Always ask for POD form from your bank - page 3.

lienfaye

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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.

Mame89

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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.

The information is very helpful and adds to the knowledge of all my friends. Maybe the bank system in each country is different regarding the requirements for disbursing bank account balances for families who have died. in my country, the requirement is to do it after the parents die first, then we can take care of it so that it can be taken up by the heirs.

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.

After this has been fulfilled, assets owned by deceased parents can be taken from the bank for heirs. To be honest, this is very inconvenient in my country. I can say that it is still difficult and the process is long. I hope one day, my country can implement a system like in your country too. just by filling out the POD form and this form can be filled in before the parent dies.

Darker45

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I think this highly varies from country to country. I haven't processed something like this, but I have heard how extremely hard it is here. You even need to publish the extrajudicial settlement 3 times for 3 weeks in a newspaper. There are many other requirements. Although it is already made a bit easier thanks to a new tax law, the requirements are still a big hassle to the grieving family.

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.

noorman0

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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.

People can have a scenario that directs their choice towards bank depository to save all crypto wealth so that it is passed on to the family legally, for example you start cleaning up when you are very sick. Of course you can hire a lawyer to inherit your crypto-wealth if it is a large sum, but back to the op's aim, this is an alternative way to save costs instead of involving a lawyer.

Smartvirus

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

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

Too late for me to want that but, am sure to put that in place for my kids but, you know, if you watch much of ID, you would find out that things like this gets parents killed. An easy means to a deceased asset especially when it’s a lofty one. Of course there would be a will to settle the rest.

I never knew of a POD, so many informations that are hidden from you less you ask or is being told but how could one have known.
Apparently, that’s for centralized systems as we aren’t going to find that within a decentralized bitcoin network. Guess your POD would be having to relate to your wards or spouse your private key or seed phrase, just a don’t do. It’s our bane!

Quote from: Cryptomultiplier on July 12, 2023, 05:05:48 PM

Also, what if someone before their death, already filled this POD form, and collected a loan. Will it require the bank to also hold the relatives/family accountable to clear the debt?

N.B: No one is dying anytime soon. Just an honest thought.

The part where no body hopes to claim responsibility. That’s why taking collateral on loans issued were some of the best moves for banking industries but in recent times where things are been made easy and the hunt for customers have made many neglect the practice. They’ve got there ways and somehow, they would find there ways to profit making.

Cryptomultiplier

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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.

This information proves valuable, I must say. I have had a neighbour once, who lost their dad and they struggled to claim the benefits and pension which the company he was working for owed upon his demise.

I want to know if such kind of document exist for a cryptocurrency holder. One who has investment in crypto and dies, could there be such a document to transfer his coins to his relative, that is if the keys cannot be found, and the relatives/family has claims of i.d used for KYC and other proof?

Also, what if someone before their death, already filled this POD form, and collected a loan. Will it require the bank to also hold the relatives/family accountable to clear the debt?

N.B: No one is dying anytime soon. Just an honest thought.

milewilda

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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.

Thanks for the tip and suggestion and i honestly wasnt able to know about such thing because the casual stuff on which if ever if your parents or loved ones passed away and having that kind of money in the bank
which you are the ones that will inherit or would get then you would really be passing into lots of processing and hassles on which it is really that pain in the ass but since you do really need up those funds
to make it useful then you wouldnt really be minding the hassle and now we do have that POD then it would really be able to save up those people who are on such situation to be able to save up themselves in so
much hassle. Honestly i wasnt aware on this one time will come it would really be totally useful. There are really that parents or guardians who are really that mindful about into their loved ones and its
true that we cant stay up here forever on which it would really be that understandable that we would really be passing away and its just worthy that they would really get on what we have accumulated or earned.

slapper

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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.

Obari

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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.

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.

Quote from: avikz on July 12, 2023, 12:48:05 PM

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.

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.

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.

Pokapoka124

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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.

Faisal2202

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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.

avikz

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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!

cabron

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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.

hugeblack

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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.

Fiatless

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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.

tabas

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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.

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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.

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.

jrrsparkles

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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.

SmartGold01

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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.

Aanuoluwatofunmi

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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.

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.

Topic: Always ask for POD form from your bank - page 3. (Read 538 times)