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Capital One POD (finally)
03-16-2019, 02:48 PM
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#1
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Full time employment: Posting here.
Join Date: Mar 2008
Posts: 968
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Capital One POD (finally)
For those interested, Capital One finally offers POD.
Log in and go to manage beneficiaries.
Your beneficiary becomes POD. If you enter multiples (by adding each one at a time), the account is split equally with the number you have. Not ideal, as it asks for the persons SS, but at least it is now available.
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03-16-2019, 03:02 PM
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#2
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Jul 2008
Location: Leeward Oahu
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Sorry, just in case someone else is as dumb as I am (or got up as early as I did on a Saturday), is POD = Pay on Death?
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Ko'olau's Law -
Anything which can be used can be misused. Anything which can be misused will be.
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03-16-2019, 03:08 PM
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#3
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Full time employment: Posting here.
Join Date: Mar 2008
Posts: 968
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 Quote:
Originally Posted by Koolau
Sorry, just in case someone else is as dumb as I am (or got up as early as I did on a Saturday), is POD = Pay on Death?
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Yes, payable on death. That designation allows the funds to bypass probate and supersede a will or trust I believe.
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03-16-2019, 03:32 PM
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#4
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Jul 2008
Location: Leeward Oahu
Posts: 17,915
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Quote:
Originally Posted by bizlady
Yes, payable on death. That designation allows the funds to bypass probate and supersede a will or trust I believe.
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Thanks! Excellent info to have and to deal with before it's needed.
I can see that a provision like this would allow one to designate a "survivor" without the surviving person being able to write checks on the account. Heh, heh, I can think of folks I'd want to POD but not have check writing authority. 
Thanks!
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Ko'olau's Law -
Anything which can be used can be misused. Anything which can be misused will be.
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03-16-2019, 03:36 PM
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#5
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Give me a museum and I'll fill it. (Picasso)
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Location: Tampa
Posts: 11,298
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Probate processing legal fees can be 3% of assets, so important to designate POD on all bank accounts.
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TGIM
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03-19-2019, 02:14 PM
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#6
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Moderator
Join Date: Oct 2010
Posts: 10,723
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Quote:
Originally Posted by bizlady
For those interested, Capital One finally offers POD.
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Thanks for posting. I opened one of these accounts and neglected to get the POD established...but done now!
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03-19-2019, 02:20 PM
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#7
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Thinks s/he gets paid by the post
Join Date: Apr 2016
Location: Ex-Cali
Posts: 1,245
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POD is good but remember that POD is payable on death and not payable on disability. You need to have an incapacity plan in place and many banks do not honor general powers of attorney. That is why many people get living trusts. Conservatorships during life are more expensive than probate after death.
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The plan was September 1, 2022 and I am 95% there. Still working a few hours a week at the real job.
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03-20-2019, 06:33 PM
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#8
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I’ve never quite understood difference between designating beneficiary, POD, and TOD. Its amazing how some institutions make it difficult to avoid probate. I guess they want a specific court order to protect them from liability. BofA is another one. Thanks for the info Bizlady.
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03-20-2019, 06:39 PM
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#9
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Give me a museum and I'll fill it. (Picasso)
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Quote:
Originally Posted by jazz4cash
I’ve never quite understood difference between designating beneficiary, POD, and TOD. Its amazing how some institutions make it difficult to avoid probate. I guess they want a specific court order to protect them from liability. BofA is another one. Thanks for the info Bizlady.
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All about the money. Roughly 3% to the lawyers.
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TGIM
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03-20-2019, 08:00 PM
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#10
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Aug 2004
Location: Laurel, MD
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Quote:
Originally Posted by Dtail
All about the money. Roughly 3% to the lawyers.
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That doesn’t help me understand the differences.
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...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
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03-20-2019, 08:10 PM
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#11
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Thinks s/he gets paid by the post
Join Date: Aug 2011
Posts: 3,606
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Quote:
Originally Posted by jazz4cash
I’ve never quite understood difference between designating beneficiary, POD, and TOD. Its amazing how some institutions make it difficult to avoid probate. I guess they want a specific court order to protect them from liability. BofA is another one. Thanks for the info Bizlady.
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My understanding is that the terms beneficiary, POD, TOD are a similar concept applied to different types of accounts.
Beneficiary was usually associated with life insurance policies and retirement accounts.
PODs and TODs are applied to bank accounts and brokerage accounts. Would need to verify which is which.
It is each states laws that establish these (at least for accounts that aren't governed by the Federal ERISA laws).
-gauss
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03-20-2019, 09:14 PM
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#12
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Thinks s/he gets paid by the post
Join Date: Dec 2015
Location: Santa Paula
Posts: 4,076
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Another thing to be aware of is the phrase "per stirpes" when setting up multiple beneficiaries. What it means is the proceeds will go that that person's heirs. Without that, if one of the 2 beneficiaries dies, the other gets all of it.
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03-21-2019, 03:22 PM
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#13
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Recycles dryer sheets
Join Date: Jun 2011
Posts: 297
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Thanks for sharing. I'll update mine at capital one. How about other online banks like Ally, AmEx, Discover banks ?
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03-21-2019, 06:08 PM
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#14
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 17,094
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Ally bank has it.
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