Not all states or brokerages allow this, so you'll need to check with state law and your brokerage firm. You can't use a POD or TOD for real estate. Also keep in mind that PODs, like living trusts, only avoid probate, not estate taxes. The beneficiary will have to pay for any estate taxes due on the assets if the estate doesn't pay the bill, and in states with estate taxes the POD beneficiary may not be able to get the money until the estate tax bill is paid. Most financial institutions charge no fee, though they may limit the number of beneficiaries, for payable on death accounts.
Fees can be more common with transfer on death accounts.
As easy to set up as POD and TOD accounts are, they are not right for everyone. In some cases, trusts may be more appropriate. For one thing, the proper trusts provide greater flexibility and control after death. You also have more flexibility naming beneficiaries. Some POD accounts don't allow you to name more than one beneficiary.