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Using POA at bank just might cancel your beneficiary status! I was financial and heath POA for my mother and the only heir. For 19 years I managed her finances and everything else. We had everything set up correctly. My mother had a few CDs and a moderate savings account. I was listed as beneficiary of POD on all these. I used a checking account with both our names for her expenses. In the year before she died I transferred a CD to her savings to ensure adequate resources for her bills. I also set up a recurring transfer from the savings account to the checking in the amount of her largest two expenses. This was a mistake. I had to use the POA to set this up. Unbeknownst to me, the bank then removed my status as beneficiary on this savings account. Now this absolutely did not have to happen nor did they tell me at the time. Simple paperwork could have retained both but I was not informed. So when my mother died I had to go through the expense and hassle of probate when we had arranged matters so I wouldn't. The amount in the account was just over the limit for a simple form to allow me to claim the account. I am so annoyed and wanted to let others know of this possibility.

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It was because the computer program only recognized one status and automatically deleted the first one...the pod..to accommodate the poa. In order for both to exist on the account, the bank could have/should have filled out a paper request. The bank that did it was bought out by the bank I am dealing with. I spoke to a lawyer. Ultimately I decided I didn't need more hassle. I just wanted to alert people.
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That is not right. I was POA, POD and my name was on the accounts already. Nothing changed for me after she died. I think that you need to talk with a lawyer. Sounds like something fishy to me.
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I transferred Moms CDs too but my Bank did not take my name off her account. A week before her death, I actually closed the account, under 200 in it, and was never question. I would like to know what gave them the authority. It usually a pain getting someone off an acct.
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That's good to know. I wouldn't think a bank would do any of that without proper notification either beforehand or afterwards. Do you know under what authority they had to do so?

Regardless, I'll set up a bot to ping accounts daily and have it notify me if beneficiary status changes.
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Rosyday Mar 2019
I don't think it would change unless you took some action.
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