FDIC Ruling on POD Accounts
Answer by John Burnett, BOL Guru Guru Bio
Question: The FDIC released an interim ruling on September 26, 2008. It stated that POD accounts would no longer require a qualified beneficiary. Have other banks changed their procedures for POD accounts due to this ruling?
Answer: What procedures would the bank have to change? A bank should never limit who a person could designate as a POD on an account. The fact that a specific POD qualified the account for additional FDIC insurance would only be the customer's concern.
BankersOnline is a free service made possible by the generous support of our advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all banking professionals. Support our advertisers and sponsors by clicking through to learn more about their products and services.
Print Friendly!
Email This Article!
Discuss NOW!
