Common use of POD Designations Clause in Contracts

POD Designations. A Payable on Death (POD) designation is an instruction to the Credit Union that a single or multiple party account so designated is payable to the owner(s) during his, her or their lifetimes and, when the last account owner dies, is payable to any named and surviving POD/payee. Accounts payable to more than one POD payee are owned jointly and equally, unless otherwise designated, by such beneficiaries with rights of survivorship. Any POD payee designation shall not apply to IRA or HSA accounts which shall be governed by a separate beneficiary designation. We are not obligated to notify any payee of the existence of any account or the vesting of the payee’s interest in any account, except as otherwise provided by law.