(Some institutions offer an account that's … A payable-on-death (POD) bank account is no more than a regular bank account that you've chosen to leave to a designated person after your death. On a paper U.S. savings bond that names one owner and a beneficiary, the registration states P.O.D. Whenever you see POD on a bank statement, the full name of the account's beneficiary should follow the acronym. Looking for the definition of POD? To collect funds in a POD bank account, all the beneficiary needs to do is go to the bank and present ID and a certified copy of the death certificate (if the bank doesn’t already have one on file). We know 379 definitions for POD abbreviation or acronym in 8 categories. The bank will have the paperwork, signed by the deceased owner, which authorized the beneficiary to inherit the funds. Some mean to address these concerns by offering a “scholarship spot” in each pod to a student whose family does not have the time or money that other families plan to contribute. Proof Of Deposit - POD: The verification that the dollar amount of a check or draft being deposited is correct. ; What does POD mean? You can name a POD beneficiary on any of your deposit accounts, and when you do, that person receives the funds held in the account after your death. All you need to do to make it a POD account is fill out some very simple paperwork at your bank or credit union designating a POD beneficiary. Extra FDIC Coverage for POD Accounts. It is usually set up when the bank account holder gives the bank directions to transfer the funds to another person upon the death of the account owner. Please look for them carefully. POD on a bank statement means payable on death. Payable-on-Death A bank account into which a person may deposit funds that will automatically transfer to a named beneficiary upon the person's death. Usually with the presentation of a death certificate the financial institution will pay the proceeds to the person named on the POD designation. The POD (pay on death) trumps any will. See also: … One Bondholder and Beneficiary. Possible POD meaning as an acronym, abbreviation, shorthand or slang term vary from category to category. 'Print On Demand' is one option -- get in to view more @ The Web's largest and most authoritative acronyms and abbreviations resource. For POD we have found 379 definitions. POD Stands For: All acronyms (379) Airports & Locations (1) Business & Finance … POD designations avoid probate, the account does NOT become part of the estate for probate. The beneficiary needs only to provide a certified copy of the death certificate to the bank or financial institution, along with proof of identity to confirm that they are indeed the named beneficiary. POD includes the time of delivery, full delivery address, and the name and signature of Ownership of a POD account transfers somewhat automatically to the living beneficiary when the account owner dies. The general rule is that the FDIC insures each person's accounts at a financial institution up to $250,000. This can be beneficial because the payable-on-death account transfers outside the probate process and the beneficiary may begin using the money immediately. Definition of Proof of delivery (POD): A document required from the carrier or driver for proper payment. Find out what is the full meaning of POD on Abbreviations.com! If you set up a payable-on-death account, you can increase your coverage from the Federal Deposit Insurance Corporation at a particular institution. 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