“Will there be any costly penalties or taxes associated with using the POD method?” (Photo subjects are models.) - Getty Images/iStockphoto Dear Quentin, I have a very modest sum in my CD, checking, and savings accounts (approximately $150,000). I have set up a payable on death (POD) designation on all of these accounts. I have named my daughter as the recipient and beneficiary on all my accounts, including my pension insurance policy and any Social Security benefits. Most Read from MarketWatch I com ...