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.
Payable On Death
Answers any questions about Payable On Death accounts, and First Choice’s POD program.
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.
Who will have access to my Payable On Death account at First Choice?
A Payable On Death beneficiary has no ability to perform any actions on an account that they are named. Instead, they can only access it after the account owner’s passing.
How do the payable on death beneficiaries receive their money?
For a payable on death account beneficiary to receive their monies, they simply need these two things: a death certificate and a valid ID.
Can a payable on death account be accessed by anyone?
Payable on death (POD) accounts can have anyone named as beneficiary. However, does not mean that they can view, add, withdraw or otherwise access your account.
How does a Payable On Death account work?
A payable on death account allows you to setup your wishes upon your death. This account can be attached to any savings account or checking account, and other types of accounts.