Common use of POD Accounts Clause in Contracts

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) account designation Account is an instruction to the Credit Union that an account Account so designated is payable to the owner or owners Owner(s) during their the Account Owners’ lifetimes, and when upon the death of the last account owner diesAccount Owner, it becomes such POD Account is 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 contestationbeneficiary designated on your Account Card. Accounts payable to more than one surviving beneficiary/payee shall be payable pro rata to POD beneficiary are owned jointly by such named beneficiaries/payees unless otherwise required by law or beneficiaries with rights of survivorship, not owned as tenants in the terms of this Agreement. In the event that one or more of the named POD beneficiary/payee(s) is a minor (entirety nor owned 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 tenants 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/payeecommon. Any POD or trust beneficiarydesignation must be written on our account form and accepted by us. Furthermore, any POD designation will apply to any and all subaccounts to which that account card/payee Master Membership Application is directed. Notwithstanding the foregoing, any POD designation linked to a regular share account shall will not apply to Individual Retirement Accounts (IRAs) or Health Savings Accounts (HSAs), which are shall be governed by a separate beneficiaries/payee POD beneficiary designation. We are not obligated The Credit Union shall at no time have any obligation whatsoever to notify any beneficiary/payees POD beneficiary of the existence of any account Account or the vesting of the POD beneficiary/payee’s interest in any accountAccount. Upon the death of the last surviving Owner, except payment to any POD beneficiary shall be valid to discharge us from any liability to all POD beneficiaries. No POD beneficiary may pledge any part of the shares in this account as otherwise collateral for any loan or loans with us. The death of an Account Owner shall not affect the validity of any statutory or consensual liens created prior to the death of such Account Owner(s). Any Account Owner may change (or revoke) any or all POD beneficiaries at any time; provided that any change or revocation of POD beneficiaries must be written on our account form and accepted by lawus. Any POD beneficiary so removed shall have no interest, rights or privileges in and to the account or assets thereof. To be binding on the Credit Union, such revocation must be in writing and accepted by us.

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) 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 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(sguardian(s) or Conservator(sconservator(s) for the named minor POD beneficiary(s)/payee(s), and (b) the adult acting as Guardian guardian or Conservator conservator has executed and/or provided such documentation as may be requested by the credit unionCredit 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.