Payable on Death Accounts, including Xxxxxx Trust Accounts Sample Clauses

Payable on Death Accounts, including Xxxxxx Trust Accounts. If you open an Account as trustee for a named beneficiary, without other formal trust papers, or if you make an express “Payable on Death” or so- called POD designation of beneficiaries (in states where that designation is applicable), the Account will be treated as a POD Account. During your lifetime, a POD Account belongs to you. You may make deposits and withdrawals or close the Account at your discretion, and you may change the beneficiary. After the death of the last surviving Account Owner, the balance in the Account will be paid to the beneficiary, or to his or her legal representative if the beneficiary is a minor. The POD Account is subject to Applicable Law and to the provisions of other documents covering the Account. The Account Owner, or any Account Owner if there is more than one, may change the designated beneficiary(ies) without the consent of any other Account Owner or the beneficiary(ies). Between Account Owners, where there is more than one, the Account is considered a joint Account with right of survivorship and is subject to the provisions referred to above for joint Accounts. The 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. A beneficiary is not required to survive the death of an Account Owner by any specified period of time.‌‌‌‌‌‌‌