POD Accounts Sample Clauses

POD Accounts. 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 lifetimes, and when the last account owner dies, it becomes payable to any named and surviving POD beneficiary/payee(s), unless otherwise required by law or the terms of this Agreement. If all named POD beneficiaries pre-decease the owner(s) the applicable funds shall be paid to the estate of the last surviving owner. You agree that in the event of any conflict or ambiguity with respect to the existence or identity of the beneficiaries/payees associated with an account, the decision of the credit union as to the identity of the beneficiaries/payees shall be final and not subject to contestation. Accounts payable to more than one surviving beneficiary/payee shall be payable pro rata to such named beneficiaries/payees unless otherwise required by law or the terms of this Agreement. In the event that one or more of the named POD beneficiary/payee(s) is a minor (as determined by Colorado law), we shall have the right to withhold disbursement of the account funds until (a) we receive verification satisfactory to us in our sole and absolute discretion regarding the identity and legal authority of the adult(s) acting as Guardian(s) or Conservator(s) for the named minor POD beneficiary(s)/payee(s), and (b) the adult acting as Guardian or Conservator has executed and/or provided such documentation as may be requested by the credit union. We also have the right to require a written indemnity in a form acceptable to the Credit Union, as a condition precedent to disbursing funds to anyone on behalf of a named minor POD beneficiary/payee. Any POD or trust beneficiary/payee designation linked to a regular share account shall not apply to Individual Retirement Accounts (IRAs) or Health Savings Accounts (HSAs), which are governed by a separate beneficiaries/payee designation. We are not obligated to notify any beneficiary/payees of the existence of any account or the vesting of the beneficiary/payee’s interest in any account, except as otherwise provided by law.
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POD Accounts. A Payable on Death (POD) beneficiary account designation is an instruction to the Credit Union that an account so designated is payable to the owner or owners during their lifetimes, and upon the death of the last account owner, payable to any named and surviving POD designated on your Account Card or Membership Application. Accounts payable to more than one surviving beneficiary are owned jointly by such beneficiaries without rights of survivorship. Therefore, the interest of a deceased beneficiary will pass to the decedent's estate. Any POD or beneficiary 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.
Sample 1Sample 2Sample 3
POD Accounts. 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 lifetimes, and when the last account owner dies, it becomes payable to any named and surviving POD beneficiary/ payee. Accounts payable to more than one surviving beneficiary/payee become owned jointly by such beneficiaries/payees without rights of survivorship. Any POD or trust beneficiary/payee designation shall not apply to Individual Retirement Accounts (IRAs), which are governed by a separate beneficiaries/payee designation. We are not obligated to notify any beneficiary/payees of the existence of any account or the vesting of the beneficiary/payee’s interest in any account, except as otherwise provided by law.
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POD Accounts. Completion of the Payable on Death (POD) benefciary designation section of the signature card makes an account payable to the owner(s) during his or her lifetime(s), and upon the death of the last owner, payable to the named surviving POD benefciary(ies) on the signature card. Accounts payable to more than one POD benefciary are owned equally; there is no right of survivorship between benefciaries. Any POD benefciary designation on the signature card will not apply to certifcate and IRA accounts, which are designated on a separate document. Upon the death of the last surviving account owner, the Credit Union will require POD benefciaries to supply acceptable identifcation. If there is no surviving POD benefciary, state law will determine ownership of the funds in the account.
Sample 1
POD Accounts. 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 lifetimes, and upon the death of the last owner, payable to any named and surviving POD designated on the Signature Card. Accounts payable to more than one surviving beneficiary are owned jointly by such beneficiaries without rights of survivorship. 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.
Sample 1
POD Accounts. 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 lifetimes, and when the last account owner dies, it becomes payable to any named and surviving POD beneficiary/payee. Accounts payable to more than one surviving beneficiary/payee become owned jointly by such beneficiaries/payees without rights of survivorship. Any POD or trust beneficiary/ PAGE 2 OF 16 payee designation shall not apply to Individual Retirement Accounts (IRAs) or Health Savings Accounts (HSAs), which are governed by a separate beneficiaries/payee designation.We are not obligated to notify any beneficiary/ payees of the existence of any account or the vesting of the beneficiary/payee’s interest in any account, except as otherwise provided by law.
Sample 1

Related to POD Accounts

  • Linked Accounts All accounts with the Bank that you enroll in a service will be linked by the tax identification numbers of the persons authorized to access the account. The linked accounts will appear together without regard to the ownership of the accounts. For example, if an authorized user of a linked account accesses the Service, that authorized user will be able to view and access at a single time the following accounts: • the accounts of the business for which that person is an authorized user; • the accounts of any other business for which that person is an authorized user; and • any consumer accounts for which the person is a co-owner or authorized signer.

  • Checking Accounts The Credit Union may refuse any check or other item drawn against your account or used to withdraw funds from your account if it is not on a form approved by us. We also reserve the right to refuse any check or other item drawn against your account or used to withdraw funds from your account if made in a manner not specifically authorized for your account, if made more frequently or in a greater number than specifically permitted for your account, or if made in an amount less than the minimum withdrawal or transfer specifically permitted for your account. If we accept a check or other item not on a form approved by us, you will be responsible for any loss by us in handling the item. We may pay checks or other items drawn upon your account in any order determined by us, even if paying a particular check or item results in an insufficient balance in your account to pay one or more other items that otherwise could have been paid out of your account. Because of the nature of the Credit Union check program, neither the Credit Union nor any other processing entities shall be responsible for the authenticity of the checks with regard to the signature or alterations; and checks, when presented, shall be paid without verification. We may disregard all information on or any writing or memorandum attached to any check or item except for your signature, the amount and the information that is magnetically encoded. You agree that we do not fail to use ordinary care because our procedures do not provide for sight examination. You will notify us immediately if you learn or have reason to know that any of your checks have been lost or stolen. If you are negligent in safeguarding your checks or if there is a processing problem due to your use of a check printer we do not approve, we will not have any liability or responsibility for any losses you incur as a result if we act in good faith pursuant to standard commercial practices.

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