![]() A reader was attracted to the CDs but learned that DCU doesn't have a provision for beneficiaries. This all-access credit union has become better known lately due to its very competitive CDs. The owner of the trust has control of the trust assets during his or her lifetime and can change or revoke the trust at any time.Īnother institution that doesn't allow POD beneficiaries is Digital Credit Union. ING Direct has more information about a living trust in its OSA product info section: A living trust is a formal revocable trust that is typically set up by an Attorney, in which the owner (also known as a grantor) specifies who will receive the trust assets when the owner passes away. If you don't already have a Revocable Living Trust, you should contact a legal or financial advisor before you consider getting one. You may also choose to register your deposit account as a living trust account. You may title an account in your own name only or in the name of yourself and a joint holder. Here is the reply I received: At this time, we don't offer beneficiary, payable on death or custodial accounts. I recently emailed ING Direct about this hoping that they may have changed. ING Direct is one of the institutions that doesn't allow POD beneficiaries. If you know of others, please leave a comment. ![]() I know this is a deal killer for several readers so I thought it would be a good idea to highlight these institutions. Unfortunately, not all banks and credit unions allow POD beneficiaries on accounts. The beneficiary can claim the account directly at the bank or credit union. This can save your heirs time and legal expenses. When the owner dies, the account doesn't have to go through the probate process. As I described in that post, having beneficiaries on your bank accounts can make it much easier on your heirs. ![]() Last month I reviewed my experience as a beneficiary claiming POD bank CDs. Most banks and credit unions allow you to name payable-on-death (POD) beneficiaries on your accounts.
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