balance of the account minus transactions authorized by the account owner deposited benefit payments made prior to death, or funds subject to our right of setoff and security interest in the account, as of the date of the account owner(s) death either by check payable jointly to all these beneficiaries or by separate checks in equal shares. If the account was opened at a branch located in Kansas, the funds may be subject to a claim of the Secretary of Social and Rehabilitation Services pursuant to K.S.A. 39-709(g). Account owners may at any time remove any or all of the beneficiaries or name additional beneficiaries; provided, however, all of the account owners must agree to the change on a form acceptable to us. We may request proof of death of the original owner(s) and any beneficiaries and require identifica...
Payable on Death Accounts. When an account beneficiary is named through any method prescribed by MSUFCU, a Payable on Death (POD) Account is established in order to designate the surviving POD beneficiary(ies) of a single- or multiple-party account, excluding Conservator Accounts, Estate Accounts, Representative Payee Accounts, Trust Accounts, Individual Retirement Accounts (IRAs), Heath Savings Accounts (HSAs), and Xxxxxxxxx Education Savings Accounts (CESAs). Beneficiary designation for IRAs, HSAs, and CESAs are established separately. We are not required to inform the beneficiary of the establishment of any such account or their vested interest in any account, unless required by law. All POD beneficiary designations made or changed must be authorized by valid signature of all account owners to be enforceable (including signature(s) through an electronic process). In the event that all account owners do not provide signed authorization for any POD beneficiary designations (for example, at the time of opening an account, or at the time of adding a beneficiary or changing
Payable on Death Accounts. You can designate a “Payable on Death,” or so‑called “POD” designation of beneficiaries, for your Account by calling us at 1‑855‑266‑8100, and the Account will be treated as a POD Account. You can designate up to five (5) natural persons as your beneficiaries. During your lifetime, the Account belongs to you. You may make deposits and withdrawals or close the Account at your discretion, and you may change the beneficiaries. After the death of the last surviving Account Owner, the balance in the Account will be paid to the beneficiaries in equal shares, or to their legal representative if the beneficiary is a minor. The law of the state in which you reside may prescribe requirements and may restrict POD accounts and beneficiary designations. You are responsible for confirming whether a POD designation meets the requirements under the laws of your state of residence. Any Account Owner or POA may change the designated beneficiaries without the consent of any other Account Owner or the beneficiaries. A beneficiary must survive all Account Owners to acquire an interest in the Account. If none of the beneficiaries survive, the balance in the Account will be paid to the estate of the last surviving Account Owner. A beneficiary’s right to funds is subject to our security interest and right of setoff.
Payable on Death Accounts. When an account beneficiary is named through any method prescribed by MSUFCU, a Payable on Death (POD) Account is established in order to designate the surviving POD beneficiary(ies) of a single- or multiple-party
Payable on Death Accounts. 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.
