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Click ‘Get Form’ to open it in the editor.
Begin by entering the Primary Owner's Name and Account Number(s) in the designated fields. Ensure all information is accurate as this is required for processing.
For adding a Joint Owner, fill in their name, date of birth, and Social Security Number. Remember that the Joint Owner must be at least 18 years old.
Provide the residential address and contact details for the Joint Owner, including home and cell phone numbers, as well as email addresses.
Complete the citizenship section by selecting either U.S. or Non-U.S., and provide any necessary identification details.
Both Joint Owners must sign and date the form at the bottom to authorize their addition to the account.

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What does POD mean on a joint account?

A payable on death (POD) designation means your bank account automatically transfers to a beneficiary upon the death of all account owners and co-owners.

Do you need a pod if you have a joint account?

A joint account holder can designate beneficiaries to the account without authorization from the primary account holder. A beneficiary has no rights or access to your accounts. Beneficiaries can only receive the money in your accounts in the event of your passing.

What is the difference between joint ownership and pod?

With a joint account, the joint account holder has the right to deposit or withdraw money from the account both during your lifetime, and after your death. With a P.O.D., the beneficiary does not have those same rights.

What is the disadvantage of joint tenancy ownership?

If a co-owner has outstanding debts, their creditors could seize an interest in your home or bank account. Relationship Issues. Holding an asset jointly can complicate a divorce or other relationship problems. If you have a jointly held bank account, your co-owner could withdraw all of the money without your consent.

Is it better to be a beneficiary or joint owner?

If you want to help someone build their credit or access to a credit line for emergencies but are willing to cover their charges, adding someone as an authorized user may be a good idea. But if you want them to be equally responsible for the payments, a joint credit may be a better choice.