You can add a beneficiary to most Bank of America accounts through Online Banking in about five minutes

Log into your Bank of America Online Banking account, go to the account you want to modify, and look for a settings or account details section—the exact label varies by account type. Select the option to add a beneficiary or payable-on-death (POD) designation. You'll enter the beneficiary's name, Social Security number or tax ID, date of birth, and relationship to you. Bank of America will ask you to confirm the information, and the designation takes effect immediately, though it won't show up in your account until the next business day.

The process differs slightly depending on whether you're adding a beneficiary to a savings account, checking account, or certificate of deposit (CD). Some account types—like certain investment accounts—may require you to use a different process or contact a representative by phone. If you run into trouble finding the option online, calling Bank of America at the number on the back of your card is faster than visiting a branch.

Key Takeaways

  • Bank of America lets you name a beneficiary online for checking, savings, and CD accounts, and the change takes effect right away.
  • You will need the beneficiary's full name, date of birth, Social Security number or tax ID, and your relationship to them.
  • A payable-on-death designation does not give the beneficiary access to your account while you are alive—it only transfers the money after you die.
  • If you cannot find the beneficiary option in Online Banking, call Bank of America or visit a branch, because some account types require a different process.

Where to find the beneficiary option in Online Banking

Start by logging into Bank of America Online Banking on a computer or the mobile app. Navigate to the account you want to add a beneficiary to—this works for most checking and savings accounts. Look for a menu labeled "Account Settings," "Manage Account," "Account Details," or "Profile Settings." The exact wording depends on which version of Online Banking you're using and what type of account it is.

Once you're in the account settings area, search for an option that says "Add Beneficiary," "Payable on Death," "POD Beneficiary," or "Designate Beneficiary." If you see multiple options, choose the one that matches your account type. For example, a savings account might say "Add Savings Account Beneficiary." Click that option to start the process.

Information you need to have ready

Before you begin, gather the following details about the person you want to name as beneficiary: their full legal name (first, middle, and last), date of birth, and either their Social Security number or tax identification number. You'll also need to specify your relationship to them—for example, spouse, child, parent, or sibling. Bank of America will ask for this information in the form.

If you're naming multiple beneficiaries, you can add them one at a time through the same process. Bank of America will ask you to specify what percentage of the account each beneficiary receives. The percentages must add up to 100 percent. If you don't specify percentages, the account will typically be divided equally among all beneficiaries you name.

What happens after you submit the form

After you enter all the information and click confirm, Bank of America processes the request immediately. The beneficiary designation becomes active right away, though it may not display in your online account until the next business day. You should receive a confirmation email at the address associated with your account. Keep this confirmation for your records.

The beneficiary does not receive any notification that you've named them, and they cannot access your account while you're alive. A payable-on-death designation is separate from your will—it transfers the money directly to the beneficiary outside of probate when you die, which is usually faster than going through the court system. If you later change your mind, you can remove or replace the beneficiary through the same Online Banking menu.

Account types that work with online beneficiary designation

Bank of America allows you to add a beneficiary online to most checking accounts, savings accounts, and certificates of deposit (CDs). Money Market Accounts also support online beneficiary designation. If you have a joint account, both account owners can view the beneficiary information, but typically only the primary account holder can make changes.

Some account types—particularly investment accounts, retirement accounts (IRAs), or accounts held in a trust—may not allow you to add a beneficiary through Online Banking. If you don't see the beneficiary option for your account, it means that account type requires a different process. Call Bank of America at the number on your card or visit a branch to find out how to designate a beneficiary for that specific account.

If you cannot find the option or run into an error

If you've logged into Online Banking and cannot locate the beneficiary option, the most common reasons are: the account type doesn't support online designation, you're using an older version of the app that hasn't been updated, or your account has restrictions that prevent changes. Try logging out and logging back in, or try using a different browser or device.

If the problem persists, call Bank of America customer service at the number on the back of your debit or credit card. A representative can confirm whether your account type supports online beneficiary designation and can walk you through the process over the phone or help you set it up in person at a branch. This usually takes 10 to 15 minutes.

Changing or removing a beneficiary later

You can change or remove a beneficiary at any time using the same Online Banking menu where you added them. Go to account settings, find the beneficiary section, and select the option to edit or delete. Make your changes and confirm. The update takes effect immediately, just like the original designation.

If you're removing a beneficiary because you've passed away and your beneficiary is trying to claim the account, they will need to contact Bank of America directly with a death certificate and proof of their identity. The bank will verify the beneficiary designation and transfer the funds according to your instructions.

Frequently Asked Questions

Can I add a beneficiary to a joint account?

Yes, but both account owners can see the beneficiary information. Usually only the primary account holder can make changes to the beneficiary designation. If you're a co-owner and want to add a beneficiary, contact Bank of America to confirm who has the authority to make that change.

What happens to the money if the beneficiary dies before I do?

The funds go to your estate and are distributed according to your will or state law. The payable-on-death designation becomes void if the beneficiary dies first. You should review your beneficiary designations periodically, especially after major life changes.

Does naming a beneficiary override my will?

Yes. A payable-on-death designation transfers money directly to the beneficiary outside of probate, which means it bypasses your will. If your will says something different, the beneficiary designation controls what happens to that specific account.

Can I name a minor as a beneficiary?

You can name a minor, but the money cannot be released to them directly until they reach the age of majority (usually 18). Bank of America will hold the funds or require a court-appointed guardian to manage them. Consider naming an adult or a trust instead if you want more control over how the money is used.

Is there a fee to add a beneficiary?

No. Bank of America does not charge a fee to add, change, or remove a beneficiary designation on checking, savings, or CD accounts.