07/22/2018
Can an LLC have a Pay on Death beneficiary?ken
04/22/2018
A client wishes to open a joint account and designate 3 POD's; 2 are "Trust Under Agreements" and the 3rd is an actual person. First, I don't see the 2 beneficiaries as conforming to the FDIC definition of a beneficiary. I have concerns with that. Furthermore, is it permissible and what are the ramifications in allowing it? Or should this be handled in a bank with trust services?
04/15/2018
If a wife has POA for her husband can she add herself as authorized signer and add herself as the pay-on-death beneficiary?
01/31/2016
A member has passed, and her account was a POD account, with 3 beneficiaries listed. The executor of her estate has come in, asking to transfer the funds to the estate. Do we pay out the beneficiaries, or do we follow the executor, and transfer funds to the estate account?
02/16/2015
Is a beneficiary on an account also the beneficiary on a CTR? For example: checking account is a sole-ownder account in the name of Mary Smith, her son John is listed on the account as beneficiary. Mary makes a $15,000 cash deposit. On the CTR is John also to be listed as beneficiary? I know that all joint owners are, but can't find anything that pertains to this, because if Mary were to pass away the funds become John's (So he could ultimately benefit from the funds).
09/08/2014
Can an executor of a will or estate redeem a POD certificate of deposit on behalf of the POD individual? The example is that the POD party is located outside the country. So how can we prove that they are who they are, if they cannot show up in person to redeem a the CD.
05/13/2013
Do the Letters POD have to be in the address information on the bank statement as long as the POD information is designated on the signature card? I understand the account title has to match the card- but does POD HAVE to be there?
03/11/2013
An account holder passed away and named POD beneficiaries who are not US citizens and do not reside or work in the US. No relation to the US other than a family member left them money. The beneficiaries each want to take their share of the account however do not have SSN or ITIN. What do they need to do? These are non IRA funds.
03/11/2013
For a CD account with two owners and three beneficiaries, would FDIC insurance apply only to the co-owners? Or would the FDIC insurance also apply to the beneficiaries as it does in a revocable trust?
01/28/2013
We have a customer who is POD on her fathers account, but she is telling us that she does not want the money. Is there a time limit on how long a POD account can sit out there even if we have contact with the POD? What recourse does the bank have on distributing the money to the appropriate POD? I know that FDIC insurance lapses 6 months after the death of the owner.