You can name a beneficiary on your Bank of America checking account in about five minutes, either online or 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 one or more beneficiaries directly to your checking account without needing a will or going to a lawyer. The process is straightforward: you provide the person's name, Social Security number or tax ID, and their relationship to you. Bank of America then contacts them after your death to transfer the funds.
This is different from a will. A will goes through probate court, which takes months and costs money. A beneficiary on your bank account transfers directly and when ready, without court involvement. If you name a beneficiary on your checking account and also name someone different in your will, the bank account goes to the beneficiary you named with the bank—the will does not override it.
You do not need to tell the beneficiary you named them. The bank will contact them after you die with instructions on how to claim the account.
Key Takeaways
- You can add a beneficiary online through Bank of America's website, by phone at 1-800-432-1000, or in person at any branch.
- You will need the beneficiary's full legal name, date of birth, and Social Security number or tax ID before you start.
- Bank of America allows multiple beneficiaries on one account, and you can specify what percentage each person receives.
- The beneficiary designation overrides your will, so if you have conflicting instructions in both places, the bank account goes to whoever you named with the bank.
- You can change or remove a beneficiary at any time during your lifetime with no penalty.
Adding a beneficiary online through your Bank of America account
Log into your Bank of America online banking account and go to the account settings or profile section. Look for an option labeled "Beneficiaries," "Transfer on Death," or "POD Account" (POD stands for "Payable on Death"). Click to add a new beneficiary.
Enter the beneficiary's full legal name exactly as it appears on their government ID, their date of birth, and their Social Security number or tax ID. You will also choose their relationship to you—spouse, child, parent, sibling, or other. Bank of America will ask you what percentage of the account each beneficiary should receive if you name more than one person. The percentages must add up to 100 percent.
Review the information for accuracy, then submit. Bank of America will send you a confirmation email. The beneficiary designation is now active. You do not need to sign anything or visit a branch.
Adding a beneficiary by phone or at a branch
Call Bank of America at 1-800-432-1000 and tell the representative you want to add a beneficiary to your checking account. Have the beneficiary's full legal name, date of birth, and Social Security number or tax ID ready. The representative will walk you through the process and confirm the information before finalizing the change.
Alternatively, visit any Bank of America branch in person. Bring your ID and the same information about your beneficiary. A banker can add the beneficiary while you are there and give you a written confirmation on the spot. This method is useful if you want to ask questions face-to-face or if you are not comfortable doing it online.
What happens if you name multiple beneficiaries
You can name as many beneficiaries as you want on a single checking account. When you add each one, you specify what percentage of the account they receive. For example, you could name your spouse to receive 50 percent and your two adult children to receive 25 percent each.
When you die, the account is divided according to the percentages you set. Each beneficiary receives their share directly from the bank without probate. If you do not specify percentages, Bank of America will divide the account equally among all beneficiaries you named.
You can change the percentages at any time by logging back into your account or calling the bank. You can also remove a beneficiary entirely and name someone new.
Changing or removing a beneficiary later
If your circumstances change—you get divorced, have a child, or straightforward change your mind—you can update your beneficiary designation anytime. Log into your Bank of America account, go to the beneficiaries section, and click to edit or delete. Make your changes and submit. The new designation takes effect when ready.
You can also call 1-800-432-1000 or visit a branch to make changes. Bank of America will not charge you a fee to update your beneficiary, and there is no waiting period. The change is effective right away, so if you die the day after you update it, the new beneficiary receives the account.
What Bank of America needs from you and your beneficiary
| Information needed | Who provides it | When |
|---|---|---|
| Your account number and PIN or online password | You | When you log in or call to add the beneficiary |
| Beneficiary's full legal name | You (you provide it; the beneficiary does not need to be involved) | When you set up the designation |
| Beneficiary's date of birth | You | When you set up the designation |
| Beneficiary's Social Security number or tax ID | You | When you set up the designation |
| Proof of the account holder's death | Beneficiary | After you die, when they claim the account |
You do not need the beneficiary's permission to name them, and you do not need to tell them. Bank of America will contact them after your death with a death certificate and instructions on how to claim the funds. The beneficiary will need to provide identification and proof of your death (usually a certified death certificate) to receive the money.
How the beneficiary claims the account after you die
When you die, your family or the executor of your estate should notify Bank of America. You can do this by calling 1-800-432-1000 or visiting a branch with a death certificate. Bank of America will freeze the account and begin the process of contacting your named beneficiary.
The beneficiary will receive a letter from Bank of America with instructions. They will need to provide their ID and a certified copy of your death certificate. Bank of America will then transfer their share of the account directly to them, usually within a few weeks. The beneficiary does not have to go to court or hire a lawyer.
If you did not name a beneficiary, the account becomes part of your estate and goes through probate, which takes several months to over a year depending on your state and the complexity of your estate.
Frequently Asked Questions
Can I name someone who is not a family member as a beneficiary?
Yes. You can name anyone—a friend, a charity, a business partner, or anyone else. Bank of America only requires their full legal name, date of birth, and Social Security number or tax ID. You do not need to be related to name someone as a beneficiary.
What if I name a beneficiary but also mention someone different in my will?
The beneficiary you named with Bank of America receives the checking account. Your will does not override the beneficiary designation on the bank account. If you want the account to go to the person named in your will instead, you must remove the beneficiary from the bank account first.
Does naming a beneficiary cost money?
No. Bank of America does not charge a fee to add, change, or remove a beneficiary on your checking account. It is a free service.
What if my beneficiary dies before I do?
The account goes to your remaining beneficiaries according to the percentages you set. If you named only one beneficiary and they die before you, the account becomes part of your estate. You should update your beneficiary designation if someone you named passes away.
Can I name a minor as a beneficiary?
Yes, but the money cannot be released to them until they reach the age of majority in your state (usually 18). Bank of America will hold the funds until then, or you can name a guardian or custodian to manage the money on their behalf. Speak with a banker about setting up a custodial arrangement if you want to name a child.