Pay on Death. A Payable on Death (POD) account or Xxxxxx trust account designation is an instruction to the credit union that an individual or joint account so designated is payable to the owner(s) during his, her or their lifetimes and, when the last account owner dies, payable to all the surviving POD or trust beneficiaries/payees. If there is more than one (1) surviving beneficiary/payee, the account is owned jointly by such beneficiaries/payees without rights of survivorship upon the death of the last account owner. We are not obligated to notify any beneficiary/payee of the existence of any account or the vesting of the beneficiary/payee's interest in any account, except as otherwise provided by law. You understand that it is your responsibility and not ours to inform any person or organization that he, she or it is a beneficiary payee on your account. If the beneficiary payee on the account dies before you, it is your responsibility to notify us and make any changes to the account. All beneficiaries listed on the master account agreement apply to all subshares/subaccounts with some exceptions. Exceptions include certificates of deposit, Iowa First Time Home Buyer’s Savings Accounts and Individual Retirement Accounts (IRA) accounts at the credit union. Certificates of deposit must specifically name beneficiaries on each certificate. IRA account beneficiaries are treated as separate and also have specifically designated beneficiaries. The state of Iowa does not allow for funds in a First Time Home Buyer’s Savings Accounts pass to a beneficiary but must be included in the deceased member’s estate. This paragraph does not apply to an account held on behalf of or held in the name of a trust.
