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Beneficiary FAQs

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What is a Payable on Death (POD) beneficiary?

A Payable on Death (POD) beneficiary is an individual, group of individuals, non-profit, company, organization or trust, other than the owner or co-owner, designated by the owner(s) of the account to receive the balance of funds when the last owner on the account passes away. POD Beneficiaries may also be labeled as ‘In Trust For’ (ITF), ‘As Trustee For’ (ATF), Transfer on Death (TOD) or Totten Trust.

Who can be a POD beneficiary?

Generally, any living person or group of people, either in the US or international, can be a POD beneficiary. Also, existing entities like non-profits, companies, trusts and other organizations can be POD beneficiaries. The owner or co-owner cannot be a POD beneficiary.

What information do I need to add a POD beneficiary?

For an individual, you must provide first and last name, date of birth, country of citizenship, and either the Social Security Number (SSN)/ Tax Identification Number (TIN) or complete address. For an entity like non-profits, companies, trusts and other organizations, you must provide the full legal name of the entity, and either the SSN/TIN or address. If any of this information is missing, the funds may not go to the desired POD beneficiary.

Can I have multiple beneficiaries?

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.

What accounts can have POD beneficiaries?

Checking, Savings, Certificate of Deposit (CD) accounts, Individual Retirement Accounts (IRA) and investment accounts are all eligible deposit accounts. These accounts can be individual, co-owned, and/or sole proprietor accounts, but only the account owner can designate POD beneficiaries.

How do I change my POD beneficiaries, or add a new one?

The account owner can change or add POD beneficiaries by signing in to Online Banking and selecting the account, then selecting Manage next to Beneficiaries in the Features menu or on the Information & Services tab.

If you need additional assistance with this change, visit a financial center or contact us by phone.

When does a POD beneficiary receive the funds?

A POD beneficiary can request an equal share of the assets in an account at the time of the passing of the last owner. Proof of death and a beneficiary letter of instruction are required.

What happens if the account is overdrawn when the owner passes away?

If the account is overdrawn when the owner passes away, no funds will pass to the POD beneficiary, and the POD beneficiary will not be asked for funds.

What if all POD beneficiaries pass away before the last owner does?

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.

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