You can name a beneficiary on most Bank of America accounts through online banking, by phone, or in person at a branch

A beneficiary is a person you name to receive the money in your account if you die. Bank of America lets you add a beneficiary to checking accounts, savings accounts, and money market accounts. The process takes about 10 minutes if you do it online, and the beneficiary has no access to your account while you are alive — they only receive the funds after your death, without the account going through probate (the court process that normally handles money in a will).

You will need your account number and the full legal name, date of birth, and Social Security number of the person you want to name. If you do not have all that information ready, you can gather it first and come back.

Key Takeaways

  • Bank of America calls beneficiaries "payable on death" or POD beneficiaries, and you can name them online through your account settings, by calling customer service, or by visiting a branch in person.
  • The beneficiary receives the account balance directly after your death without the money being held up in probate court, but they have no access to the account while you are alive.
  • You will need the beneficiary's full legal name, date of birth, and Social Security number before you start the process.
  • You can change or remove a beneficiary at any time using the same method you used to add them.

Adding a beneficiary through Bank of America online banking

Log into your Bank of America account on the website or mobile app. Go to the account you want to add a beneficiary to — this works on checking, savings, and money market accounts. Look for a menu option labeled "Account Settings," "Manage Account," or "Account Details" (the exact wording varies depending on whether you are on the website or app).

Find the section for beneficiaries or "Payable on Death" designations. Click or tap to add a new beneficiary. You will be asked to enter the beneficiary's full legal name exactly as it appears on their government ID, their date of birth, and their Social Security number. Bank of America will ask you to confirm the information before saving it.

The change usually takes effect when ready in your online account, though it can take one to two business days to show up in the bank's full system. You will receive a confirmation email or message in your account.

Adding a beneficiary by phone or at a branch

Call Bank of America customer service at 1-800-432-1000 and tell them you want to add a payable on death beneficiary to your account. Have your account number and the beneficiary's information ready. A representative will walk you through the process and confirm the details with you before recording the change.

You can also visit any Bank of America branch in person. Bring your ID and your account number. A banker will help you fill out the beneficiary form and answer any questions. This method is useful if you want to discuss the process face-to-face or if you prefer not to do it online.

What happens if you name multiple beneficiaries

Bank of America allows you to name more than one beneficiary on the same account. If you do, you will need to decide how the money is split — either equally among all beneficiaries, or in percentages you specify (for example, 60% to one person and 40% to another).

When you die, each beneficiary receives their share directly. They do not have to go to court or wait for a will to be read. This is one reason people use payable on death accounts — it is faster and simpler than probate for the people who inherit.

Changing or removing a beneficiary

You can change your beneficiary at any time using the same method you used to add them. Log into online banking and go to the beneficiary section, call customer service, or visit a branch. Remove the old beneficiary and add the new one. The change takes effect when ready.

If you want to remove a beneficiary without naming someone new, you can do that too. The account will then have no beneficiary on file, and the money will go through probate when you die instead of passing directly to someone.

Important things to know about beneficiaries

A beneficiary designation overrides what your will says. If your will names one person to inherit your bank account but your Bank of America account names a different person as beneficiary, the beneficiary on the account wins. For this reason, it is important to keep your beneficiary information up to date — especially after major life changes like marriage, divorce, or the birth of children.

The beneficiary has no access to the account while you are alive, even if they know the account exists. They cannot withdraw money, see the balance, or make changes. Only after you die and the bank is notified will they be able to claim the funds.

Bank of America does not charge a fee to add, change, or remove a beneficiary. It is a free service included with your account.

Frequently Asked Questions

Can I name my child as a beneficiary if they are under 18?

Yes, you can name a minor as a beneficiary. However, when you die, the money cannot be given directly to a child under 18 in most states. Bank of America will hold the funds until the child reaches the age of majority (usually 18), or the funds may go to a court-appointed guardian. You may want to speak with a lawyer about whether a trust would work better for your situation.

What if my beneficiary dies before I do?

The beneficiary designation becomes void. The money will not go to the beneficiary's heirs — it will go through probate as part of your estate instead. You should update your beneficiary information if the person you named dies, or name an alternate beneficiary who will receive the funds if your first choice is no longer living.

Do I need to tell my beneficiary that I named them?

You do not have to, but it is a good idea. Letting them know means they will not be surprised after you die, and they will know to contact the bank to claim the funds. You can also tell them where you keep important documents like your account number and any other account information they might need.

Can I name my estate as a beneficiary?

Technically yes, but it defeats the purpose. If you name your estate as the beneficiary, the money goes through probate anyway, which is slower and more expensive. Naming a person directly is almost always the better choice.

What if I want to leave money to a charity instead of a person?

Bank of America allows you to name a registered charity as a beneficiary. You will need the charity's legal name and tax ID number. This is a way to leave a gift to an organization you care about without the money being tied up in probate.