Always ask for POD form from your bank

noorman0

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Quote from: Fortify on July 19, 2023, 02:53:32 AM

-snip-
If a person has assets and debts, which is quite common, the debts need to be resolved as well. I don't see why this piece of paper would override anyone else being owned money before the whole estate is settled. I guess it may make sense if the person does not owe any other money elsewhere.

Debt settlement can have the potential for disputes and it is no longer a matter for the bank, I think it will not be detailed in the POD and the handling process will be separate which must involve attorneys.

In common practice, depositing money in a bank doesn't require submitting sources of income statements or debt records either in the first place. However, banks and customers are still bound by a legal agreement where such documents can be requested at a later date.

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Quote from: Obari on July 12, 2023, 03:20:24 AM

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.

Real smart and thanks for the tip. This is just some of the things that most people miss out on or are not aware is something that's already existing so they never bother to ask, and for the most part they thought that the tedious process is the only way around the system. While I see this being very helpful for people who are so indignant with choosing banks over bitcoin, this just goes to show how powerful bitcoin is in the right hands and when used correctly. Saves the people from all the legal troubles of claiming their parent's money that's saved from the bank after they pass on provided that their parents gave them the key and all that.

in any case, I hope this reaches more people so at the very least people don't get duped by the bank over their own money.

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Quote from: Aanuoluwatofunmi on July 12, 2023, 06:54:50 AM

Quote from: Obari on July 12, 2023, 03:20:24 AM

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.

Bitcoin is definitely a good choice more than any centralized bank. However, in cases like for seniors who have been trusting bank for so long, I think they have all the right to know about POD because that will make them benefit their money even after they have gone. The families left will surely be grateful knowing that they won’t struggle for the expenses anymore when their parents have finally rested in peace.

CageMabok

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Quote from: odunybiz on July 16, 2023, 06:44:55 PM

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.

If you want to learn more through this forum, you should also be able to learn about logic along with things that naturally happen. Especially in the case of banks, because banks also have special reasons when they keep things secret from their clients so that they are not suspected by clients and can still be trusted by their own clients. Actually this kind of thing is also not much different from the goals of business people in this world where business people also will not reveal all the processes and things they want to achieve to everyone.

Because if all things are disclosed to the public by the bank or the businessmen, the path they take will be easier for their opponents to read in terms of business. So they are likely to find it difficult to succeed when there are more of their opponents who already know their ultimate goal in this matter, so it is only natural that banks keep something secret from their clients in order to achieve their desired goals very smoothly without anyone suspecting them or in the form of other disturbances that might come at any time without them knowing.

Alpha Marine

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First time I'm hearing about this. Thanks for the piece of information.
This is the kind of information the fraudulent institution should educate their clients on, but they won't because they're looking for every means necessary to scheme money off their customers.
I felt your next of kin then gets what's in the account at the time of death if they can provide legal evidence that the owner of the account has truly died.

Quote from: Obari on July 12, 2023, 03:20:24 AM

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

No one prays for death (except if you're suicidal) but we should always prepare for it. In the same way, no one prays for negative things to happen but we also have to ensure our property and lives.
People should try to write their wills and put their affairs in others. Doing these things doesn't mean you're calling death. It means you're just preparing for the inevitable.

Fortify

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Quote from: Obari on July 12, 2023, 03:20:24 AM

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.

Never heard of such a thing and it doesn't necessarily make much sense, but laws around what happens to people's assets will vary wildly between countries. Not sure how a POD form would interact with the rest of someone's estate when it comes to settling the will. If a person has assets and debts, which is quite common, the debts need to be resolved as well. I don't see why this piece of paper would override anyone else being owned money before the whole estate is settled. I guess it may make sense if the person does not owe any other money elsewhere.

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Quote from: odunybiz on July 16, 2023, 06:44:55 PM

Quote from: Obari on July 12, 2023, 03:20:24 AM

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.

I agree. To think that there's always been an option such as this, but never knowing as banks don't necessarily advertise or mention them to clients (specially when applying for an account) is terrible. As someone who is saving not only for myself, but for the rest of my family it would be good to know that my hard earned savings will still be usable for them once I pass. As stated, death is inevitable so it's good to know that the money we worked hard on can still be useful for our loved ones.

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Quote from: Obari on July 17, 2023, 04:35:57 PM

Quote from: Mpamaegbu on July 17, 2023, 10:42:47 AM

~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.

Quote

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.

dothebeats

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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.

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Quote from: icalical on July 17, 2023, 05:31:40 PM

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.

Quote from: cabron on July 12, 2023, 11:51:52 AM

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.

icalical

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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.

Quote from: cabron on July 12, 2023, 11:51:52 AM

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.

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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.

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Quote from: Obari on July 12, 2023, 03:20:24 AM

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.

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Quote from: Mpamaegbu on July 17, 2023, 10:42:47 AM

Quote from: Obari on July 12, 2023, 03:20:24 AM

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.

Quote from: Mpamaegbu on July 17, 2023, 10:42:47 AM

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.

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Quote from: Obari on July 12, 2023, 03:20:24 AM

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.

STT

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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.

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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.

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Quote from: Obari on July 12, 2023, 03:20:24 AM

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.

Obari

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Quote from: teosanru on July 16, 2023, 02:09:45 PM

Quote from: Obari on July 12, 2023, 03:20:24 AM

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.

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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.

teosanru

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Quote from: Obari on July 12, 2023, 03:20:24 AM

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.

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