Payable on Death. (POD) Accounts – Payable on death accounts (accounts with POD beneficiaries) belong to the person(s) listed as the owner or owners of the account during their lives. Upon the death of the surviving owner, the funds automatically belong to the person(s) designated as POD beneficiaries. With the exception of IRA accounts, funds are disbursed equally among the POD beneficiaries if they survive the owner or owners of the account. There are no contingent beneficiaries; if any beneficiary is not living funds shall be paid to the surviving POD beneficiaries in equal shares or as expressly required by applicable state law. Any person named as a payable-on-death beneficiary of your regular savings account will also be a payable-on death beneficiary of all your savings, checking and Sub Accounts of that Primary Share Account. Payable on death beneficiaries of IRA, IRA share certificates, and share certificate accounts are designated by separate account agreements.
Payable on Death. (POD) Account and “In Trust For” Account (Trust Account) 7
Payable on Death. Payable on Death (“POD”) accounts are governed by your agreements with the Credit Union and applicable state law. A POD account instructs us that the designated account is payable to the owner(s) during their lifetimes, and upon death of the last account owner, is payable to any surviving beneficiary designated by your Account Card. Accounts payable to more than one surviving beneficiary are jointly owned without any rights of survivorship. This means that the sums in the account may be paid to any surviving beneficiaries individually or otherwise. However, no amount will be paid to any beneficiary, their heirs or successors, who are not living at the time the account becomes payable to beneficiaries. POD beneficiary designations do not apply to IRA or HSA accounts, but instead, are subject to your IRA and HSA Agreement/Certificate. The 24 Credit Union has no obligation to notify any beneficiary of any POD account or the vesting of his or her interest. Further, the Credit Union is also entitled to all additional protections provided by applicable law regarding the payment of sums on deposit in POD accounts.
Payable on Death. If your Account is opened as a Payable on Death (POD) Account, you retain complete withdrawal rights in the Account during your lifetime and for your own benefit. The named beneficiary has no withdrawal rights during your lifetime. You may change or close the Account or change beneficiaries.
Payable on Death. (POD) Beneficiaries A POD designation is an instruction to Cascade FCU that a designated account is an account payable to the owner or owners during their lifetimes, and upon the death of the last joint account owner, payable to any named and surviving POD beneficiary designated by you. Accounts payable to more than one POD beneficiary are owned jointly by such beneficiaries with rights of survivorship. Any POD beneficiary designation shall not apply to XXX accounts which shall be governed by a separate beneficiary designation. Cascade FCU shall at no time have any obligation 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.
Payable on Death. (POD). $OVR UHIHUUHG WR DV re³vo,caQble a7ccUouXntVinWw hi)chRonUe´or m or,e 7) LV D individuals may designate one or more beneficiaries to collect the funds in the account upon the death of the last surviving account owner. During the RZQHlUife¶timVe, the funds in the account are the property of the owner(s) and any one owner can take any action with respect to the account or the funds in the account including closing the account, changing the account type or account ownership, withdrawing all or part of the account balance, and removing or adding a beneficiary. A change in a beneficiary is effective only upon a change to the signature card and the Bank may rely solely upon such signature card to determine the proper beneficiary. Upon the death of any one owner, the funds remaining in the account pass to the surviving owner. If there is more than one surviving owner, the funds will pass to the surviving owners as joint tenants with the right of survivorship. Upon the death of the last owner, the funds remaining in the account will pass to the beneficiary. If there is more than one surviving beneficiary, the funds will pass to them in equal and undivided shares and there is no right of survivorship in the event of death of a beneficiary thereafter. After the surviving beneficiaries have become owners of the funds and one of the beneficiaries die, the deceased EHQHILsFhaLreDbUelo\n¶gsVto that EHQHILeFstLatDe.UIf \no¶V beneficiary survives the last owner, the funds are payable to the last RZQHeUsta¶teV. The Bank may pay any funds in the account to the beneficiary (ies) upon presentation to the Bank of proof of death showing the beneficiary or beneficiaries survived all of the owners. The Bank will not pay any sums in the account to the estate, personal representative or heirs of a deceased owner unless presented with proof of death showing that such deceased owner survived all other owners or beneficiaries. All ownership rights to sums on deposit are subject to requests for payment made by an owner before WKH RZdQeaHth,Uw¶heVther paid by the Bank before or after death or not yet presented for payment. Any designation of funds to multiple beneficiaries in an amount or percentage other than equally shall be considered only as a request to the Bank. The Bank may honor any such request in its sole discretion. A POD or ITF account is governed by the applicable laws of the state in which the account is opened. A POD or ITF account may be alternatively described in...
Payable on Death. Payable on Death ("POD") accounts are governed by your agreements with the Credit Union and applicable state law. A POD account instructs us that the designated account is payable to the owner(s) during their lifetimes, and upon death of the last account owner, is payable to the beneficiary(ies) designated by your Master Membership Application. This means that the sums in the account will be owned in equal shares, without right of survivorship. No amount will be paid to any beneficiary, their heirs or successors, who are not living at the time the account becomes payable to beneficiaries. POD beneficiary designations do not apply to IRA accounts, but instead, are subject to your IRA Agreement/Certificate. The Credit Union has no obligation to notify any beneficiary of any POD account or the vesting of his or her interest. Further, the Credit Union is also entitled to all additional protections provided by applicable law regarding the payment of sums on deposit in POD accounts.
Payable on Death. If the Account Beneficiary Designation shows a “Payable on Death” status (or “Beneficiary Declared”), any beneficiary has rights to the Account only if alive and only if the Account Owner is deceased. Upon the death of the Account Owner, or last surviving Owner if there is more than one, the funds in any Account shall become the property of any beneficiary(ies) listed who are alive at that time. The Account Owner may change the beneficiary at any time by providing us adequate proof of such change in a manner acceptable to the credit union. It is your responsibility to determine and understand any legal effects related to this type of Account.
Payable on Death. In Trust for Account. Thesetypesof Accounts are Accounts owned byone or more Individuals that identify oneormorebeneficiarieswhowill receivethe amount on deposit in theAccount upon thedeath ofthe Owner(s).Theremaybestate law requirementsthat must bemetto establish thesetypesof Accounts. You are solely liable for meeting anyrequirements. We maychoose, if applicable requirements are not met, to treat the Account as if there are nobeneficiaries. You are the Owner of these Accounts and may do anything that is permitted under this Account type, including changing or removing beneficiaries. The named beneficiaries have no access until the death of all Owners occurs. Upon the death of all Owners and after receiving the necessary documentation from the beneficiary(ies), we will pay any surviving designated beneficiary(ies) on the Account subject to any Atmos claims and any right we have to charge the Account. If there are more than one beneficiaries listed on the Account, the Account will be paid in equal shares to each surviving beneficiary. If there are no beneficiaries listed, the Account will be payable to your estate.
Payable on Death. Payable on Death (“POD”) accounts are governed by your agreements with the Credit Union and applicable state law. A POD account instructs us that the designated account is payable to the owner(s) during their lifetimes, and upon death of the last account owner, is payable to the beneficiary(ies) designated by your Account Card. Either owner, during their lifetime, may change any designated beneficiary by written direction to us. Unless state law expressly requires otherwise, accounts payable to more than one beneficiary are to be treated as joint tenancies without rights of survivorship. This means that the sums in the account may be paid to any surviving beneficiaries individually or otherwise. However, no amount will be paid to any beneficiary, their heirs or successors, who are not living at the time the account becomes payable to beneficiaries. POD beneficiary designations do not apply to IRA accounts, but instead, are subject to your IRA Agreement/Certificate. The Credit Union has no obligation to notify any beneficiary of any POD account of the vesting of his or her interest. Further, the Credit Union is also entitled to all additional protections provided by applicable law regarding the payment of sums on deposit in POD accounts. If any beneficiary is not of legal age at the time the account(s) are to be paid to beneficiaries hereunder, then said amounts will be paid to the legal guardian of such beneficiaries. If the minor has no legal guardian, then the funds shall be retained in an account similar to the account from which the funds are payable, or such other account for which the deposit may qualify if no longer entitled to the benefits of the original POD account based on the terms we offer, until such time as the beneficiary reaches legal age. If allowed under applicable laws, the member may intend such an account to serve as a form of trust for federal insurance considerations. However, the Credit Union makes no representations regarding such insurance and leaves such matters to the federal agency in question and the member’s intentions as applicable.
