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#2238113 - 06/15/20 08:47 PM Deposit Account Coding-Payable on Death
Jenny Roberts Offline
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Tennessee
In our current procedures, we have a field on our Core processing platform in which we code deposit accounts if they name someone as payable on death. We also create a personal information file for the POD and add them to the account in indirect relationships. The only reason I think we are coding these a special code is if we ever need to pull a report to know what accounts have someone names as payable on death, but I have never had to pull a report...... I was wondering if anyone knew of a reason that the bank needs to keep coding these for a specific reason. It's a headache to the people that maintenance it and if it is not necessary, I would like to discontinue the procedure....

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#2238114 - 06/15/20 08:54 PM Re: Deposit Account Coding-Payable on Death Jenny Roberts
rlcarey Online
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rlcarey
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Posts: 79,234
Galveston, TX
How else are the POD relationships documented in your systems, as it has a direct impact on FDIC insurance coverage.
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#2238115 - 06/15/20 08:55 PM Re: Deposit Account Coding-Payable on Death rlcarey
Jenny Roberts Offline
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Joined: Feb 2014
Posts: 162
Tennessee
Sorry, I meant to add that they are listed on the account agreement/ signature card.

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#2238116 - 06/15/20 08:55 PM Re: Deposit Account Coding-Payable on Death Jenny Roberts
Jenny Roberts Offline
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Joined: Feb 2014
Posts: 162
Tennessee
I was wondering if we would ever need to keep them coded if we were to ever had to determine FDIC coverage.....

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#2238117 - 06/15/20 08:57 PM Re: Deposit Account Coding-Payable on Death Jenny Roberts
Sunshine Lady Online
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Sunshine Lady
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We do not code ours but we do list the POD on the account agreement/signature card.
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