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Gift of a Bank Account When No Longer Needed (POD)

Gift of a Bank Account When No Longer Needed (POD)
Keith has been a faithful supporter of East Carolina University and makes regular gifts to support our work. Recently, Keith talked to our staff and expressed his interest in naming East Carolina University as a beneficiary of his estate, but he wanted to keep the process as simple and inexpensive as possible.

Keith: I love volunteering at East Carolina University. 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 East Carolina University 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 East Carolina University. 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 East Carolina University 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.


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Kendra Alexander Kendra Alexander
Gift and Estate Planning Officer
alexanderk@ecu.edu
252-328-9566
Greg Abeyounis Greg Abeyounis
Associate Vice Chancellor for University Development
abeyounisg@ecu.edu
252-328-9573
Mark Hessert Mark Hessert
Associate Executive Director of the Pirate Club
hessertm@ecu.edu
252-737-4543

The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor.