POD Accounts. A Payable on Death (POD) account designation is an instruction to the Credit Union that an account so designated is payable to the owner or owners during their lifetimes, and when the last account owner dies, it becomes payable to any named and surviving POD beneficiary/payee(s), unless otherwise required by law or the terms of this Agreement. If all named POD beneficiaries pre-decease the owner(s) the applicable funds shall be paid to the estate of the last surviving owner. You agree that in the event of any conflict or ambiguity with respect to the existence or identity of the beneficiaries/payees associated with an account, the decision of the credit union as to the identity of the beneficiaries/payees shall be final and not subject to contestation. Accounts payable to more than one surviving beneficiary/payee shall be payable pro rata to such named beneficiaries/payees unless otherwise required by law or the terms of this Agreement. In the event that one or more of the named POD beneficiary/payee(s) is a minor (as determined by Colorado law), we shall have the right to withhold disbursement of the account funds until (a) we receive verification satisfactory to us in our sole and absolute discretion regarding the identity and legal authority of the adult(s) acting as Guardian(s) or Conservator(s) for the named minor POD beneficiary(s)/payee(s), and (b) the adult acting as Guardian or Conservator has executed and/or provided such documentation as may be requested by the credit union. We also have the right to require a written indemnity in a form acceptable to the Credit Union, as a condition precedent to disbursing funds to anyone on behalf of a named minor POD beneficiary/payee. Any POD or trust beneficiary/payee designation linked to a regular share account shall not apply to Individual Retirement Accounts (IRAs) or Health Savings Accounts (HSAs), which are governed by a separate beneficiaries/payee designation. We are not obligated to notify any beneficiary/payees of the existence of any account or the vesting of the beneficiary/payee’s interest in any account, except as otherwise provided by law.
POD Accounts. A Payable on Death (POD) beneficiary account designation is an instruction to the Credit Union that an account so designated is payable to the owner or owners during their lifetimes, and upon the death of the last account owner, payable to any named and surviving POD designated on your Account Card or Membership Application. Accounts payable to more than one surviving beneficiary are owned jointly by such beneficiaries without rights of survivorship. Therefore, the interest of a deceased beneficiary will pass to the decedent's estate. Any POD or beneficiary designation shall not apply to Individual Retirement Accounts (IRAs), which shall be governed by a separate beneficiary designation. The Credit Union shall at no time have any obligation whatsoever to notify any beneficiary of the existence of any account or the vesting of the beneficiary's interest in any account, except as otherwise provided by law.
POD Accounts. A Payable on Death (POD) account designation is an instruction to the Credit Union that an account so designated is payable to the owner or owners during their lifetimes, and when the last account owner dies, it becomes payable to any named and surviving POD beneficiary/ payee. Accounts payable to more than one surviving beneficiary/payee become owned jointly by such beneficiaries/payees without rights of survivorship. Any POD or trust beneficiary/payee designation shall not apply to Individual Retirement Accounts (IRAs), which are governed by a separate beneficiaries/payee designation. We are not obligated to notify any beneficiary/payees of the existence of any account or the vesting of the beneficiary/payee’s interest in any account, except as otherwise provided by law.
POD Accounts. A Payable on Death (POD) account designation is an instruction to the Credit Union that an account so designated is payable to the owner or owners during their lifetimes, and upon the death of the last owner, payable to any named and surviving POD designated on the Signature Card. Accounts payable to more than one surviving beneficiary are owned jointly by such beneficiaries without rights of survivorship. The Credit Union shall at no time have any obligation whatsoever to notify any beneficiary of the existence of any account or the vesting of the beneficiary’s interest in any account, except as otherwise provided by law.
POD Accounts. A Payable on Death (POD) account designation is an instruction to the Credit Union that an account so designated is payable to the owner or owners during their lifetimes, and when the last account owner dies, it becomes payable to any named and surviving POD beneficiary/payee. Accounts payable to more than one surviving beneficiary/payee become owned jointly by such beneficiaries/payees without rights of survivorship. Any POD or trust beneficiary/ PAGE 2 OF 16 payee designation shall not apply to Individual Retirement Accounts (IRAs) or Health Savings Accounts (HSAs), which are governed by a separate beneficiaries/payee designation.We are not obligated to notify any beneficiary/ payees of the existence of any account or the vesting of the beneficiary/payee’s interest in any account, except as otherwise provided by law.
POD Accounts. Completion of the Payable on Death (POD) benefciary designation section of the signature card makes an account payable to the owner(s) during his or her lifetime(s), and upon the death of the last owner, payable to the named surviving POD benefciary(ies) on the signature card. Accounts payable to more than one POD benefciary are owned equally; there is no right of survivorship between benefciaries. Any POD benefciary designation on the signature card will not apply to certifcate and IRA accounts, which are designated on a separate document. Upon the death of the last surviving account owner, the Credit Union will require POD benefciaries to supply acceptable identifcation. If there is no surviving POD benefciary, state law will determine ownership of the funds in the account.
