I am getting a similar question from our retail side too.
We use CSI forms. When a customer comes in to add a POD/POA or convert the account to a trust, the branches are simply completely the form for either of these changes, also provided by CSI, which have a spot on the form to notate which account this changes, and then they make the appropriate ownership changes on the platform system.
My concern though is that the orginal signature card is never touched in this case. So then, is the new POD form with refrence to the original account enough to change the ownership of the account in the bank's and FDIC's eyes, or must we also create a new signature card? It seems like so much extra work since it is a three page canned account agreement/signature card.
The account agreement/signature card also has spot to list POD/POA/Customerdian/trust info, but does not list any of the wording the actual POD/POA/Custodian/trust forms do.
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