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In Response To:
Thread Starter: Marnie
Title: Re: Payable on Death (POD)

The rules say the POD must be in the title of the account in order to qualify for the informal trust insurance rules, which translated to $100,000 per beneficiary (may change now in light of today's bill). By not putting POD in the title, this becomes either an individual account or joint account, and insurance is then calculated on the owners, not the beneficiaries, which could be considerably less. It's all in the categories and POD informal trusts are a separate category which benefits the customer and may signficantly raise their coverage on accounts IF the word POD is in the title.