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#1479169 - 12/10/10 07:00 PM POD accounts
Banker57 Offline
Gold Star
Joined: Jul 2010
Posts: 439
Minnesota
Does anyone know of a requirement that POD account statements must have "POD" printed on them? Also does the account contract need to state what percentage the POD is?

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General Discussion
#1479177 - 12/10/10 07:11 PM Re: POD accounts Banker57
BrendaC Offline
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BrendaC
Joined: Sep 2001
Posts: 6,029
Sweet Home AL
Account title must reflect POD to protect FDIC testamentary insurance coverage. If you can suppress the actual printing on the statement, I don't know that would be a problem. Check your state law for percentages. I wouldn't allow anything other than equal split. That's what a will is for.
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#1479227 - 12/10/10 07:43 PM Re: POD accounts BrendaC
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
FDIC rules in 330.10 require that the POD or ITF or revocable trust designation be included in the account title, but that can include a code in the institution's electronic records of the account. It doesn't have to be spelled out on a signature card (although frankly the customer's intent is best established in such a place), a statement or a trial balance printout.

As for the apportionment, I can only second BrendaC's comments, and add that some states only permit one beneficiary per account (which customers often don't like, but it makes matters easier for the bank).
Last edited by John Burnett; 12/10/10 07:44 PM.
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