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#1360135 - 03/18/10 07:33 PM Pay on Death in Pennsylvania
Jim Swanson Offline
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Joined: Mar 2010
Posts: 1
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.

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#1360537 - 03/19/10 01:03 PM Re: Pay on Death in Pennsylvania Jim Swanson
JacF Offline

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Joined: Nov 2001
Posts: 6,719
PA
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".

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#1366726 - 03/30/10 11:14 PM Re: Pay on Death in Pennsylvania JacF
Deputy Dawn Offline
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Deputy Dawn
Joined: Feb 2007
Posts: 484
Pennsylvania
Are you referencing burial funds or the scenerio that JacFSB referenced?

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#1405170 - 06/17/10 07:08 PM Re: Pay on Death in Pennsylvania Deputy Dawn
Snow Bunny Offline
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Snow Bunny
Joined: Jun 2006
Posts: 14,141
In the Snow :)
We do the same as Jac.
_________________________
The woods are lovely dark & deep & I have promises to keep & miles to go before I sleep and miles to go before I sleep

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#1416423 - 07/17/10 06:59 PM Re: Pay on Death in Pennsylvania Snow Bunny
Michelle III Offline
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Michelle III
Joined: Jan 2003
Posts: 376
PA
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

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#1468636 - 11/16/10 09:57 PM Re: Pay on Death in Pennsylvania Jim Swanson
Kari Offline
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Kari
Joined: Sep 2002
Posts: 131
PA
PA does not allow POD accounts. They can be ITF but not POD.

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#1469234 - 11/17/10 07:34 PM Re: Pay on Death in Pennsylvania Kari
15jwolander Offline
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Joined: Jan 2004
Posts: 208
PA
Can anyone give me the Reg that states POD accounts are illegal in PA. Thank You

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#1472916 - 11/26/10 06:34 PM Re: Pay on Death in Pennsylvania 15jwolander
DCollins Offline
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DCollins
Joined: Oct 2001
Posts: 707
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.

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#1502292 - 01/28/11 09:13 PM Re: Pay on Death in Pennsylvania JacF
san2011 Offline
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Joined: Jan 2011
Posts: 1
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.

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