A payable on death (POD) designation means your bank account automatically transfers to a beneficiary upon the death of all account owners and co-owners. Setting up a POD beneficiary allows you to plan for the future and make your financial wishes clear.

Eligible accounts include checking, savings, certificate of deposit (CD), investment and individual retirement accounts (IRA).

These accounts can be individual or co-owned personal accounts and/ or sole proprietor small business accounts, but only the account owner can designate POD beneficiaries. Other types of small business accounts and Commercial Analyzed accounts are not eligible.

Yes, there is no limit to the number of POD beneficiaries allowed on an account. Each POD beneficiary will receive an equal share of the assets in an account at the time of the passing of the last owner on the account. For example, if there are 4 POD beneficiaries, each will receive 25% of the funds.

Note: In North Carolina, if the beneficiary is a business, only one POD beneficiary is allowed.

If all POD beneficiaries pass away before the last account owner, the account owner should update or designate new POD(s) for the account. If that doesn’t happen, the account will be handled based on other governing documents like a will or trust, or revert to the rules for the state.

If the account is overdrawn when the owner or co-owner passes away, the POD beneficiary won't receive any funds, nor will we ask the POD beneficiary for funds.

The following people or entities may be a POD beneficiary as long as they're not already on the account:

• Spouse
• Family member
• Friend
• Business
• Charity
• Estate
• Trust

Note that if you're the sole owner of a business, that business may not be a POD beneficiary.

Account owners and co-owners cannot be POD beneficiaries. Being an account owner or co-owner means you already own the funds. If your spouse is not an account owner or co-owner, you may add them as a POD beneficiary.

All account owners and co-owners already have access to the funds. Your designated POD beneficiary will only receive funds after all account owners and co-owners pass away.

As account owner, you already have access to the funds. Designating a POD beneficiary allows you to choose who will receive the funds after you pass away.

It looks like you're trying to add yourself or another account owner or co-owner as a POD beneficiary. An account owner or co-owner cannot be a POD beneficiary. Add someone who isn't an account owner or co-owner and try again.

It looks like you may be trying to add yourself or another account owner or co-owner as a POD beneficiary. An account owner or co-owner cannot be a POD beneficiary. If you aren't trying to add an account owner or co-owner, select Continue when you get the “Review beneficiary” message.

We can't add, update or remove this POD beneficiary right now. Please try again later.