Gift of a Bank Account When No Longer Needed (POD)
Br. Musa: I love volunteering at IRUSA WAQF. 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 IRUSA WAQF in my estate plan.
One day, Br. Musa talked to Sr. Sama, another one of our volunteers. Sr. Sama told Br. Musa that she recently made a "payable on death" or "POD" gift to IRUSA WAQF. Br. Musa asked Sr. Sama to explain how the gift works. Sr. Sama told Br. Musa 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, Br. Musa could direct the credit union to pay the balance of any account he designates to charity when he passes away.
Br. Musa: Sr. Sama shared a lot of great information about POD gifts. I decided to name IRUSA WAQF 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.
