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Identifying POD Beneficiaries

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When opening a POD or ITF account is it necessary to include the name of the beneficiary on the system or is it sufficient just to have the beneficiary name on the supporting documentation, i. e., signature card?

From the "Financial Institution Employee's Guide to Deposit Insurance:"
The deposit account records of the insured institution or the trust document must disclose the name of each beneficiary of the account.

The trust account title must include terms such as "in trust for," "as trustee for," or "payableondeath to." An acronym for these terms, such as "ITF," "ATF," or "POD," may be used in lieu of these statements.

From Ken: For example, the title on your system should say, "Luke Skywalker, POD." The title need not list the POD beneficiaries by name, but the insurer wants a marker there. Whether or not beneficiaries are named in the account title, they should be listed on other deposit account records, specifically the signature card indicating the original owner's intentions.

Look at state law as well, but in the states where we do deposit administration seminars, there are no survivorship requirements that would require beneficiaries to be listed in the account title.

First published on 6/3/02

First published on 06/03/2002

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