Gift of a Bank Account When No Longer Needed (POD)
Keith has been a faithful supporter of Elgin Community College Foundation and makes regular gifts to support our work. Recently, Keith talked to our staff and expressed his interest in naming Elgin Community College Foundation as a beneficiary of his estate, but he wanted to keep the process as simple and inexpensive as possible.
Keith: I love volunteering at Elgin Community College Foundation. It really gives me a sense of joy and fulfillment. I not only support the organization with my time, I try to make annual gifts as well. As a donor, I want to leave a meaningful gift to Elgin Community College Foundation in my estate plan.One day, Keith talked to Sharon, another one of our volunteers. Sharon told Keith that she recently made a "payable on death" or "POD" gift to Elgin Community College Foundation. Keith asked Sharon to explain how the gift works. Sharon told Keith that with a POD gift, he could contact his bank or credit union and request a POD beneficiary designation form. By filling out the form and sending it back to his credit union, Keith could direct the credit union to pay the balance of any account he designates to charity when he passes away.
Keith: Sharon shared a lot of great information about POD gifts. I decided to name Elgin Community College Foundation as the payable on death beneficiary of two accounts at my bank. Not only was the process simple it didn't cost a thing. I also liked that a POD gift gives me flexibility-I still own the accounts and can use the money in those accounts if my needs ever change.
Is a payable on death (POD) gift right for you?
If you would like to leave a gift to our organization that is simple, inexpensive and flexible if your needs change, please consider a payable on death bequest. If you have questions or would like to learn more about POD beneficiary gifts, please contact us. We would be happy to assist you and answer any questions that you have.
*Please note: The name and image above is representative of a typical donor and may or may not be an actual donor to our organization. Since the benefits of a POD gift may differ depending on your personal circumstances, please consult with your legal, tax or financial advisor.