How to designate beneficiaries at Sallie Mae Bank

Under the deposit terms a payable-on-death account is a multiple-party account, "also known as a tentative trust or Totten trust".^{1, 2}

All POD beneficiaries are assigned equal shares of the funds in the account.³

Deleting all beneficiaries removes the Payable on Death designation.³

No part of an account may be pledged, assigned, given as a gift or otherwise transferred to a third party without Sallie Mae Bank's prior written consent.¹

A POD account belongs to the owner during the owner's lifetime. POD payees are not account holders and have no present right to draw on the account.¹

A trustee acting on an account must be designated as an agent on the bank's records. The bank may review and keep a copy of the trust agreement or other document that established the relationship.^{1, 2}