How to Add a Beneficiary for a Bank Account

How to Add a Beneficiary for a Bank Account
Add a Beneficiary for a Bank Account

Decide who to name as your account beneficiary. You can change account beneficiaries as frequently as you like. If you keep a substantial balance in your account, consider the fact that your beneficiary will have access to use the funds as they please after you die. You can add up to three POD beneficiaries per account. Contact the person you intend to name as the beneficiary and ask for his date of birth and Social Security number. Banks require that information when adding POD beneficiaries to accounts.

Go to your bank. Provide an account representative with your ID and your account number. Ask the representative to add a POD beneficiary to your account. Provide the banker with the name, date of birth and Social Security number of your designated beneficiary. The banker must create a personal profile for the beneficiary and then add her name to your account.

Sign a new signature card for the account. The POD beneficiary does not have to sign a signature card because he only has signing privileges in the event of your death. Ensure that the banker has correctly recorded the beneficiary's name, Social Security number and date of birth.