Personal Account Beneficiary designations / Terms for “Payable on Death Sample Clauses

Personal Account Beneficiary designations / Terms for “Payable on Death. Accounts. For an individual or joint account, you may choose to make your account payable on your death to one or more payable on death (“POD”) beneficiaries. You can make your account a POD account by instructing us to list each POD beneficiary on the account and complying with the applicable state law. The applicable state law usually imposes requirements that must be met to create a POD account. Reference to any of the following: words or letters in the account title systemically or on the Signature Card such as: “payable on death” or “POD”, “in trust for” or “ITF”, “as trustee for” or “ATF”, “transfer on death” or “XXX”, or “Xxxxxx Trust”, are agreed upon by you and the Bank to mean POD as defined in Florida Law and you hereby direct the Bank to act consistent with applicable Florida law on POD accounts. If the applicable requirements are not met, we may treat your account as though there is no POD beneficiary. During your lifetime, a POD account belongs to you. You may close the account, remove or add one or more POD beneficiaries, change the account type or ownership, and withdraw all or part of the funds in the account. When the account owner or last co– owner dies, we may pay any funds remaining in the account to the then surviving (if any) POD beneficiary(ies), subject to our right to charge the account for any amount a deceased owner, co–owner or POD beneficiary owes us. We shall pay each then surviving POD an equal amount and you agree to indemnify and hold the Bank harmless for such distribution. A POD beneficiary does not acquire an interest in the account until after the death of the account owner or the last co–owner. A POD beneficiary may acquire an interest in the account at that time but only if the POD beneficiary is alive. In the case of a minor beneficiary, the legal guardians of the minor should be the payee of the balance of the account (e.g., Xxxx Xxxxx and Xxxx Xxxxx as guardians for Xxxxx Xxxxx, minor). A copy of the beneficiary’s birth certificate should be obtained and the guardians validated against it or other legal documentation along with a confirmation of the beneficiary’s age. The Bank may request any supporting documentation it reasonably believes provides proof of custodianship. A beneficiary’s receipt of payment, either directly or through payment to a guardian or executor, shall be a valid release and shall discharge the Bank of any responsibilities for all such payments If no beneficiary survives the account owner(s),...