Common use of Payable-on-Death Designation Clause in Contracts

Payable-on-Death Designation. A P.O.D. designation on an Account designated as joint With Right of Survivorship means that during your lifetime, the funds in an Account are payable to the Account Holders and upon the death of the last Account Holder, the funds are payable to any designated and surviving P.O.D. beneficiary named on the controlling account or other account documentation or records in our system. A P.O.D. designation on an Account designated without right of survivorship means that during your lifetime, the funds in an Account are payable to the Account Holders and upon the death of an Account Holder, the portion of funds owned by the deceased Account Holder are payable to the decedent’s designated and surviving P.O.D. beneficiary named on the controlling account application or other account documentation or records in our system; provided, however, that if there is a conflict between the Membership Application or other account documentation or the records in our system, the records in our system shall be deemed to control. If there is no surviving P.O.D. beneficiary upon the death of an Account Holder, state law will determine rights to the funds. P.O.D. beneficiarydesignations made on your Checking Account, Savings Account, Money Market Account, or Certificate of Deposit Account, do not apply to your IRAs or HSAs. Your IRAs and HSAs are governed by a separate beneficiary designation document and process. You agree to notify BECU in writing if: (a) any new Account(s) should not be included under an existing P.O.D. designation, or (b) you decide to change the beneficiary or beneficiaries for any or all Account(s). In addition, you agree to complete any documents or forms that we may require to process your request, otherwise BECU may rely on the P.O.D. designation currently on file.