Death is a tough subject to think about. However, with proper planning and with something like a POD (Payable On Death) account, your credit union can help ease your stress.
payable on death
Are there any other benefits to naming a Payable On Death (POD)?
One of the largest benefits to adding a payable on death (POD) beneficiary to your account with First Choice FCU is that it increases your insurance coverage by $250,000!
What if an account owner adds a POD, and a joint owner adds another?
No Payable On Death (POD) beneficiary is ever over-written. Instead, PODs can be added or removed, and any action needs the signature of all account owners.
Who can assign a Payable On Death (POD) for an account?
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.
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.