Furthermore, the NCUSIF permits account relationships which may be the basis for additional share insurance to be ascertainable "either from the records of the credit union or of the member maintained in good faith and in the regular course of business." 12 C.F.R. Section 745.2 of the NCUA Rules and Regulations states in pertinent part: "he account records of the insured credit union shall be conclusive as to the existence of any relationship pursuant to which the funds in the account are deposited and on which a claim for insurance coverage is founded." 12 C.F.R. The "POD Designation" form concludes with the notarized or witnessed signatures of the account owners. Payee 3 (Percentage, Social Security Number, Name, Payee 2 (Percentage, Social Security Number, Name, Payee 1 (Percentage, Social Security Number, Name, As that term is defined under South Carolina law, to be paid only in the event of all the following person(s) designated as original payee(s),īeing deceased, and the following person(s) designated as POD payee(s) I hereby designate account number _, suffix _, as payable on death funds. In pertinent part, the "POD Designation" form reads: The POD designation is not documented in any other way, including the title of the accounts. SAFE FCU permits members to complete a "POD Designation" form for any deposit account other than special accounts such as individual retirement accounts, custodial and trust accounts. As long as the "POD Designation" form is maintained as an account record of the credit union, it should be sufficient to classify the account as a POD account for National Credit Union Share Insurance Fund ("NCUSIF") purposes. We did not receive your request from the regional office in Atlanta until October 9, 1991. You requested an opinion regarding whether the title on an account must note that it is a POD account when the credit union maintains a separate "POD Designation" form pertaining to such accounts. Re: Payable-on-Death (POD) Account Records (Your Letter of August 28, 1991)
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