If you set up a payable-on-death account, you can increase your coverage from the Federal Deposit Insurance Corporation at a particular institution. Proof Of Deposit - POD: The verification that the dollar amount of a check or draft being deposited is correct. A Payable on Death Account, or POD account, is a financial tool that is commonly used to keep monetary assets out of the probate system. Usually with the presentation of a death certificate the financial institution will pay the proceeds to the person named on the POD designation. Looking for the definition of POD? All you need to do to make it a POD account is fill out some very simple paperwork at your bank or credit union designating a POD beneficiary. POD includes the time of delivery, full delivery address, and the name and signature of The general rule is that the FDIC insures each person's accounts at a financial institution up to $250,000. POD designations avoid probate, the account does NOT become part of the estate for probate. (Some institutions offer an account that's … For POD we have found 379 definitions. Please look for them carefully. Ownership of a POD account transfers somewhat automatically to the living beneficiary when the account owner dies. Possible POD meaning as an acronym, abbreviation, shorthand or slang term vary from category to category. A payable-on-death (POD) bank account is no more than a regular bank account that you've chosen to leave to a designated person after your death. POD Stands For: All acronyms (379) Airports & Locations (1) Business & Finance … Payable-on-Death A bank account into which a person may deposit funds that will automatically transfer to a named beneficiary upon the person's death. ; What does POD mean? The bank will have the paperwork, signed by the deceased owner, which authorized the beneficiary to inherit the funds. We know 379 definitions for POD abbreviation or acronym in 8 categories. Find out what is the full meaning of POD on Abbreviations.com! POD on a bank statement means payable on death. Some mean to address these concerns by offering a “scholarship spot” in each pod to a student whose family does not have the time or money that other families plan to contribute. Extra FDIC Coverage for POD Accounts. On a paper U.S. savings bond that names one owner and a beneficiary, the registration states P.O.D. One Bondholder and Beneficiary. The beneficiary needs only to provide a certified copy of the death certificate to the bank or financial institution, along with proof of identity to confirm that they are indeed the named beneficiary. To collect funds in a POD bank account, all the beneficiary needs to do is go to the bank and present ID and a certified copy of the death certificate (if the bank doesn’t already have one on file). 'Print On Demand' is one option -- get in to view more @ The Web's largest and most authoritative acronyms and abbreviations resource. You can name a POD beneficiary on any of your deposit accounts, and when you do, that person receives the funds held in the account after your death. Definition of Proof of delivery (POD): A document required from the carrier or driver for proper payment. This can be beneficial because the payable-on-death account transfers outside the probate process and the beneficiary may begin using the money immediately. It is usually set up when the bank account holder gives the bank directions to transfer the funds to another person upon the death of the account owner. The POD (pay on death) trumps any will. See also: … Whenever you see POD on a bank statement, the full name of the account's beneficiary should follow the acronym. The money immediately a POD account transfers outside the probate process and the name and signature Extra... 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