I am currently in ChexSystems on a payment plan with my bank. I cannot open an account. My elderly father wants to me to sign a POD(I don't get funds until after he has died). If I am in ChexSystems, can I sign the POD signature card? If I do sign this card will Chexsystems take the money out of my dad's account prior to his death? I plan on signing the card in June. I cannot afford to pay them off before this. What is a solution?
Mere designation as a POD payee on an account does not give you any rights in it unless the owner dies and has not revoked the designation. Your current payment plan and your listing in ChexSystems should not interfere in any way with being designated as the POD payee, and that designation would not give the bank any legal right to take funds from the account to apply against your payment plan.
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Mere designation as a POD payee on an account does not give you any rights in it unless the owner dies and has not revoked the designation. Your current payment plan and your listing in ChexSystems should not interfere in any way with being designated as the POD 