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Is your bank account Payable on Death (POD)?

  • Yes, I'm prepared for any eventuality.

    Votes: 2 28.6%
  • No, I'm not prepared.

    Votes: 5 71.4%
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Discussion Starter · #1 ·
Have you named a POD (Pay On Death) beneficiary to your checking account?

Today I took my mother to US Bank so that she could take advantage of an offer where they give her $200 just for opening an account & setting up direct deposit. Free money! She got free check printing too & no minimum balance because she's over 65. We set it up as a joint account with me as joint account holder. And my brother is the Pay On Death beneficiary as we like to be prepared for all possibilities. I opened the account for the minimum required sum of $25.

Every bank account we have has a POD beneficiary just in case of unexpected death. I was just wondering how many of you are so well prepared. And it doesn't matter if your account is just modest in size. If you die without POD it still has to go through probate which is a ridiculous waste of time & money. With POD your beneficiary just presents a death certificate and collects their money in a fast & efficient manner. All my assets have named beneficiaries such that they will be avoiding probate. How about you?
 

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Starlight and moonbeams
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Hmm, that's interesting. I've never heard of this before.

My mom and I have separate checking accounts, but mine usually has nothing in it, due to not having a job currently.

I do think it's ridiculous how all the banks started charging a $5 monthly fee if you don't add in $200 per month. I had to go to the bank and straighten that out. I'm a student, so they were able to clear that so I pay nothing per month...that is, until I graduate, then I better have a job.
 

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what bank do you guys use? My bank has never charged me any maintenance fees. I transferred most of my big money to my biz acc but way before that no one charged me anything for keeping money with them? I have bank of america, always have and it has worked fine
 

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Seriously , never serious
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Yes I have fully detailed will stating what to do with all my **** .
 

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Discussion Starter · #5 ·
Hmm, that's interesting. I've never heard of this before.
I posted this thread in the hope of educating some young folks on the importance of naming a beneficiary. As many of you know, my brother died unexpected at the age of only 45. He had failed to name POD beneficiaries on a few accounts, so they sat around for years incurring monthly fees until his evil wife finally got around to probate to collect the assets. He thought I was obsessive for naming POD beneficiaries, though his death demonstrated the importance of doing so. Given how much all we hated his wife, we're glad she had to go through a costly game to get at his account. His wife is the only person my elderly Catholic mother has ever called a "b****," so it really carries some weight coming from her.

I do think it's ridiculous how all the banks started charging a $5 monthly fee if you don't add in $200 per month. I had to go to the bank and straighten that out. I'm a student, so they were able to clear that so I pay nothing per month...that is, until I graduate, then I better have a job.
Used to be that bank robbers carried guns. Now the robbers are dressed in suits and on the other side of the partition. I've never paid a single cent to have a checking account and there's no way I ever will.
 

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Discussion Starter · #6 ·
Yes I have fully detailed will stating what to do with all my **** .
Wills still have to go through probate. Accounts with named beneficiaries (POD, TOD) avoid probate's time delay & cost.
 

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Starlight and moonbeams
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I use Fifth Third Bank. I have the same checking account I opened with them in 2007.

Before that, I used US Bank, but I've disliked their policies and left them. Fifth Third has always been decent to me, despite the recent policy of charging $5 per month.
 

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Wills still have to go through probate. Accounts with named beneficiaries (POD, TOD) avoid probate's time delay & cost.
There are usually conditions to this in most cases , like what is the amount before it has to go to the estate usually something small like 20k is ok also just by having a joint account you will automatically still be able to access the money it is automatically yours same as a property mortgaged as joint tenants automatically goes to the surviving partner if there is no will .this also usually depends on the amount as well
Seeing as I have no family or partner none of this affects me so I have a will which when I die the probate courts will assign an executor and administrator to follow the instructions which have been written by an estate planing lawyer as wording in many cases is critical if ever contested for what ever reason , the do it yourself wills usually don't mean **** .
When it comes to law best to use a professional rather than trust a product flogger at a bank .
 

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Discussion Starter · #9 ·
When it comes to law best to use a professional rather than trust a product flogger at a bank .
POD is hardly flogged at any bank. If you wait for a banker to bring it up, you'll be waiting forever as they never speak of it unless you bring it up.
 

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Yeah I've had my bank accounts set up with a POD beneficiary since I was in my early 20s. I don't have a beneficiary named for my house, property, and other assets though...I doubt many people have a will written in their 30s so that stuff will probably go to my mom or my sister if I punch out early.
 

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Discussion Starter · #12 ·
Yeah I've had my bank accounts set up with a POD beneficiary since I was in my early 20s.
Finally somebody gives the right answer.

I don't have a beneficiary named for my house, property, and other assets though...I doubt many people have a will written in their 30s so that stuff will probably go to my mom or my sister if I punch out early.
It would go wherever Iowa probate law says it goes, which almost certainly means to your mom since you have no wife or kids. I don't have a will either, but then I don't have a house or any meaningful personal property. I have a jointly owned car. I've witnessed the process by witch personal property is divided up after death: he who gets to it first keeps it. My brother would search high & low to find where my gold coins are and once found all that's left is basically trash. Oh, he might well want my computer too.
 

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what bank do you guys use? My bank has never charged me any maintenance fees. I transferred most of my big money to my biz acc but way before that no one charged me anything for keeping money with them? I have bank of america, always have and it has worked fine
Bank of America has a lot of fees. I'm surprised you've never come across any.
 
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