Anyone changing deposit signature cards in order to allow for the change in the POD provisions effective Nov 1st? We use BSi, now known as Wolters Klewers. Does anyone know if they're changing their existing card? I plan to call this week to see if they are making changes or if I have to work in on the current format. Just checking.

Also, how about the change to safe deposit box for access on death? Existing lease change or are you creating a separate form? Thanks for any input!

I was wondering about that too. We just typed up a form that included the language stated in the revised statute to hand out with POD accounts and I wanted to know if we were OK doing that.

Also, I think we may just make a form for safe deposit box owners that allows them to name someone and keep it with our card.

The new POD law says you have to provide a written notice to your customer. It doesn't state that it has to be a stand-alone notice. While it doesn't say it has to be in a form the customer can keep, I think you'd be hard-pressed to argue that you just have to show the written notice to the customer and not "give" it to them.

So, if you're going to include the notice in your deposit account agreement, do you provide a copy of that agreement to the customer? If so, you should be fine. If not, I'd have concerns.

The statute simply says:

"Subsequent to the effective date of this act, a bank shall provide a customer creating a P.O.D. account with a written notice that the distribution of the proceeds in the P.O.D. account shall be consistent with the provisions of Section 901 of Title 6 of the Oklahoma Statutes."

The new safe deposit provisions are much more complex, BUT the statute tells you exactly what the authorization should state. See the new statute for details:
6 O.S. Section 1301.2