Yes, there are a few benefits to naming Payable On Death (POD) beneficiaries on your First Choice accounts.
Your account is insured for a lot more!
The addition of Payable on Death (POD) beneficiaries can extend NCUA insurance coverage on any account beyond the $250,000 per account limit with the credit union.
Determining the coverage of an account at one financial institution can be very challenging. We would ask that you consult the NCUA website, consult and attorney, or discuss this matter with one of the First Choice FCU staff for more details.
You can avoid probate on that account and its monies
A POD allows you to avoid the account going into probate. Since the monies are now with named beneficiaries, those monies and assets do not get held up in court or in other accounts.
You will have less stress
A POD allows you to designate people to get money in your First Choice savings accounts and checking accounts. This means that your post-death wishes are going to be met, 100% guaranteed.
Having these plans made, and knowing they will be carried out as soon as possible for you, helps most of our members to sleep better at night.
If you are ready for that same comfort, contact First Choice FCU today for more information.