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....

How else are the POD relationships documented in your systems, as it has a direct impact on FDIC insurance coverage.

Sorry, I meant to add that they are listed on the account agreement/ signature card.

I was wondering if we would ever need to keep them coded if we were to ever had to determine FDIC coverage.....

We do not code ours but we do list the POD on the account agreement/signature card.