Adding PODs on Joint Accounts

You need to read your depositor's agreement. Look for what is and is not allowed, such as:

Joint account — is an account owned in the names of two or more individuals with right of survivorship and not as tenants in common or tenants by the entireties. We can act upon the instruction of any one or more of the account owners.

Payable on Death account (also referred to as “In Trust For” or “Totten Trust”) — is an account in which one or more account owners may designate one or more beneficiaries to receive the account’s funds upon the death of the account owner or last surviving joint owner.

During the lifetime of the account owner, the owner may close the account, remove or add a beneficiary, change the account type or account ownership and withdraw all or part of the balance of the account.