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 IRA 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. 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, 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. Any beneficiary designation shall not apply to individual Retirement Accounts (IRA’s). We are not obligated 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. This paragraph does not apply to an account held on behalf of or held in the name of a trust.
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. (POD) BENEFICIARIES Completion of the POD beneficiary designation section of the Account Card creates an account subject to Sections 461 .003 to 461 .081 of the Nonprobate Transfers Law of Missouri, incorporated herein by reference. The account will be payable to the owner or owners during their lifetimes, and upon the death of the last owner, payable to the POD beneficiary named on the Account Card. If the account is held by more than one owner, each joint account owner will be subject to the rules pertaining to joint ownership as set forth above. The account owner(s) has the right to change the POD beneficiary designation at any time in writing signed by all account owners. Accounts payable to more than one POD beneficiary are owned jointly; there is no right of survivorship between beneficiaries. POD beneficiary designations shall not apply to IRA accounts, which shall be governed by a separate beneficiary designation. If there is no surviving POD beneficiary upon the death of the last owner, the funds in the account will belong to the owner's estate.
Payable on Death. Beneficiaries (POD): A POD designation is an instruction to the Credit Union 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 on your Account Card. Accounts payable to more than one POD beneficiary are owned jointly by such beneficiaries with right of survivorship. Any POD beneficiary designation shall not apply to IRA accounts or Health Savings Accounts which shall be governed by a separate beneficiary designation. The Credit Union 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.
