Aug 29, 2010

Payable on Death Accounts: Tell the Bank

Thumbnail image for PiggyBank.jpgLiza: My Dad has a POD account at our local bank and he says that I can have it and even wrote me a note saying that it is mine. I suggested he contact the bank to make sure that it will go to me but my Dad says that his signed statement is good enough. I don't want to get into a big fight over this. What should I do? If your Dad really wants that account to go to you when he dies, a note to you isn't going to do the trick. What the bank wants is a signed form, on file with the bank, making you the payable on death beneficiary. When he dies, you'll own the account. It's that simple. But if you go down there with a note, they'll just look at you with googly eyes and tell you to go away.Tell your Dad that the bank needs him to go down there and fill out their POD form. Nothing else will do. Life is way too short to argue with banks about much of anything.