This dog has been sleeping over a month but I need to kick it and wake it up.
BrendaC said:
If you looked at the account on your system, or printed a listing of accounts from your system by account name, would John's account show as a testamentary account (John Smith POD)?
We have numerous Bankers System sig cards that have the owner's name with no "POD" after it, but the POD box is checked. I understand that this does not meet the "in the title" requirement.
On our system, if we look up an account it will show the customer's name, POD will not be part of the name but there is a separate part of the screen (or we can do a report) that shows that the account is a POD account. The hair splitting issue is whether this meets the following language from slide 26 of the FDIC telephone seminar materials where it states:
"This requirement is met if either a bank record (such as a CD or signature card) has the following in the title or if the
titling of the accounts in the bank’s name and address electronic file uses the following :
Example #1: John Smith and Mary Smith, POD
Example #2: John Smith and Mary Smith
POD"
We can readily find all the POD accounts on our system but the magic "POD" is not listed as part of the name on the account.
Thoughts?