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UFB FDIC TITLING ACCOUNTS

deposit12345
  |     |   3 posts since 2022

My interaction w UFB requesting TITLING of my Savings account as POD for maximizing FDIC Insurance.

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-Sent to UFB the following:

FDIC:

Trust Relationship Must Exist in the Account Title

The required intention in paragraph (a) of this section that upon the owner's death the funds shall belong to one or more beneficiaries must be manifested in the “title” of the account using commonly accepted terms such as, but not limited to, “in trust for,” “as trustee for,” “payable-on-death to,” or any acronym therefor.

For purposes of this requirement, “title” includes the electronic deposit account records of the institution. (For example, the FDIC would recognize an account as a revocable trust account even if the title of the account signature card does not designate the account as a revocable trust account as long as the institution’s electronic deposit account records identify (through a code or otherwise) the account as a revocable trust account)

--Their Secure message response:

Per our phone call conversation your account already has your beneficiaries added, so there is no need to do anything else on it

Unfortunately, we do not change the name on accounts you can nickname your account to POD but we can't change the actual name of the savings account.

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So am I to assume that UFB has identified this account with a "code or otherwise" for POD purposes but not specifically stated in the title?

The details matter if/when the music stops

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1


betaguy
  |     |   181 posts since 2022
I would not assume anything. Wise to be wary.
we had to sue the bank to get distribution of my sisters POD account after her death.
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2
me1004
  |     |   1,381 posts since 2010
You first must understand that the "title" is. I suspect you are thinking of it as the headline name on the account. Actually, think more like a title for real estate, the title is the full document, not jsut the headline on the document. So, as long as the document idneifies it as a POD account and includes the names of the beneifciiares, it is properly titles for POD.

But yes, it can be more comfortable if they headline it as "[your name] POD."
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2


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