POD Account Documentation

POD Account Documentation

POD Account Documentation, 
Compliance, Beneficiaries & Closing
Wednesday, October 16, 2019
3:00 pm – 4:30 pm Eastern

 

Most financial institutions permit payable-on-death accounts.  POD accounts are easy to open, but aren’t so easy when managing the compliance issues and funds distributions when the account owner dies.  When an account has a POD designation, your institution must ensure that 1) the proper beneficiaries receive the account’s funds upon the account owner’s death and 2) the proper steps have been followed and the necessary information has been obtained before disbursement.  

This webinar will explain every aspect of POD accounts, including proper account-opening documentation, information to obtain after the account owner dies, and how to distribute the funds.  It will also address situations like when the POD beneficiary has predeceased the account owner or when your institution wants to set off the POD account for the deceased account owner’s debt.

Highlights:

  • What information should be obtained about the POD beneficiary at account opening?
  • What rights does the POD beneficiary have to the account before the account owner’s death?
  • Does the POD beneficiary need to consent to the pledge of the account by the account owner?
  • What documentation is needed before you can pay the funds to the POD beneficiary?
  • What happens if the POD beneficiary predeceases the account owner?
  • Does the deceased account owner’s estate have any rights to the POD account?
  • Does your institution have a right of setoff against the POD account for the deceased owner’s debts?

Take-Away Toolkit:

    o Checklist of items to obtain when opening a POD account 
    o Items to obtain when distributing funds to POD beneficiaries 
    o Employee training log
    o Interactive quiz

Who Should Attend?

This informative session will benefit all deposit operations personnel, account service representatives, tellers, compliance staff, auditors, attorneys, and managers. 

Speaker

Elizabeth Fast, JD, CPA, Spencer Fane LLP

Elizabeth Fast is a partner with Spencer Fane LLP where she specializes in the representation of financial institutions.  Elizabeth is the head of the firm’s training division.  She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University.  In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant.  Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions.  She is a member of the Missouri State Banking Board by appointment of the Governor. 

 

Attendance verification for CE credits provided upon request.

Webinar Sponsored by Financial Education & Development

If you are having issues with registering online, please contact CBAO's Education & Training Coordinator, Lianne Simeone, (614) 610-1877.

Registration Options
Live Webinar: Register for the live event and get five days access to the On Demand Playback. You’ll have an opportunity to ask questions during the presentation and be free to review the content for the next 5 (business) days Registration also includes links to presenter materials, handouts, and pdfs.
Recorded Webinar + Free Digital Download: Can’t attend the live webinar?  This option provides a recording of the live event, including audio, visuals, and handouts.  We even provide the presenter’s email address for follow-up questions. You will receive an email with the recorded webinar link, which can be viewed anytime 24/7, beginning 6 business days after the webinar.  You will also receive instruction on how to download a free digital copy of the webinar to your PC, which you may keep and use indefinitely.

Live Webinar: Register for the live event and get five days access to the On Demand Playback. You’ll have an opportunity to ask questions during the presentation and be free to review the content for the next 5 (business) days Registration also includes links to presenter materials, handouts, and pdfs.
Additional Hookups: Registering another banker from a different location
Live Webinar + On-Demand Link : Both live webinar & recorded webinar + free digital download 

When
10/16/2019

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