Always ask for POD form from your bank - page 2.

flyingcarpet

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Quote from: Darker45 on July 14, 2023, 08:02:58 PM

Quote from: Adbitco on July 14, 2023, 04:57:15 PM

Quote from: Darker45 on July 12, 2023, 08:13:47 PM

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.

Quote

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.

wiss19

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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.

Halime Anatolia

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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.

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.

xSkylarx

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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.

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.

Darker45

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Quote from: Adbitco on July 14, 2023, 04:57:15 PM

Quote from: Darker45 on July 12, 2023, 08:13:47 PM

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.

Quote

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.

Wimex

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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.

Adbitco

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Quote from: Darker45 on July 12, 2023, 08:13:47 PM

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.

suzanne5223

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This is informative information because this is the first time I will hear about the POD but sadly I don't keep money in the bank and only have a few funds I budget for the week or month.
In the meantime, I believe this will help a lot of people that keep funds in the bank or that have grandparent which currently receive monthly pension bonus funds.

dunfida

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Quote from: Unbunplease on July 13, 2023, 02:05:05 PM

Quote from: Cookdata on July 13, 2023, 12:37:12 PM

Through a legal process, I think even next of Kin is not entitled to the money in account except when the real owner of the account already made an arrangement on payable on death, but in Nigeria, I have forgotten one document they called, it is used to process the money after the owner of the account has passed away, that's what they use to retrieve money in account without getting a lawyer or getting legal process involve but this of course may be different from other country but I'm making reference to Nigeria because I knew you are from Nigeria and if you need a video about the explanation, I will forward it for you.

Death has been my concern and I think this is also a concern for Bitcoin holder who held private key in close secret, it's the best thing to do but I just hope one don't passout with the private key to the grave while the family are on earth suffering to look for money to arrange for his burial. Grin

The problem is that if you give someone the key to your bitcoin wallet, your funds could go missing at any time. The problem is that if you give someone the key to your bitcoin wallet, your funds could disappear at any time. And bank tellers - they are very likely to take advantage of the situation

Yes, there are really indeed things which cant really fit out on such situation because there are really things which its not really that something ideal to be exposed into other peoples awareness like private keys or seed phrases on which we know that on the time that there's someone who do able to know on what it is, then there's always a chance for those money to be stolen because temptation is there and the main features of
crypto is that it cant really be traced up once you've been hacked. This is why its not really that applicable for this kind of situation unless if it would be personally given to the ones who would inherit.

Agree on most points on here that this would always boils down on a certain countries laws in regarding to it on which here in our place that i wasnt aware about that kind of form because once there's someone died
on your family then it would be automatically means that you would inherit those things that they had left but of course it would always be having those kind of requirements which it would be that normal.

Gozie51

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Quote from: Plaguedeath on July 12, 2023, 05:02:14 AM

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.

Not withstanding your disparage or logical aspersion on bank, even if you decide to hodl your money in btc or any other cryptocurrency, remember to have a confidant who will know your phrase to your wallet or will have access to it by means of directions you will drop on the exact description to get your passphrase otherwise such incident of death is still same as what experience OP shared and in fact regarding to cryptocurrency, if the passphrase was not disclosed then forget your earnings at least. So this is a head up that POD or disclosure of passphrase is apt.

famososMuertos

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Well, undoubtedly such things exist appropriate to each country, then, the requirement is a certificate of death or whatever it is called in each country, the form is random paperwork, you know.

On the other hand, the inheritance includes the money from the bank. Come on, I honestly don't understand the particularity of this topic, but no way.

The importance here is always to make the inheritable terms very clear, really is! because disposing of that money is complex for the interested parties, so beyond that particular form, which continues to be a procedure within the real process, which is the inheritance.

irhact

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

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.

Death is one thing we can't escape as human being, only those who will be alive around the time when Jesus Christ returns that won't die but go with him to heaven. The rest of us will have to die therefore we have to be prepared for it everyday. The information you haave passed is very important to those individuals from your country and maybe neighboring countries as they might also be practicing this in their banking sector. Every country has their own law and they have to be followed which is why they have to get the POA form.

In my country this isn't needed, if you have a next of kin linked to your bank account, they have a right to the money and asset you left behind and this is how it should be in all countries. We shouldn't make loved ones pass through stress to get money left behind to them.

Unbunplease

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Quote from: Cookdata on July 13, 2023, 12:37:12 PM

Through a legal process, I think even next of Kin is not entitled to the money in account except when the real owner of the account already made an arrangement on payable on death, but in Nigeria, I have forgotten one document they called, it is used to process the money after the owner of the account has passed away, that's what they use to retrieve money in account without getting a lawyer or getting legal process involve but this of course may be different from other country but I'm making reference to Nigeria because I knew you are from Nigeria and if you need a video about the explanation, I will forward it for you.

Death has been my concern and I think this is also a concern for Bitcoin holder who held private key in close secret, it's the best thing to do but I just hope one don't passout with the private key to the grave while the family are on earth suffering to look for money to arrange for his burial. Grin

The problem is that if you give someone the key to your bitcoin wallet, your funds could go missing at any time. The problem is that if you give someone the key to your bitcoin wallet, your funds could disappear at any time. And bank tellers - they are very likely to take advantage of the situation

Cookdata

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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.

Through a legal process, I think even next of Kin is not entitled to the money in account except when the real owner of the account already made an arrangement on payable on death, but in Nigeria, I have forgotten one document they called, it is used to process the money after the owner of the account has passed away, that's what they use to retrieve money in account without getting a lawyer or getting legal process involve but this of course may be different from other country but I'm making reference to Nigeria because I knew you are from Nigeria and if you need a video about the explanation, I will forward it for you.

Death has been my concern and I think this is also a concern for Bitcoin holder who held private key in close secret, it's the best thing to do but I just hope one don't passout with the private key to the grave while the family are on earth suffering to look for money to arrange for his burial. Grin

Bushdark

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Quote from: lienfaye on July 12, 2023, 09:27:28 PM

Thanks for sharing this op. I searched about it on the banks where I have an accounts but I can't find any information regarding POD or similar, maybe they have other term? I think I have to personally inquire about this.

Quote from: Mame89 on July 12, 2023, 08:24:59 PM

In my country, as an heir, I have to prepare requirements such as:
1. ID cards of heirs and ID cards of account holders
2. Certificate of deposit (for deposits), savings book (savings owner)
3. Death certificate
4. Certificate of heirs.

I remember when my father died, my mom also presented the necessary requirements to withdraw the funds that will be used for his funeral. It took her a while before we finally got the money because of the additional documents needed that the bank demand, they're strict in this matter.

I have had about the POD form before but one will have to bother himself if he has a lot of properties for the children to inherit. I don't have the interest in this but I think this is an important form for us to inform our old parent mostly if they have properties to for the children to inherit. The bank are one of the firms that will always want to earn from there client at any slightest mistake. I have seen Many cases that bank claim the money of the deceased client because the families do not know about the funds in there bank.

kaseygriffin

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Everything in this life is inherently impermanent, we cannot anticipate everything when that case happens to our own family.
I very much welcome this and see it as a protection for the interests of loved ones, sometimes we also need to live a little further even though in this case it is really a no-brainer desire to see a loved one die.
But if I know this problem, then I understand the importance of this problem in life.

michellee

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Different countries, different rules. That's what I got from @OP's story.

I just heard about this. Usually, if someone dies, their family can request a death certificate from the hospital and bring it along with proof of identity from other family members (in this case, the father, mother or siblings) to the bank, tax or other related office with the government.

Then the government office verifies if they are really family members and checks the necessary documents. Specifically for banks, family members can show a death certificate and proof that they are their children or relatives. Then, the bank will verify with the government office (or this requirement is required before they come to the bank office). The bank will check the accounts of the deceased and if there is money, the bank will hand it over to family members.

kryptqnick

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I didn't know about this thing before, and I decided to check whether my country has it. In my country, one can make a special statement in the bank for an event of death, but that's basically to transfer ownership of a bank account to a specific person. It's still cool, but it's not about a specific sum of money being paid out. And it's considered a supplement to the testament (or a testament if there's no additional document), so there are still documents needed to claim that money. Perhaps the usefulness of this option does depend on a jurisdiction.

spectre71

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Every time I have opened a bank account it's had a POD component to the application. Figured it was baked in.

I leave everything to my mom in the event she has passed it all goes to charities I have already chosen.

I don't like my kids.

yhiaali3

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I don't usually deal with banks so this is honestly the first time I'm hearing about POD or Payment on Death, thanks for this really important information because most people probably haven't heard of it.

When a person dies and has an account in the bank, the heirs suffer from complex legal procedures to obtain the money of the deceased, and in many cases, the family of the deceased may not know that he had an account in one or more banks, so this money is lost, and the banks, of course, are happy with that.

So it is good to have this form and to fill it out and tell the heirs so that they can get the money from the bank easily.

Topic: Always ask for POD form from your bank - page 2. (Read 530 times)