Bank or Brokerage Accounts

Easy Ways to Make a Lasting Impact at Central Connecticut State University

Support Us Through Your Bank or Investment Accounts

One of the simplest ways to support the mission of Central Connecticut State University is by naming us as a beneficiary of your bank accounts, certificates of deposit (CDs), or brokerage accounts. This thoughtful approach allows you to retain full control during your lifetime while making a meaningful gift after. 

You have two primary options for making this type of contribution: 

Payable on Death (POD)

You can add a POD designation to your bank account or CD, allowing you to name Central Connecticut State University, or multiple individuals or organizations, as the beneficiary of the funds upon your passing. The funds remain entirely yours during your lifetime, and you can use them freely, change your beneficiaries, or close the account at any time. 

Designating your account in this way can ease the estate settlement process, as the assets transfer directly to your chosen beneficiaries without going through probate. To set this up, simply speak with your bank and complete a short form to include a POD designation. 

Transfer on Death (TOD)

Similar to a POD, a TOD designation applies to brokerage or investment accounts. It enables you to name beneficiaries, such as Central Connecticut State University, to receive the assets in the account after your lifetime. You can assign the entire account or just a portion, expressed as a percentage. 

Until your passing, the account remains under your full control. You’re free to manage, spend, or modify the account and its beneficiaries at any time. Like POD accounts, TOD designations help streamline estate matters by avoiding the probate process. To arrange this, reach out to your financial advisor or investment firm to update the account with a TOD instruction. 

Please note: POD and TOD designations are subject to state laws. It’s important to consult with your bank or investment advisor before proceeding with these options.