POD Account. A single or joint multiple party account that is payable on request to the owners during their lifetimes and, upon the death of all owners, is payable to the surviving named POD beneficiaries. If there is more than one (1) surviving POD beneficiary, the beneficiaries shall own the account jointly without rights of survivorship. Any POD designation shall not apply to Individual Retirement Accounts (IRAs). We are not obligated to notify any beneficiary of the existence of any account nor the vesting of the beneficiary's interest in any account, except as provided by law.
POD Account. A Payable on Death (POD) Account is an account payable to the Account Owner (or Account Xxxxxx) during his or her lifetime, then payable to one or more designated beneficiaries upon the Account Owner’s death. This allows the Account to be transferred to one or more designated beneficiaries without having to go through probate, subject to certain exceptions set forth below. As the owner of the Account, you may withdraw money from the Account and may, by written direction to us, change the POD beneficiary(ies) under the Account. If the POD Account is held by more than one person, it is owned as a multiple-party account with right of survivorship. When the last surviving Account Owner dies, or if there is only one Account Owner to begin with when the sole Account Owner dies, the Account is owned by the surviving POD beneficiary(ies) so designated by the sole Account Owner or last surviving Account Owner. If there is more than one surviving POD beneficiary, the Account shall be paid in accordance with the percentage amount selected by the sole Account Owner or last surviving Account Owner. If no percentage amount is selected, then the Account shall be paid in equal shares to the surviving POD beneficiaries. If a POD beneficiary survives the sole Account Owner or last surviving Account Owner, but subsequently dies before receiving his or her share of the Account, such share shall belong to the estate of that POD beneficiary. If a POD beneficiary fails to survive the sole Account Owner or last surviving Account Owner, his or her share shall lapse, and the Account shall be distributed pro rata to or among the remaining surviving POD beneficiary(ies) relative to the percentage amount selected by the sole Account Owner or last surviving Account Owner, or equally to or among the remaining surviving POD beneficiary(ies) if no percentage amount is selected. If there is no surviving POD beneficiary upon the death of the sole Account Owner or last surviving Account Owner, the funds shall belong to the estate of the sole Account Owner or last surviving Account Owner, as the case may be.
