Is there an issue with having multiple beneficiaries listed on a POD account? Our signature card permits it but I have material from a seminar I attended awhile back that suggests you contact legal counsel on this issue. I am drawing a blank on this..........

Not any issues that I know of.

But here is something to consider.

If you have customers that are concerned enough (to want several POD's) about the disbursing of their monies, you may want to have a trust officer or estate planner meet with your customer. If your bank offers trust services it sounds to me like they would be a good candidate. (I am assuming they are "seasoned" and have strong deposits with your bank)

If you are licensed to sell fixed annuities this may be an option you could explore with them as well. Remind them that under current tax laws if they are wanting to pass on funds to their beneficiaries: received death benefits from life policies are not (usually) taxable like proceeds from a CD or other bank product are. If you are not licensed then have them meet with a financial consultant if your bank offers these services brokered through another company.

Sorry for the long response but I would be asking more questions and thinking of possible sales opportunities to meet their needs. I always look through POD marketing lists for potential life insurance and fixed annuity candidates.

Hope this helps!

You might also disclose that funds payable to account beneficiaries will be equally split - 50-50, 33-33-33, etc - keeping you out of the "Mom said I was to get half and split the rest with the other 4" conversations.

You also need to take state laws into account. Find out whether your state's rules permit the designation of multiple beneficiaries on a single account.