Always ask for POD form from your bank

[Adbitco]

I'd rather advise old people to choose ATM over passbook. At least with an ATM, a family member who knows the PIN could withdraw everything easily when the account owner dies.

A nice suggestions though but most at times the ATM card get expired and how would they managed to renew their cards without the original owner to signed their signature on the card renewal form otherwise the family members can't be able to access the account as well. Cheque book is something very difficult for family members to use and make withdrawal from the owners account.

Except in most cases where either the children learns the signatures of their parents to be able have access to account, this act is not encouraging the best is just either have the ATM card with them and make sure is up to date before whatever may likely happens.

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[Wimex]

Well, this seems to me very useful information, however.. you must remember that the conditions that different corporations handle regarding scenarios like this may vary from entity to entity and also be regulated by the particular laws of the nations where they reside and operate develop. . . so taking it for granted as a general fact can set aside certain considerations that must be taken into account in each particular case, however I am sure that each financial institution must have a policy like this or similar in the scenario you mention, and many people may not know, so thanks for the contribution.

[Darker45]

I'd rather advise old people to choose ATM over passbook. At least with an ATM, a family member who knows the PIN could withdraw everything easily when the account owner dies.

A nice suggestions though but most at times the ATM card get expired and how would they managed to renew their cards without the original owner to signed their signature on the card renewal form otherwise the family members can't be able to access the account as well. Cheque book is something very difficult for family members to use and make withdrawal from the owners account.

If it's a checking account that is left by a dead loved one, I guess you don't have a choice but to go through the process. As for an ATM account, expiration is probably not much of a problem. ATM cards usually expire after several years. It's an unfortunate coincidence though if the expiration happens around the time of death.

Except in most cases where either the children learns the signatures of their parents to be able have access to account, this act is not encouraging the best is just either have the ATM card with them and make sure is up to date before whatever may likely happens.

I don't think forgery is a good option. Signing on behalf of a dead parent is probably illegal in all jurisdictions. Especially involving a financial document, I'd rather go through an inconvenient process than risk getting entangled in a legal problem.

[xSkylarx]

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.

Is this applicable to all countries? We do have relatives right now that died in an accident both husband and wife, and one of their children but until now, the bank has been processing this with the help of the mother of the husband, which takes too long, but all requirements have been met. If using POD, does it speed the process? But thanks for the information. I was not aware of this, and this is very helpful just to be prepared.

[Halime Anatolia]

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.

Yes. That's the prerequisite. But, maybe yes, as a child there are also those who don't want to be bothered with the complicated administration of the bank in the process of claiming at the bank for their parents' savings after they died for one reason or another.

In this case, where one of the members can also withdraw funds from their parents' savings that have been stored in their bank account, that is, on one condition, when our parents deposit some funds at the bank, we are reminded to make an ATM card (Automatic Teller Machine).

I think this is another easy and hassle-free way to record everything in cash and stay in his account for the rest of his life without needing to submit a POD form from the bank.

[wiss19]

This is literally the first time I'm getting to know that something like this exists that can save you the hassle of running here and there only to get the money someone late left you or your family. Banks along with courts make you do a lot of paperwork and visit a lot of places meet a lot of people getting signatures and whatnot only to get what is righteously yours, that does make one safe from all the drama and stress as you said.

I really appreciate the information you shared and I will definitely get my POD form from my bank once I have a significant amount stored in there so that I can pass it on to my children to save them all the hassle and doing all those paperwork visiting different offices around the city.

[flyingcarpet]

I'd rather advise old people to choose ATM over passbook. At least with an ATM, a family member who knows the PIN could withdraw everything easily when the account owner dies.

A nice suggestions though but most at times the ATM card get expired and how would they managed to renew their cards without the original owner to signed their signature on the card renewal form otherwise the family members can't be able to access the account as well. Cheque book is something very difficult for family members to use and make withdrawal from the owners account.

If it's a checking account that is left by a dead loved one, I guess you don't have a choice but to go through the process. As for an ATM account, expiration is probably not much of a problem. ATM cards usually expire after several years. It's an unfortunate coincidence though if the expiration happens around the time of death.

Except in most cases where either the children learns the signatures of their parents to be able have access to account, this act is not encouraging the best is just either have the ATM card with them and make sure is up to date before whatever may likely happens.

I don't think forgery is a good option. Signing on behalf of a dead parent is probably illegal in all jurisdictions. Especially involving a financial document, I'd rather go through an inconvenient process than risk getting entangled in a legal problem.

This is not possible in the country I live in. At least it can be done for a short time, but then it's not valid. Because there is a system used by the state and it works in an integrated way with all systems. For example, when a person dies, it is not valid when you try to use that person's card at an ATM. The system knows that person is dead. We need to know the legal processes required to avoid dealing with such situations.

We need to stay away from actions aimed at deceiving others. Otherwise, you may face big fines.

You can take the forms as in the subject. Or, through a lawyer, you can inherit the information containing all your accounts to your family to be given after your death. There are many options.

[teosanru]

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 am surprised to see this not mandatory in your country. In India filing nominee of your Bank account is an absolute necessary step even while opening up an account. Infact you can even allocate how much of it should go to whom. Even in case of Demat accounts, fixed term deposits etc. This is a very basic step. Obviously I can just imagine the fate of the family who lost their person and even will have to fight a case for their own money.

Someone talking about ATM withdrawal it has certain daily limit of withdrawal so things aren't that easy.

[hannahB4]

I just hope this applies to all countries, there are so many funds that have been taken over by the banks because the deceased didn't discuss the money matter with the close relatives and all, even with the next of kin issuing details some bank will not notify you of any money owned by the deceased. Even with this POD, one needs to be aware and be notified before you have a claim to it.

[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.

I am surprised to see this not mandatory in your country. In India filing nominee of your Bank account is an absolute necessary step even while opening up an account. Infact you can even allocate how much of it should go to whom. Even in case of Demat accounts, fixed term deposits etc. This is a very basic step. Obviously I can just imagine the fate of the family who lost their person and even will have to fight a case for their own money.

Someone talking about ATM withdrawal it has certain daily limit of withdrawal so things aren't that easy.

Yeah I saw people talking about ATM withdrawals and I this will only work if you know the card pin and of a truth, majority of us wouldn't want to disclose our ATM card pin to anyone not even our spouseeft alone family members and this is where the challenge with ATM withdrawal is else i would have been one of the best options.

My country's banking system  is a messed up one and at such  everyone wants to get money either by crook or by hook and the banking  sector isn't left out on this and since there sre possibilities of the bank having claims over the money of a deceased, I guess that is already enough reason not to want to make the form an obvious  one but the goodness is that,  I read one if the comment that it is made compulsory when opening  a cooperate account but not everyone can get a cooperate account but we hope the society gets aware of the POD form.

[odunybiz]

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

What a wonderful information. I'm hearing this for the first time. I think most people are not aware about this. Banks will never tell clients about this because of their selfish interest. That's why I love this forum. Alot of things has been learnt from here and I will continue to learn more.

[STT]

Not sure I'd want to hand out too many of these, I guess its not too different from a cheque that does not expire.  I think its reasonable that a bank doesnt especially highlight the availability when the correct course is via other legal means.

Of course you can hire a lawyer to inherit your crypto-wealth if it is a large sum

I suspect the crypto could only be passed on by being sold.  Unless you were donate the physical usb stick type device containing the balance that would work also I guess but I find that method to be a bit haphazard personally as its possible for things to get lost or damaged.   I think this part of crypto might represent some vulnerability.

[Mpamaegbu]

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.

Your last sentence is the icing on the cake and it's true. Our people think when anyone talks about death around them it's a bad omen. Whether we talk about death or not, it's something that's programmed to happen. The simple way to sequent it is to say that we all are dead people walking but waiting to drop.

Now that banks are beginning to have this form it will also be good for them to always alert their customers about it with series of adverts on it. They shouldn't just be silent about it and then insidiously wait when such funds can't be tracked by deceased families so the banks can claim them.

[Obari]

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.

Whether we talk about death or not, it's something that's programmed to happen.

Very bitter truth and most times I even wonder if people even imagine themselves absent in the world and I believe  if we have more people who ever take out some time to imagine themselves absent in the world then we'll  have a better world as I believe  that people will get to realize that nothing is eternal and no need for hate and bitterness when we'll  definitely  die someday and most times, I even wonder if people who do evil intentionally to others even to killing others in either diabolical ways or other ways ever have the thought that they will die someday?
Well that's a topic for another day.

Now that banks are beginning to have this form it will also be good for them to always alert their customers about it with series of adverts on it. They shouldn't just be silent about it and then insidiously wait when such funds can't be tracked by deceased families so the banks can claim them.

Well I don't think the banks will make this form obvious anytime soon and your response above says it all why they wouldn't want to disclose this.
I've also heard case where an account officer was operating the account of a deceased even without informing the bank or the family of the deceased and it was finally noticed and the account officer was later prosecuted and this is a show of greed and I think the POD form should be made necessary while opening  an account or when an account reaches a certain amount.

[Kasabus]

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.

Thank you for the information OP. Yes, death is inevitable that’s why we have to at least prepare for it. I just hope banks are also smart enough to inform their clients about getting a POD especially for their big clients so that when unforeseen events suddenly happen, those families left will still benefit from their late family member’s bank deposits and investments.

[Vaskiy]

I have used this during the death of my father in law. He had his pension account and to receive the pension after his death we were requested to fill the form along with the legal heir certificate. Accordingly the legal heir to receive the pension after my father in law's death is my mother in law. Her bank details have been updated and she receives the pension. Much needed information shared by OP. I used this service back in the year 2020.

[icalical]

I don't think this kind of POD Form that is issued by the Bank is applicable in my country, in here Bank is Obligated by the law to give the money of the deceased to their family, or else if they want to give their money to someone outside of family they need to make a wills (this one might need a lawyer). Both my parents died last two years when the covid attacks, gladly they don't left much money so I and my siblings never bother to argue about some money, all those money were spent for the funerals.

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.

I wish I don't need bank account, most of the transaction here now is cashless, and the only legal currency is the money issued by central bank, Bitcoin is illegal as the form of payment here.

[Lanatsa]

I don't think this kind of POD Form that is issued by the Bank is applicable in my country, in here Bank is Obligated by the law to give the money of the deceased to their family, or else if they want to give their money to someone outside of family they need to make a wills (this one might need a lawyer). Both my parents died last two years when the covid attacks, gladly they don't left much money so I and my siblings never bother to argue about some money, all those money were spent for the funerals.

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.

I wish I don't need bank account, most of the transaction here now is cashless, and the only legal currency is the money issued by central bank, Bitcoin is illegal as the form of payment here.

Good thing if it does happen but there are situations where those possessions or bank accounts involved wont really be given out on the heirs or to those loved ones until if there's someone would claim.
There are instances where banks didnt really bothered out themselves on giving on what they dont own but rather they do keep on remaining silent until the time comes that it had been remembered into the family
who had been affected.Good thing that it was remembered because if it doesnt then for sure those funds or money would really be that be put up into their pockets.

So far i wasnt really that still aware about POD form here on which banks been having about inheritance or whatsoever and just like on what you have said that banks would be the ones who would
reminding you if ever there's really a bank account of someone who had passed in your family but in overall it would really be just that normal that you are the ones who would really be
making up some follow ups on something like this, you are the ones who would really be needing to process specially if you do know that your loved ones have something money left in bank.

[dothebeats]

This is something that I have always wondered: what happens to my deposit in banks when I’m gone all of a sudden and I haven’t delegated an heir? For sure my immediate relatives would have to get something, right? But the legal fees would surely be getting the bulk of what I might leave. POD is a great way of ensuring that they will still have access to whatever money I have left in the bank if worse comes to worst. Of course, no one wants to die that early against our terms, but we cannot really tell for certain when we will be leaving this world.

[Mpamaegbu]

~snipped~

I even wonder if people who do evil intentionally to others even to killing others in either diabolical ways or other ways ever have the thought that they will die someday?
Well that's a topic for another day.

To tell you the sincere truth, I don't think those whose consciences have been seared with hot iron ever imagine in any way that one day they will die. If these ones do, there won't be so much vices and wickedness in this world as everyone will know there's a day of reckoning. This day most people don't evaluate life based on legacy but on wealth. It's worse in Africa. Good name being better than riches is almost a cliché in Africa now.

I've also heard case where an account officer was operating the account of a deceased even without informing the bank or the family of the deceased...

The story you shared is common place with us in Africa but so many people from saner clans will think it's a figment of someone's imagination.