When opening a checking account with POD, is it required that the term "POD Account" print on the bank statement or is it sufficient that the signature card is marked and the POD designation with the name of the beneficiary is in the core related to the account? Can the Account just read "John Doe" or does it have to say "John Doe, POD Account"?
When a representative payee account is opened, we monitor daily debit transactions to make sure that the beneficiary of the funds is not signing checks. There is discussion here concerning the necessity to review these or not. We have one employee who worked at another financial institution where they did not monitor daily debit items and wonders why we do here. I am wondering if the reason to do this is that even though the account is opened under the beneficiary's name and is a single owner account the only signer is the rep payee. Also, I know that SSA's rules are that that only SSA money should be deposited to this account. There have also been discussions as to whether this is absolutely necessary or not. I guess my question is, do we need to monitor the account for signatures and if we can or should not allow the co-mingling of deposits into the account.
We have a customer that receives SSA on the 8th of the month. This customer died August 8th, the same day her Social Security went into her account. Do I have to send the money back to SSA? Everything I read says if they die before the deposit then I must return, but nothing about the same day.
An account owner dies with a beneficiary. A check is brought in by the beneficiary payable to the estate. Must the account be changed to an estate account with an estate EIN or can the individual's account be changed to an estate account using their SSN for a short time?
Does a bank revocable trust account override a will? There are three beneficiaries named in a will. Now one of the three parties has also been named a beneficiary in a newly created bank revocable trust account. Will that person receive the entire revocable trust account funds because it bypasses the will, or will all three parties designated in the will receive the revocable trust account funds? The revocable trust account is not addressed in the will because the will was created months before the bank revocable trust account was set up. Do all three parties designated in the will need to be designated as beneficiaries for the revocable trust account to receive those account funds? The person that is a beneficiary in the will and is also now the sole beneficiary of the revocable trust account is in addition the executor of the will.
Received a Garnishment in husband and wife's name and/or and their daughter age 18 is also on the account. Can we remove funds from this account if the daughter is on the account?
Can an individual account name a Trust as a beneficiary?
Are Sole proprietors allowed to set up beneficiaries on their accounts?
Can an Attorney-in-Fact change a Payable on Death beneficiary on an account if the Durable Power of Attorney document does not specifically speak to that? Part Two: If an account currently has a POD beneficiary designation in the account title and we are now retitling the account to Jane Customer by Joe Smith, Attorney-in-Fact, where does the POD designation go in the revised account title?
A mother opens a CD and names her four children as beneficiaries (Totten Trust). One of the children predeceases her. Would the balance of the CD go to the three surviving children upon her death Or to the three surviving children AND the estate of the deceased child? (All children are over 21 years old.)