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When is POD's Info Needed?

If I am on a CD as POD, does the bank need my personal information when the CD is opened or when the owner of the CD passes away?

The bank must have your personal information before it can turn the account over to you as the designated beneficiary. However, many banks' policies require, or at least encourage, obtaining the personal information for a POD beneficiary when the designation is made. That can help make it easier to identify the correct beneficiary if and when it becomes necessary to surrender the account or its funds.

Published on 6/18/08