Always ask for POD form from your bank

[Obari]

I though it right to share this with the forum as I think this will save some persons from a whole lot of drama and stress in case of a deceased.
I got to find out about a POD form which simply means  PAYABLE ON DEATH  from a friend yesterday  after his father  passed on, leaving them with some reasonable  sum of money in the bank and upon check, the father already has a POD form which saved them from the stress of getting a lawyer and all the legal processes to claim the money but rather all they had to do was get a death certificate, take it to the bank along with the POD form and the money will be issued.

I felt this was very important because I know how much effort and money it took us to get access to my late fathers money in the bank after he passed on.

I think everyone needs to get this form especially  if you have any holdings in the bank.

N/B: no one is dying anytime soon but death is inevitable.

[BenCodie]

I though it right to share this with the forum as I think this will save some persons from a whole lot of drama and stress in case of a deceased.
I got to find out about a POD form which simply means  PAYABLE ON DEATH  from a friend yesterday  after his father  passed on, leaving them with some reasonable  sum of money in the bank and upon check, the father already has a POD form which saved them from the stress of getting a lawyer and all the legal processes to claim the money but rather all they had to do was get a death certificate, take it to the bank along with the POD form and the money will be issued.

I felt this was very important because I know how much effort and money it took us to get access to my late fathers money in the bank after he passed on.

I think everyone needs to get this form especially  if you have any holdings in the bank.

N/B: no one is dying anytime soon but death is inevitable.

Interesting information, and I am sorry for your loss. Personally, I had no idea POD was something that you could fill in at the bank. I bet banks don't notify clients of this at old age, hoping they leaves their cash behind. Sinister, but can one expect less from banks?

I am sure this will be news to more people and not just myself, +2.

N/B: no one is dying anytime soon but death is inevitable.

Haha! I am glad you added this, before the trolls played on it otherwise.

[Obari]

Interesting information, and I am sorry for your loss. Personally, I had no idea POD was something that you could fill in at the bank. I bet banks don't notify clients of this at old age, hoping they leaves their cash behind. Sinister, but can one expect less from banks?

I also never knew of this until yesterday and further search on Google also showed that banks wouldn't tell this to their clients left alone the older ones because they already hope they leave their cash behind  and frankly we can't expect anything less from banks.

I am sure this will be news to more people and not just myself, +2.

Thanks senior and I'm glad I have to get to pass some vita information to the forum.

~snip~

N/B: no one is dying anytime soon but death is inevitable.

Haha! I am glad you added this, before the trolls played on it otherwise.

Lol 😆
Funny enough, we all want to live so long both in good health and in wealth and many people  don't want to ever discuss  death not even in assumptions.

[Plaguedeath]

Although asking for POD form is a good idea, but it's weird when we're discuss it here.

Most of people in this forum is a Bitcoin holder, they almost of their wealth in Bitcoin, remember the phrase "be your own bank". Bitcoin holder never trust in bank anymore, but they still use fiat and bank too because they've no choice as their country only accept fiat as legal tender. So they just have a small amount money in bank and not really that important to recover the money back to the next generation.

[davis196]

I though it right to share this with the forum as I think this will save some persons from a whole lot of drama and stress in case of a deceased.
I got to find out about a POD form which simply means  PAYABLE ON DEATH  from a friend yesterday  after his father  passed on, leaving them with some reasonable  sum of money in the bank and upon check, the father already has a POD form which saved them from the stress of getting a lawyer and all the legal processes to claim the money but rather all they had to do was get a death certificate, take it to the bank along with the POD form and the money will be issued.

I felt this was very important because I know how much effort and money it took us to get access to my late fathers money in the bank after he passed on.

I think everyone needs to get this form especially  if you have any holdings in the bank.

N/B: no one is dying anytime soon but death is inevitable.

I think that this POD document is required in your country, but it definitely isn't required in mine.
My father died 2 years and I was able to get all his money in his bank account with a death certificate and another certificate of inheritance, which I got from the administration of my local municipality. No "payable on death" document was needed.
I think that the only way you(and anyone else) would need a lawyer is when you fail to prove that you are the son and heir of your father.
I wonder what the process will be, if I had money in a centralized crypto exchange and I die someday. I'm pretty sure that my heirs(if I have any) won't receive any crypto from my accounts and the crypto exchanges will simply find dumb excuses to refuse the withdrawal.

[Nwada001]

This is very important for everyone, especially those whose parents are wealthy and have a lot of stock across their bank accounts; it will save them the stress that could have come afterwards from the banking management. But aside from this POD, as you call it, which is the next of kin, which is usually listed on the account holder's personal form, if the real owner of the account is deceased, won't the next of KIN automatically gain access to the account by just providing a few documents to prove that the person is really the one listed there?
 
That aside, I know that in this present century, those who are exposed to blockchain technology have shared their funds with a few in the banking sector, but some in their self-custodial wallets, where they can be in total control of them. In cases like that, I believe the next KIN kind of thing will serve as the POD since most people usually have a few trustees who are either family members or relatives who they share access to their holdings with. When anything negative happens to them, there is someone available to access it for them.

[komisariatku]

I have never heard of POD documents in my country. But there is also no case that the heir cannot take money from his deceased father. I think in my country automatically when the account owner dies, then the ownership of the assets will immediately transfer to the heirs. If in your country you need to make a POD, are there many cases of heirs who cannot take their parents' property?

In addition to the assets that will be transferred to the heirs, debt will also be transferred to the heirs. There are documents related to this in the loan agreement with the bank. in terms of debt, in your country will the debt be transferred to the heirs or will it be paid off when they die?

I actually think that if we die and no one knows about the bitcoin wallet key then no one can unlock our assets forever, and nothing can be done about it.

[Aanuoluwatofunmi]

I think everyone needs to get this form especially  if you have any holdings in the bank.

It's is a good option to make such decision as quick as possible especially for the aged and senior citizens, i think the next of king of a thing is also relevant in this kind of situation, but to get total freedom from any regulating financial institutions, you may also choose to use bitcoin for your decentralized digital asset that does not need all the necessary KYC follow ups, and let them always have a means to have control over their assets, i believe ba decentralized means will be more appreciable than the one with financial institutions like banks.

[SmartGold01]

I have never come to hear about this although I've put no interest to know it anyway but what I noticed most is that those their parents have so much wealth would easily ask their parent to have such form filled so as to ease stress for them, maybe whenever they noticed that their parents are getting aged they may request their parents to get such form to ease them stress.
But from my understand, when telling a local dad for those who still have might be feeling their children are wishing them early death meaning it would be too hard for their parents to pay heed to such form all less those educate parents might over look it and got it filled for emergence purposes could be sickness or death.

[jrrsparkles]

I am unaware of POD because I thought every bank will add the nominee at time of creating the account or it can be updated via internet banking whenever we want, even recently I got message about nominee updation from bank but I don't have any changes so I just let it be.

[Rruchi man]

I though it right to share this with the forum as I think this will save some persons from a whole lot of drama and stress in case of a deceased.
I got to find out about a POD form which simply means  PAYABLE ON DEATH  from a friend yesterday  after his father  passed on, leaving them with some reasonable  sum of money in the bank and upon check, the father already has a POD form which saved them from the stress of getting a lawyer and all the legal processes to claim the money but rather all they had to do was get a death certificate, take it to the bank along with the POD form and the money will be issued.

I felt this was very important because I know how much effort and money it took us to get access to my late fathers money in the bank after he passed on.

Thanks for sharing this vital information.

This is something every one who owns a bank account and has large deposits there for savings or other purpose should be aware of, so that their family do not get stranded in the case of sudden death or their money left to a bank that do not care about them.

I feel banks do not do enough to make sure that their customers know about the existence of such a form because they know that some funds abandoned in accounts over a period of time with no one coming to claim it can be claimed by them and used for their personal gain without having to answer to anyone.

[tabas]

I don't have idea about POD and this is like the first time of hearing it. But with your explanation on what it's like, I'm thinking this is like a form of insurance. I've got a cheap insurance on my bank and I've applied on it and just in case a sudden death appears to me, my family can easily get the insurance money and they only need to issue a death certificate of mine. The difference of this in that insurance of what I've taken is that, this POD is like an inheritance money, CMIIW.

[Fiatless]

I just learned about this important bank document from this post. It is similar to a an individual's will. I think it is a very vital document to keep because death is unpredictable. At least the beneficiaries will be free from legal dramas that happen after the death of an account holder. But the main beneficiary of the fund should be a trusted individual because it could trigger greed.

Stealing of the banks' savings or deposits of dead customers is becoming rampant. There have been issues of criminal bankers fraudulently withdrawing funds from the account immediately after they get the information that the client is late. I know it is very difficult to trust people but somebody needs to be aware of your financial standings and other vital information to reduce this kind of incident.

[hugeblack]

I do not think that such a system is applied in my country, as after death all property is transferred to the court, which applies the provisions of inheritance, which is the money left by the deceased, where the deceased’s loans are paid first, and then the money is divided between his wife and children according to rules and provisions determined by a judge in the court.

These procedures are very slow and require the approval of all children (especially those related to land and real estate). Then, the absence of one of the children, or his lack of consent, or the lack of consent of the mother or wife, means that such funds will remain frozen for many years.

the majority here resort to writing the password for bank cards in a separate account on a piece of paper, provided that they take over the money from it until the inheritance is distributed, but there is no system supported by the state or law such as PAYABLE ON DEATH, although it seems like a good idea.

[cabron]

And I thought a lot of us are already bankless. With so much advice to leave your money out of the banks because of the bank runs, You must have missed the warnings for still having a bank account and having plans to get POD?  Not also sure if this option is offered in my country. But it wouldn't hurt to have POD if you still have a bank account though.

Fathers couldn't just divide everything up while he was still alive. But I could understand why. Because if the father distributed his wealth whiles still alive, he will die sooner when he sees his kids spend like there is no tomorrow. It's also sad to see his son spend money on sex change.

[avikz]

In some countries, it is called POD and in my country, it is called Nominee form. It is a very handy thing in case of emergency. When my father-in-law passed away a couple of years back, my mother-in-law did not have to face even the slightest issue as the nominee form was correctly filled in. She just had to carry her own identity proof and the death certificate and got all money transferred within 3 working days. A completely hassle-free process.  The government has now made it mandatory to have a nominee even if you want to open a stock broking account. It makes sense!

[Faisal2202]

Dear op you have shared a great piece of information here. I didn't know about POD yet well i also had no money in the banks. Because i do not prefer to keep my money in there. Plus even if i have holdings in there, can i still use POD as a son not as a father? I will try to share this new information with my loved ones too as it might help them also.

Maybe this POD forum have different name here so before sharing with others i will try to contact with my banks so that i could know the correct term. But i think as the abbreviation of POD is PAYABLE ON DEATH, it tells the whole story so i think it would not be a problem.

[Pokapoka124]

I think this topic is quite educational, I also had a bad experience like the one OP mentioned. I will look more into the details of this POD and see how it works in my country. I find it amusing that some people believe that bitcoin holders do not store money in their bank account. Yes everyone here knows the banks are trash and they keep printing money and causing inflation, but we still use them. Bitcoin adoption is still growing worldwide, and frankly we are not close to the point where we can entirely dump the banks. The governments recognize the threat of bitcoin and they are integrating CBDCs into the system in a subtle manner without the people noticing.

[Obari]

Although asking for POD form is a good idea, but it's weird when we're discuss it here.

Most of people in this forum is a Bitcoin holder, they almost of their wealth in Bitcoin, remember the phrase "be your own bank". Bitcoin holder never trust in bank anymore, but they still use fiat and bank too because they've no choice as their country only accept fiat as legal tender. So they just have a small amount money in bank and not really that important to recover the money back to the next generation.

Well I don't have to agree totally with you because I'm certain that there are people who have some reasonable  some of bitcoin  in their wallet and yet still has some good millions  in fiat in their banks and at some points I can't get to blame them because it seems the bank is one of the safest place to keep ones money as  there are laws I helps protect the interest of the customers that in cases of casualties or the bank goes bankrupt,  that it will be responsible for repaying their customers money and this alone makes it seems banking with local banks are guaranteed.

The government has now made it mandatory to have a nominee even if you want to open a stock broking account. It makes sense!

This  is a welcome development  and I hope it gets implemented because I'm sure that banks wouldn't just hand the form to anyone except mostly on recommendations.

And I thought a lot of us are already bankless. With so much advice to leave your money out of the banks because of the bank runs, You must have missed the warnings for still having a bank account and having plans to get POD?  Not also sure if this option is offered in my country. But it wouldn't hurt to have POD if you still have a bank account though.

Funny enough we only follow threads and don't  practice what we preach.
Most people spoke against centralized exchanges but they're all using it and have you taken time to see the usauage records of centralized exchanges? You'll marvel.
Alot of people here still patronize  the local banks because bitcoin  and cryptocurrency isn't a legal tender and hence any user who's  country isn't cryptocurrency friendly shouldn't boost or condemn or even speak  ill of the local banks.

[slapper]

Though constructive, this strategy may not work for everyone. A Swiss army knife won't assist if you need a chainsaw. Families and finances vary, so do ways to provide for loved ones when we're gone. For people with complicated finances or vast estates, the POD form may complicate issues. Thoughtful point regarding death's inevitability. Everyone must prepare using their best tools. Have a plan, whether it's a POD, will, trust, or detailed letter under the mattress.