Beneficiaries

  • Question
  • Updated 5 years ago
How do I set a beneficiary on my SmartyPig account for when I die?
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Danny

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  • unsure

Posted 5 years ago

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John Grask, Employee

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@danny,

Thank you for your question. We forwarded your question onto our banking partner, West Bank, and they have responded as follows.

“The sole owner of the SmartyPig account is the only person that has the authority/rights to the account itself. With that stated there is currently no option for a POD (Payable on Death) for the SmartyPig Accounts. If the account owner dies SmartyPig will refer back to the SmartyPig Account Owner's (Will) for direction for the funds in the account.”

If you have any further questions or concerns, please do not hesitate to contact us directly at support(at)smartypig(dot)com. Thanks, John
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thegreatlinguini

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How would I designate inheritor(s) of my SmartyPig accounts, if I don't know the account numbers?
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Luminita Roman

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This answer is a non-answer. What happenes if you don't have a will? Then your account will have to go through Probate which will take time and a chunck of your money before it reaches the ultimate beneficiary! All other major banks have a POD option or a beneficiary. That is the reason why I didn't funded my SmartyPig account! I will not fund it until SmartyPig offers that option. If John's comment would be valid then why all the other banks have the option of the Beneficiary? Because John is trying to pull a fast one on you. He knows very well that they should offer this option but they don't, and he is trying to justify it in a way that you will feel like a foul even for asking that question!
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John Grask, Employee

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@thegreatlinguini,

Thank you for your question. We have forwarded this onto our banking partner, West Bank, and they have responded as follows.

“SmartyPig account numbers are 38 alpha numeric characters and encrypted for security reasons. For estate planning you can make reference to the accounts by account or goal name.”

If you have any further questions, please do not hesitate to contact us support(at)smartypig(dot)com. Thanks, John
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Hap

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"How do I set a beneficiary on my SmartyPig account for when I die?"

You can interpret the answer to your question as "call a lawyer" and your heir should be prepared to spend lots of money.

There is no such thing as a true Joint Account or "Pay On Death" beneficiary on smartypig accounts. Any other reputable online bank has this option! What's up with smartypig.com & West Bank?

See this thread http://getsatisfaction.com/smartypig/...

Good luck
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Hap

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John Grask, Employee

  • 290 Posts
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SmartyPig Users,

We are working as quickly as we can with our banking partner to provide the benefit of adding a beneficiary to your account. Look for this enhancement in the upcoming months.

We will keep you posted on our progress. We place a great deal of emphasis on listening to our users, and thank you for your feedback and suggestions!

Thanks,
John
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donarmstrong9

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You are not being asked to re-invent the wheel- most every other bank offers "the benefit of adding a beneficiary to your account"- when can we see this resolved?
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Hap

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The glaciers are melting faster than Smartypig is moving to add survivorship benefits.
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Luminita Roman

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Let's all hold out for SmartyPig to add the beneficiary option to their accounts. Until then, let's not fund the SmartyPig accounts. This way maybe they will move Faster!
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John Grask, Employee

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SmartyPig Users,

We plan to release a POD feature to your SmartyPig accounts in the next two weeks. We will keep you posted once this is available, and appreciate your patience as we build this functionality into our site. Thanks, John
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Luminita Roman

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Sounds good to me! In two weeks my money will move into my SmartyPig Account!!!
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Hap

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Looking forward to the arrival of PODs.

Next, how about giving us actual account numbers so smartypig feels less "flight by night."

Not as big deal a deal as POD or joint accounts, but it all adds to making your clients feel like they are dealing with a reputable bank and not something else entirely.
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Luminita Roman

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What do you mean about getting "actual account numbers"???? You mean if I fund my SmartyPig account I will not have an actual account number?
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John Grask, Employee

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@Luminita Roman,

Thank you for your question. SmartyPig account numbers are 38 alpha numeric characters and are encrypted for security reasons. For support and tracking purposes, we refer to accounts by account and goal name. Thanks, John
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Hap

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Gee, so smartypig is ahead of all the other banks in the world who use account numbers? Who would have guessed?

My credit union gives me an account number which is then encrypted as a different number for use on my checks so that the world doesn't know what what my real account number is. Each additional account that I have with them gets a modified version of this encrypted number. In our high tech era, this easily done. They give me a little card with my numbers on it for all my accounts, but the card would be worthless to anyone else because that's not my REAL account number.

My husband is suspicious of any bank that asks it clients to identify accounts by nicknames ("Fred" or "Ginger" or "Avatar"). Whether the names are encrypted or not on your end, that's how it looks on our end, but then maybe my husband expects too much of a bank called "Smartypig" ;-)

Honestly, we're hoping that Smartypig will eventually mature into something more like a real bank but with the added benefits of being online. Be different, but don't throw out the features of real banks that allow clients to feel comfortable. PODs are a big step in the right direction. Well, they're a HUGE deal breaker, really! Account numbers would help put some lipstick on the smartypig.

For every person who doesn't care about account numbers, there will be plenty of others like us, who would prefer to have them. I find it hard to imagine clients being really OPPOSED to having an account number and devoted to the idea of using only account and goal name to identify accounts.

Anyway, looking forward to POD arrival. Enjoy the rest of your Sunday, John.
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John Grask, Employee

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SmartyPig Users,

We are pleased to announce we have added the ability to create a Payable on Death (POD) Account to your SmartyPig Profile. To add a POD account and assign a beneficiary to it, please log into your SmartyPig profile. On the left hand side of the screen, please click “Edit Profile”. Next to Payable On Death (POD) Beneficiary, please click “Add”. Next, enter in the information of your designated beneficiary and confirm the requirements of your beneficiary and click "Save". Please be sure to then click "Save Changes" on the Edit Profile page.

We are very excited to add this new feature for our users, and appreciate all the feedback and suggestions you have provided on this topic.

Thanks,
John