Compliance Alliance Corner
Editor's Note: The following was submitted by Compliance Alliance. LBA, through its subsidiary Louisiana Bankers Service Corporation, has partnered with Compliance Alliance to give banks access to compliance-related services. Click here for more information.
Q: Can an estate account have a POD beneficiary?
A: There is not a specific provision that allows an estate account to have POD beneficiaries. It would also serve no purpose. First, the executor is not the owner of the funds. They are a fiduciary empowered be a probate court to collect the deceased’s assets and distribute them to the rightful heirs. Furthermore, the estate is the owner, and an "estate" does not die so the POD beneficiary designation (even if it could be placed) would never go into effect.
Did you know that only deposit-accepting ATMs must have funds availability signage posted?
- ATMs that do not take deposits are exempt from these Reg CC requirements.
- Off-site ATMs must post which days deposits are removed if it is less than two times per week.