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Customer Re-sign the Card if Beneficiary is Added?
John Burnett, BOL Guru
Guru Bios
Question: If someone wants to add a beneficiary (ITF/POD) to an existing account we create new signature cards so as to list the beneficiaries' names. Should we require the existing customer to re-sign the cards?
Answer: Failing to require the customer to sign the new card, or at least a separate form designating the beneficiary, places the customer's intent in question and is an invitation to a lawsuit by the customer's estate. You need to document the customer's intent with a signature.
First published on BankersOnline.com 8/07/06
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