How to Add a Beneficiary to Your Bank of America Checking Account

You can name a beneficiary on your Bank of America checking account, but it works differently than a will

Bank of America lets you name a payable-on-death (POD) beneficiary on a checking account. When you die, the money in that account passes directly to the person you named, without going through probate court. The beneficiary does not own the account while you are alive—you keep full control, can spend the money, and can change or remove the beneficiary at any time.

This is different from adding someone as a joint owner. A joint owner can withdraw money and make decisions about the account right now. A POD beneficiary has no access until after your death, and only if the account still has money in it.

Bank of America does not charge a fee to add a POD beneficiary. You can do it online, by phone, or in person at a branch.

Key Takeaways

A payable-on-death beneficiary receives the account balance after you die, but has no access or control while you are alive.
You can add a POD beneficiary online through your Bank of America account, by calling customer service, or by visiting a branch in person.
The beneficiary must provide a Social Security number or tax ID when you name them, and Bank of America will verify the information.
You can name multiple beneficiaries and decide what percentage each one receives, or name one primary and one or more backups.
If you die without naming a beneficiary, the account goes through probate and is distributed according to your will or state law.

How to add a beneficiary online or by phone

The fastest way is through your Bank of America online account. Log in, go to the checking account you want to update, and look for a settings or account details section. You should see an option for "beneficiaries" or "payable on death." Click it and enter the beneficiary's full name, date of birth, and Social Security number or tax ID. Bank of America will verify the information before saving it.

If you cannot find the option online or prefer not to use it, call Bank of America customer service at 1-800-432-1000. A representative can walk you through adding a beneficiary over the phone. You will need the same information: the beneficiary's full name, date of birth, and Social Security number or tax ID.

You can also visit a Bank of America branch in person and ask a banker to help you add a beneficiary. Bring your ID and the beneficiary's information. The banker will fill out the paperwork and make the change on the spot.

What information you need for the beneficiary

Bank of America requires the beneficiary's full legal name, date of birth, and either a Social Security number or tax ID. If the beneficiary is a minor, you still provide their Social Security number. If the beneficiary is a business or organization, you provide the tax ID instead.

You do not need the beneficiary's permission to name them, but it is a good idea to tell them. That way they know to contact Bank of America after you die and claim the account. If the beneficiary does not know about the account, the money may sit unclaimed for a while.

Bank of America will verify the information you provide. If there is a mismatch—for example, the name or date of birth does not match Social Security records—the bank will ask you to correct it before saving the beneficiary.

Naming multiple beneficiaries or changing your choice

You can name more than one beneficiary on the same checking account. You decide what percentage each one receives. For example, you could name your spouse to receive 60 percent and your two adult children to receive 20 percent each. When you die, the account balance is divided according to those percentages.

You can also name a primary beneficiary and one or more contingent (backup) beneficiaries. The contingent beneficiary receives the money only if the primary beneficiary dies before you do. This is useful if you want to make sure the money goes to your family even if circumstances change.

To change or remove a beneficiary, log into your Bank of America account and go back to the beneficiary section. You can update the percentages, remove someone entirely, or add a new person. The change takes effect when ready. You do not need the beneficiary's permission to make changes.

What happens to the account after you die

When you die, the person or people you named as beneficiaries can contact Bank of America and claim the account. They will need to provide a death certificate and proof of their identity. Bank of America will verify that they are the correct beneficiary and transfer the money to them.

The process usually takes a few weeks. Bank of America may freeze the account temporarily while they verify the death certificate and the beneficiary's identity. Once verified, the money goes to the beneficiary's own account or is issued as a check.

If you name a minor as a beneficiary, Bank of America may hold the money in a blocked account until the minor reaches the age of majority (usually 18 or 21, depending on state law). The minor's parent or guardian can petition the court to access the money for the minor's care and education.

POD beneficiaries versus joint owners and wills

A payable-on-death beneficiary is not the same as a joint owner. A joint owner can withdraw money, write checks, and make decisions about the account right now, while you are alive. A POD beneficiary has no access until after you die. If you want someone to help you manage money while you are alive, you need a joint owner, not a POD beneficiary.

A POD beneficiary also bypasses your will. If your will says the money should go to your estate or to someone else, the POD designation overrides that. The money goes directly to the POD beneficiary, not through probate. This can be faster and cheaper than probate, but it also means the money does not go through your will.

If you do not name a POD beneficiary and you do not have a will, the money in the account goes to your next of kin according to your state's intestacy laws. This usually means your spouse, then your children, then your parents. The process goes through probate court, which takes longer and costs more than a POD transfer.

Limits and things to know

Bank of America allows you to name as many beneficiaries as you want on a single account, but each one must have a unique Social Security number or tax ID. You cannot name the same person twice with different percentages.

If you name a beneficiary and then get divorced, the beneficiary designation does not automatically change. You have to update it yourself. Some states have laws that remove a spouse as a beneficiary after divorce, but Bank of America will not do this automatically—you need to make the change.

If the account has a negative balance when you die (meaning you owed the bank money), the beneficiary does not inherit the debt. The bank covers the loss from the account balance or other assets. The beneficiary only receives money if there is a positive balance left after the bank takes its fees.

Frequently Asked Questions

Can I name a beneficiary on a savings account too?

Yes. Bank of America allows POD beneficiaries on both checking and savings accounts. The process is the same: log into your account, find the beneficiary section, and enter the information. You can name different beneficiaries on different accounts if you want.

What if my beneficiary dies before I do?

If you named only one beneficiary and they die before you, the account goes through probate when you die. If you named a contingent (backup) beneficiary, the money goes to them instead. You can update the beneficiary at any time, so if someone dies, log into your account and change it.

Does the beneficiary have to pay taxes on the money?

The beneficiary does not pay federal income tax on the money they inherit from a POD account. However, if the account earned interest before you died, that interest may be taxable to your estate. State inheritance taxes vary—some states have them and some do not. The beneficiary should check with a tax professional about their specific situation.

Can I remove a beneficiary after I name them?

Yes. You can remove a beneficiary at any time by logging into your Bank of America account and deleting them from the beneficiary section. You do not need the beneficiary's permission. The change takes effect when ready.

What if I want someone to access my account while I'm alive?

A POD beneficiary cannot access the account while you are alive. If you want someone to help you manage money or make withdrawals now, you need to add them as a joint owner or give them power of attorney. These are different from a beneficiary and require different paperwork.

This guide is for general information only and is not medical, financial, legal, or other professional advice. For decisions specific to your situation, consult a qualified professional. See our Editorial Policy.