Common use of POD Beneficiaries Clause in Contracts

POD Beneficiaries. A Payable on Death (POD) designation is an instruction to the Credit Union that a designated account is payable to the owner or owners during their lifetimes, and upon the death of the last account owner, to any named and surviving POD or trust beneficiary/payee designated on your Account Card or other POD Designation form. Accounts payable to more than one POD or trust beneficiary/payee are owned jointly, in equal shares (unless otherwise designated in your Account Card or other POD Designation form), by such beneficiaries with rights of survivorship. In the event there is more than one POD beneficiary designated and the shares are not equal but based on percentage allocations, the surviving POD beneficiaries shall own the funds in the percentages designated. If a POD beneficiary predeceases the account owner, that POD beneficiary share shall lapse and be divided among the other surviving POD beneficiaries pro rata. Any POD beneficiary or trust beneficiary/payee designation shall not apply to IRA accounts, which shall be governed by a separate beneficiary designation. The Credit Union shall at no time have any obligation to notify any beneficiary/payee of the existence of any account or the vesting of the beneficiary’s/payee’s interest in any account, except as otherwise provided by law.