Bank account holders advised to add POD and TOD beneficiaries
Holders of bank accounts have been advised to add payable-on-death (POD) or transfer-on-death (TOD) beneficiaries to their accounts as the simplest way to leave to their heirs any investment in the event of their death.
Reverend Edward Randolph-Koranteng a Banking Consultant explained that beneficiaries under POD were different from traditional beneficiaries.
He explained that a beneficiary selection option was always displayed on the forms for an opening bank account., adding that ", a beneficiary is someone who would get your account upon your passing. A POD account is a formal name for a payable-on-death bank account".
In an interview with the Ghana News Agency., he explained that a payable-on-death beneficiary, would not have immediate access to your funds u...