What’s the Difference Between a Joint Account and POD? | NC

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Q: What is the difference between a joint bank account and a payable-on-death designation when someone dies? A: A joint bank account with right of survivorship usually means the surviving co-owner becomes the owner of the balance when one owner dies. That joint owner generally had rights in the account during life, including the ability to withdraw funds. A payable-on-death designation is…