Community Banker Newsletter
Nov/Dec 2022: Can a bank add a minor to an account as a POD beneficiary?
In this issue of Community Banker, we discuss can a bank add a minor to an account as a POD beneficiary?
Yes- but as with most legal issues the answer isn’t a simple “yes”. Payment to a minor who is an account beneficiary on a checking, savings, or CD is authorized under the Unifonn Transfers to Minors Act. This means that the POD designation must comply with the Act, and if the account holder dies while the minor is still a minor, the bank will make payment under the Uniform Transfers to Minors Act.
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