At First Choice, Payable On Death (POD) beneficiaries can be named by the account owners themselves. Joint account owners and power of attorneys cannot be named.
Questions and Answers
Do you have questions? Are you wondering about savings accounts? Kids and money? Maybe even why credit cards and debit cards are just so different? We look at those questions, and a lot more. Proceed with caution though – after you read through everything, you might just become a money master with your accounts!
Does the Payable On Death (POD) I assign need to be present when named?
Payable on Death (POD) beneficiaries do not need to be present with an account owner when named as beneficiary. They, in fact, never need to know that they are named.
What must I have in order to name someone to my Payable On Death (POD) account?
Basic contact information like the person’s name is needed, plus specific information like their social security number, for a Payable On Death (POD) account.
Can my Payable On Death (POD) and IRA/401(k) beneficiary be the same person?
The simple answer is that, YES, your payable on death (POD) beneficiary and your retirement plan beneficiary (IRA or 401(k)), can be the same person.
Can I setup a Payable On Death account on any account I own?
For most Payable On Death (POD) accounts, they can only be savings or checking accounts, as well as CDs. We cover these accounts and more for your answers.
Can I setup contingent beneficiaries for my First Choice Payable On Death (POD)?
Contingent beneficiaries is a solution to your evolving needs. We discuss how First Choice Federal Credit Union handles Payable On Death accounts and more.
What happens if a Payable On Death (POD) beneficiary dies before me?
When a Payable On Death (POD) account beneficiary dies before you do, the remaining monies is divided among the remaining beneficiaries.
Does a Payable On Death (POD) account have to be paid equally to beneficiaries?
Payable On Death (POD) account holders can set the percentage of received monies in an account for each beneficiary upon their death.
Can I have more than one Payable On Death (POD) named on an account?
You may have as many Payable on Death (POD) beneficiaries on an account named as your financial institution like your bank or credit union allows.
Who can be named as a Payable On Death account as beneficiary?
Only real people can be named as beneficiaries on a payable on death (POD) account. No businesses, organizations or entities can be named.