Does anyone know if Pennsylvania allows Pay on Death on bank accounts? We operate in other states that allow it but have always understood that PA does not. I cannot find it anywhere, but have a customer adamant that we can.

Any help would be appreciated!!

Thanks.

We've not used Pay on Death in account titling, and I don't believe it is referenced in PA deposit documentation guidance.

However, PA does allow for informal trust accounts which are disbursed directly to the beneficiary upon the owner's death. These are simply titled "John Doe ITF Johnny Doe".

Are you referencing burial funds or the scenerio that JacFSB referenced?

We do the same as Jac.

Ditto. We title our accounts the same as Jac. Every now and then we have one branch that starts titling account "Payable on death" and we make that CSR contact the customer and fix it to an "In Trust For" ITF account.

Michelle III

PA does not allow POD accounts. They can be ITF but not POD.

Can anyone give me the Reg that states POD accounts are illegal in PA. Thank You

From the PA Deposit Documentation manual put out by Professional Bank Services: Payable on death (POD) accounts are not authorized by the Pennsylvania legislature. As the operation of the Informal Trust Account, which is recognized in PA, is identical to that of a POD account and there is no statutory recognition of POD accounts, the authors strongly recommend POD accounts not be opened.

In Pa. we do use ITF on accounts. Does anyone know how many -by law- is permitted in Pa. And where does it state it in writing? Thank you for your help.