Common use of Joint Account with Payable-on-Death Designation Clause in Contracts

Joint Account with Payable-on-Death Designation. Upon the death of the last surviving owner, ownership passes to the designated POD “beneficiary(ies)”. For joint accounts, a surviving owner’s ownership interest is subject to the Credit Union’s right of setoff for the deceased owner’s obligations, and to any security interest or pledge granted by a deceased owner, even if a surviving owner did not consent to it.