Note that Randy has provided an excerpt from the laws of one state. Another state may have a very different take on who gets the funds if, for example, no named beneficiary survives the death of the last owner of a POD account. Identify and be familiar with your state's provisions on this question and make sure your bank's procedures align with those state laws.
When your bank's branches reach into other states, the law of the state where the account is opened generally controls, and you may need to follow different rules in the branches in State A than you follow in the branches in State B.
Last edited by John Burnett; 03/03/21 04:18 PM.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8