Payable on Death definition

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. As an example, you may have to include certain words or letters in the account title to create a POD account, such as: “payable on death,” “POD,” “in trust for,” “ITF,” “as trustee for,” “ATF,” “transfer on death,” “XXX,” or “Xxxxxx Trust.” You are solely responsible for meeting these requirements. We may treat an account which names a POD beneficiary as a POD account. However, 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 may distribute the account balance, subject to any bank claims, to such beneficiaries payable to one or all surviving beneficiaries jointly, or payable individually, in equal shares, to each surviving beneficiary. 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.

Payable on Death account and “In trust for” account If you establish your account “payable on death” to one or more beneficiaries, the account is a “POD” account. If you establish your account as “in trust for” (“ITF”) or as trustee for one or more beneficiaries without presenting formal trust documents, we may treat the account as a “Xxxxxx Trust,” “informal trust,” or “ITF” account. If there are multiple trustees, until the death of all trustees, the account will be treated as a joint account of the trustees with rights of survivorship as described above. Upon the death of the last remaining trustee, any balance in the account not subject to lien and set-off will be paid to the named Beneficiary or, if there are multiple beneficiaries, distributed evenly to the named beneficiaries. The Bank may require certain legal documents before releasing the funds on deposit. If a Beneficiary predeceases the last remaining trustee, the account will be distributed evenly to the surviving beneficiaries, or if there are no surviving beneficiaries, the account will become an individual account of the trustee. The Bank will not accept responsibility to act as a trustee or successor trustee under any circumstances and will have no duty to monitor the account or the status of the trustee(s) or Beneficiary(ies).

Payable on Death. (“POD”) Accounts 09 Uniform Transfer to Minor Accounts 09 Other Nonpersonal Accounts 10 Business Accounts 10 Transfer of Ownership and Assignment 11 Authorized Signers and Agents 11 Certificates of Deposit (CD) 11 Renewals 11 Interest Payments 11 Early Withdrawals 12 Interest on Your Funds 12 Checking and Savings Accounts 12 Certificates of Deposit 12 Processing Transactions – Deposits and Cashed Items 13 Cashing Items or Accepting Items for Deposit 13 Cashier’s Checks 13 Checks Lost During Collection 14 Collection Items 14 Demand Drafts and Remotely Created Checks 14 Deposit Delivery and Preparation 14 Deposit Error Correction 14 Endorsing Checks 15 Foreign Instruments 15 Identifying the Account 16 Overpayments and Reversals 16 Returned Items 16 Substitute Checks 17 Unattended Banking Facility 17 Processing Transactions – Withdrawals 17 Check Cashing 17 Check Legends, Restrictions, or Notations 17 Collection Items 18 Examining Checks 18 Facsimile Signature 18 Foreign Currency 18

Examples of Payable on Death in a sentence

• A Payable on Death (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.

• If the account owner dies, the owner's interest passes, subject to applicable law, to the decedent's estate or Payable on Death (POD) beneficiary or trust beneficiary, subject to other provisions of this Agreement and applicable law.

• Upon the death of an individual account owner, we will pay all funds on deposit in accordance with the specific instructions on the Account Card such as to a Payable on Death Beneficiary.

• A Payable on Death (POD) account is an instruction to us that a single or multiple party account so designated is payable to the owner(s) during their lifetimes and, when the last account owner dies, is payable to any named, living POD beneficiary.

• If the account owner dies, the interest passes, subject to applicable law, to the account owner’s estate or Payable on Death (POD) beneficiary/payee or trust beneficiary, subject to other provisions of this Agreement governing our protection for honoring transfer and withdrawal requests of an owner or owner’s agent prior to notice of an owner’s death, and to any security interest or pledge granted by the account owner, and subject to our statutory lien rights.

• Prior to the death of the last surviving owner, no beneficiary shall have any ownership interest in a Payable on Death account.

• Payable on Death ("POD") accounts are governed by your agreements with the Credit Union and applicable state law.

• Funds in a Payable on Death account established pursuant to this subsection shall belong to the beneficiary or beneficiaries upon the death of the last surviving owner, and the funds shall be subject only to the personal representative's right of collection as set forth in G.S. 28A-15-10(a)(1).

• The Account cannot be owned or titled jointly, by an organization, as Payable on Death (“POD”) or “In Trust For” (“ITF”).

• A Payable on Death (POD) account is an account held in the name of one (1) or more persons as owner or owners for one or more persons designated as beneficiaries.

More Definitions of Payable on Death

Payable on Death. Death Of Owner During The Accumulation Period Death Benefit Amount During The Accumulation Period Death Benefit Options During The Accumulation Period Death Of Owner During The Annuity Period Death Of Annuitant Payment Of Death Benefit Beneficiary Change Of Beneficiary SUSPENSION OR DEFERRAL OF PAYMENTS PROVISION OWNER, ANNUITANT, OWNERSHIP, ASSIGNMENT PROVISIONS Owner Joint Owner Annuitant Assignment Of The Contract ANNUITY PROVISIONS General Annuity Date Selection Of An Annuity Option Frequency And Amount Of Annuity Payments Annuity Options Option A. Life Annuity Option B. Life Annuity With Period Certain Of 120 Months Option C. Joint And Survivor Annuity Option D. Period Certain Annuity Fixed Annuity Variable Annuity Annuity Unit Mortality Tables GENERAL PROVISIONS The Contract Misstatement Of Age Incontestability Modification Non-Participating Evidence Of Survival Proof Of Age Protection Of Proceeds Reports Taxes Regulatory Requirements ANNUITY TABLES CONTRACT SCHEDULE OWNER: [John Smith] AGE AND XXX: [00 Male] ANNUITANT: [John Smith] AGE AND SEX: [00 Xxxe] CONTRACT NUMBER: [12345] ISSUE DATE: [July 01, 1995] ANNUITY DATE: [July 01, 2010] CONTRIBUTIONS:

Payable on Death. (“POD”) Accounts 09 Uniform Transfer to Minor Accounts 09 Other Nonpersonal Accounts 09 Transfer of Ownership and Assignment 09 Authorized Signers and Agents 10 Certificates of Deposit (CD) 10 Renewals 10 Interest Payments 10 Early Withdrawals 10

Payable on Death. Designation If you establish your account as payable on death to one or more beneficiaries, the account is a "POD" account. If we receive proof you've died, we will pay the balance of the account to the beneficiary(ies) you designated. We may require beneficiary(ies) to complete claim paperwork prior to paying out any funds. Multiple beneficiaries will be paid in equal shares.

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 Texas law. Texas law may impose requirements that must be met to create a POD account. As an example, you may have to include certain words or letters in the account title to create a POD account, such as: “payable on death,” “POD,” “in trust for,” “ITF,” “as trustee for,” “ATF,” “transfer on death,” “XXX,” or “Xxxxxx Trust.” You are solely responsible for meeting these requirements. We may treat an account which names a POD beneficiary as a POD account. However, if the applicable requirements are not met, we may treat your account as though there is no POD beneficiary.

Payable on Death. Accounts If you open an individual or joint trustee account “in trust” for someone else (and there is no trust document) or you designate it as a Payable-On-Death Account, the account will pass to the beneficiary named on the signature card upon the death of the last surviving account owner. If there is more than one (1) beneficiary, each will receive an equal share of the funds unless you have given us other specific written instructions. During your lifetime, you may exercise full control over the account and may make deposits to and withdrawals from the account. Documented Trust Accounts If you are a trustee and want to establish an account in connection with a written trust, we may require you to provide us with a notarized trust certification, confirming your power as trustee, prior to opening the account. We are not required to know, understand, interpret, or enforce the terms of any trust document, even if a trust document is provided to us.