Payable-on-Death Designation. A payable-on-death (POD) account designation is an instruction to the Credit Union that an account so designated is payable to the owner or owners during their lifetime, and upon the death of the last account owner, payable first to us to the extent of any outstanding matured or unmatured debts owed to us by you, and second, to your designated POD payee(s). If the account is a joint account, all sums are payable to one or more account owner(s) during their lives and on the death of all of them, first to us to the extent of any outstanding matured or unmatured debts owed to us by any of you, and second, to one or more POD payees then surviving. Accounts payable to more than one surviving beneficiary are owned jointly by such beneficiaries without rights of survivorship and disbursement will be made in equal shares to each of the beneficiaries. Any POD designation will not apply to Individual Retirement Accounts (IRAs) which will be governed by a separate beneficiary designation. The Credit Union does not have any obligation whatsoever to notify any beneficiary of the existence of any account or the vesting of the beneficiary’s interest in any account. You understand that it is your responsibility (and not ours) to inform any person or organization that he, she or it is a POD beneficiary on your account(s). If a POD beneficiary on the account dies before you, it is your responsibility to notify us and change the account accordingly.
Payable-on-Death Designation. A POD account designation is an instruction to the Credit Union that an account so designated is payable to the owner or owners during their lifetime, and upon the death of the last account owner, payable first to us to the extent of any outstanding matured or unmatured debts owed to us by you, and second, to your designated POD payee(s). If the account is a joint account, all sums are payable to one or more account owner(s) during their lives and on the death of all of them, first to us to the extent of any outstanding matured or unmatured debts owed to us by any of you, and second, to one or more POD payees then surviving in equal and undivided shares. Accounts payable to more than one surviving beneficiary are owned jointly by such beneficiaries without rights of survivorship and disbursement shall be made in equal shares to each of the beneficiaries. Any POD designation shall not apply to Individual Retirement Accounts (IRAs) which shall be governed by a separate beneficiary designation. The Credit Union shall at no time have any obligation whatsoever 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 Designation. A P.O.D. designation on an Account designated as joint With Right of Survivorship means that during your lifetime, the funds in an Account are payable to the Account Holders and upon the death of the last Account Holder, the funds are payable to any designated and surviving P.O.D. beneficiary named on the controlling account or other account documentation or records in our system. A P.O.D. designation on an Account designated without right of survivorship means that during your lifetime, the funds in an Account are payable to the Account Holders and upon the death of an Account Holder, the portion of funds owned by the deceased Account Holder are payable to the decedent’s designated and surviving P.O.D. beneficiary named on the controlling account application or other account documentation or records in our system; provided, however, that if there is a conflict between the Membership Application or other account documentation or the records in our system, the records in our system shall be deemed to control. If there is no surviving P.O.D. beneficiary upon the death of an Account Holder, state law will determine rights to the funds. P.O.D. beneficiarydesignations made on your Checking Account, Savings Account, Money Market Account, or Certificate of Deposit Account, do not apply to your IRAs or HSAs. Your IRAs and HSAs are governed by a separate beneficiary designation document and process. You agree to notify BECU in writing if: (a) any new Account(s) should not be included under an existing P.O.D. designation, or (b) you decide to change the beneficiary or beneficiaries for any or all Account(s). In addition, you agree to complete any documents or forms that we may require to process your request, otherwise BECU may rely on the P.O.D. designation currently on file.
Payable-on-Death Designation. We may pay the balance in the account to the beneficiary or beneficiaries you name, only upon your death and the death of all joint owners. Funds will be distributed equally if multiple beneficiaries are designated. We are not obligated to notify any beneficiary of the existence of any account, nor the vesting of any beneficiary interest in any account, except as otherwise provided by law. We are not liable to the estate or any third party for acting, in good faith, upon beneficiary designations made by you on an acceptable TruStone Financial form. If a dispute arises among beneficiaries or other third parties as to the ownership of funds, we may freeze the funds until the dispute is resolved. The estate shall be responsible for any costs we incur should legal action arise, including, but not limited to, an interpleader action. Costs include, but are not limited to, court costs and attorneys’ fees. Any costs we may incur may be offset against any funds in your account or an estate account held by TruStone Financial. You may change or remove beneficiaries at any time on your membership by making such request to TruStone on a form acceptable to us. No person designated as a beneficiary has any right to funds held in the account as long as any owner of the account, including a joint owner, is still alive. Any joint owner, who survives you, may change or delete beneficiaries at any time. Uniform Transfers to Minor Act (UTMA) Account This account enables adults to make tax-advantaged transfers to minors by setting up an account as a custodian for a child without a complicated trust agreement. The account is set up using the name of the custodian followed in substance by the words “as custodian for (the name of the minor) under the Minnesota (or Wisconsin) Uniform Transfers to Minors Act”. Only the named custodian (or successor custodian) is authorized to instruct us regarding the account. The transfer is irrevocable, and title is vested in the minor named on the account. Dividends earned are reported under the minor’s Taxpayer Identification Number. The custodianship automatically terminates and the property may be distributed upon the earlier of the minor’s attainment of the age of majority according to the UTMA or the minor’s death. At the time of opening this account, the custodian or the minor must be a member of TruStone.
Payable-on-Death Designation. If you have opened this type of Account then you are the sole owner of the Account. On your death, ownership of the Account passes to the payable- on-death (“P.O.D.”) beneficiaries you have designated. The Account does not become part of your estate. A sole proprietorship may open a Single- Party Account and may contain a P.O.D. designation.
Payable-on-Death Designation. We may pay the balance in the account to the beneficiary or beneficiaries you name, only upon your death and the death of all joint tenants. Funds will be distributed equally if multiple beneficiaries are designated. You may change or delete beneficiaries at any time during your life by making such request to TruStone on a form acceptable to us. No person designated as a beneficiary has any right to funds held in the account as long as any owner of the account, including a joint tenant, is still alive. Any joint tenant, who survives you, may change or delete beneficiaries at any time.
Payable-on-Death Designation. If you choose to designate your account as payable on death to a beneficiary(ies), you stipulate that all sums now paid in on deposit, or heretofore or hereafter paid in on deposit and all accumulations thereon, are and shall be owned by you during your lifetime. Upon your death these funds shall be owned by the beneficiary(ies) listed on your Signature Card based on the percentages listed on your Signature Card. You and the beneficiary(ies) agree that all of said sums shall be subject to the withdrawal or receipt of only you during your lifetime, and payment only to you during your lifetime shall be valid; provided, however, that upon your death, payment to any beneficiary shall be valid and discharge RiverFall from any liability for such payment. Only you may pledge all or any part of the funds in your account as collateral for any loan or loans with RiverFall, and such pledge shall survive after your death and shall be superior to the rights of any beneficiary. Your death shall not affect the validity of any statutory or consensual liens created by you prior to your death. The Credit Union shall at no time have any obligation whatsoever to notify any POD beneficiary of the existence of any Account or the vesting of the POD beneficiary’s interest in any Account. Upon the death of the last surviving Owner, payment to any POD beneficiary shall be valid to discharge us from any liability to all POD beneficiaries. No POD beneficiary may pledge any part of the shares in this account as collateral for any loan or loans with us. Any Account Owner may change (or revoke) any or all POD beneficiaries at any time; provided that any change or revocation of POD beneficiaries must be written on our Master Account Agreement Signature Card and accepted by us. Any POD beneficiary so removed shall have no interest, rights or privileges in and to the account or assets thereof. To be binding on the Credit Union, such revocation must be in writing and accepted by us. Should any beneficiary predecease you, all rights and privileges of the deceased beneficiary in this account shall terminate and the deceased beneficiary’s interest in the account shall be divided equally among the remaining beneficiaries. Funds Availability: Our policy is to make funds from your deposits available to you on the first business day after the day we receive your deposit. At that time, you can withdraw the funds in cash, and we will use the funds to pay checks that you have written. For determining...
Payable-on-Death Designation. If a single party account owner does not designate a person(s) as POD, upon the death of the owner, the ownership of the account passes as a part of the owner’s estate under the owner’s will or by intestacy.
Payable-on-Death Designation. A payable-on-death (POD) account designation is an instruction to the Credit Union that an account so designated is payable to the owner or owners during their lifetime, and upon the death of the last account owner, payable frst to us to the extent of any outstanding matured or unmatured debts owed to us by you, and second, to your designated POD payee(s). If the account is a joint account, all sums are payable to one or more account owner(s) during their lives and on the death of all of them, frst to us to the extent of any outstanding matured or unmatured debts owed to us by any of you, and second, to one or more POD payees then surviving in equal and undivided shares. Accounts payable to more than one surviving benefciary are owned jointly by such benefciaries without rights of survivorship and disbursement will be made in equal shares to each of the benefciaries. Any POD designation will not apply to Individual Retirement Accounts (IRAs) which will be governed by a separate benefciary designation. The Credit Union does not have any obligation whatsoever to notify any benefciary of the existence of any account or the vesting of the benefciary’s interest in any account. You understand that it is your responsibility (and not ours) to inform any person or organization that he, she or it is a POD benefciary on your account(s). If a POD benefciary on the account dies before you, it is your responsibility to notify us and change the account accordingly.
