Event Calendar

Wednesday, October 16, 2019

POD Account Documentation, Compliance, Beneficiaries & Closing

Start Date: 10/16/2019 1:00 PM MDT
End Date: 4/16/2020 2:30 PM MDT

Organization Name: Independent Bankers of Colorado

Tara F. Hunter
Phone: 303-832-2000

POD Account Documentation, Compliance, Beneficiaries & Closing
1:00 pm – 2:30 pm MT

Most financial institutions permit payable-on-death accounts.  POD accounts are easy to open, but aren’t so easy when managing the compliance issues and funds distributions when the account owner dies.  When an account has a POD designation, your institution must ensure that 1) the proper beneficiaries receive the account’s funds upon the account owner’s death and 2) the proper steps have been followed and the necessary information has been obtained before disbursement. 
This webinar will explain every aspect of POD accounts, including proper account-opening documentation, information to obtain after the account owner dies, and how to distribute the funds.  It will also address situations like when the POD beneficiary has predeceased the account owner or when your institution wants to set off the POD account for the deceased account owner’s debt.

  • What information should be obtained about the POD beneficiary at account opening?
  • What rights does the POD beneficiary have to the account before the account owner’s death?
  • Does the POD beneficiary need to consent to the pledge of the account by the account owner?
  • What documentation is needed before you can pay the funds to the POD beneficiary?
  • What happens if the POD beneficiary predeceases the account owner?
  • Does the deceased account owner’s estate have any rights to the POD account?
  • Does your institution have a right of setoff against the POD account for the deceased owner’s debts?
    • Checklist of items to obtain when opening a POD account
    • Items to obtain when distributing funds to POD beneficiaries
    • Employee training log
    • Interactive quiz

This informative session will benefit all deposit operations personnel, account service representatives, tellers, compliance staff, auditors, attorneys, and managers.

Continuing Education: Attendance verification for CE credits upon request.

When a Depositor Dies: Legal Requirements, Practical Issues & FAQs
on Tuesday, October 8, 2019

NOTE:  All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your financial institution is prohibited. Print materials may be copied for eligible participants only.

Elizabeth Fast, JD & CPA
Spencer Fane LLP
Elizabeth Fast is a partner with Spencer Fane Britt & Browne LLP where she specializes in the  representation of financial institutions. Elizabeth is the head of the firm’s training division. She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions. She is a member of the Missouri State Banking Board by appointment of the Governor.