You can add a beneficiary to a Chase checking account, but the process depends on whether you want a payable-on-death (POD) designation or a joint owner

Chase allows you to name someone to receive your checking account after you die through a payable-on-death (POD) beneficiary designation. This is different from adding a joint owner. A POD beneficiary has no access to the account while you are alive — they receive whatever remains in the account after your death, outside of probate. A joint owner, by contrast, can access and withdraw money immediately and owns the account with you right now.

The method you use depends on which one you need. If you want someone to have access to your money while you are alive, you add them as a joint owner through Chase's online banking or at a branch. If you want them to inherit the account only after you die, you add them as a POD beneficiary, which requires a form and typically takes a few days to process.

Key Takeaways

  • A payable-on-death beneficiary receives your account balance after you die but cannot access it while you are alive; a joint owner can access the account immediately.
  • To add a POD beneficiary, you must complete Chase's beneficiary designation form in person at a branch or request it by phone, then provide the beneficiary's full name, date of birth, and Social Security number or tax ID.
  • To add a joint owner, you can do it online through Chase's website or mobile app, or visit a branch with the person you want to add and a valid ID.
  • Chase does not charge a fee to add a beneficiary or joint owner to a checking account.
  • If you die without naming a beneficiary, your account goes through probate and the court decides who receives the money based on your state's laws.

How to add a payable-on-death beneficiary at Chase

To add a POD beneficiary, you must visit a Chase branch in person or call Chase to request the beneficiary designation form. Chase does not allow you to add a POD beneficiary through online banking. When you go to the branch or call, have the following information ready: the full legal name of the person you want to name, their date of birth, and their Social Security number or tax ID number.

At the branch, a banker will complete the form with you and have you sign it. The form becomes effective once Chase processes it, which usually takes three to five business days. You will receive confirmation in the mail. If you call, Chase will mail you the form to sign and return. Keep a copy for your records once it is processed.

You can name more than one POD beneficiary on a single account. If you name multiple beneficiaries and do not specify how much each one receives, Chase will divide the account balance equally among them after you die.

How to add a joint owner to your Chase checking account

To add a joint owner, you can use Chase's online banking or mobile app if both you and the person you want to add are existing Chase customers. Log in to your account, go to Settings or Account Services, and look for the option to add an authorized user or joint owner. Follow the prompts and enter the other person's Chase customer ID or the email address associated with their Chase account. They will receive a notification to accept the invitation.

If the person you want to add is not a Chase customer, or if you prefer to do it in person, visit a Chase branch with that person and a valid government-issued ID. Bring your debit card or account number. The banker will verify both of your identities and complete the paperwork. The joint owner status takes effect immediately, and both of you will be able to access and withdraw money from the account.

Once someone is a joint owner, they have full legal rights to the account. They can withdraw all the money, close the account, or change account settings without your permission. Choose a joint owner carefully and only if you trust them completely with your money.

What happens to your account if you do not name a beneficiary

If you die without naming a POD beneficiary or joint owner, your checking account becomes part of your estate. The account will be frozen, and your heirs will have to go through probate court to access the money. Probate can take several months to over a year, depending on your state and the complexity of your estate. During that time, no one can withdraw money from the account, and bills cannot be paid from it.

The court will distribute the money according to your state's intestacy laws, which typically prioritize spouses, then children, then parents, then siblings. If you have no relatives, the money may go to the state. Naming a POD beneficiary or joint owner avoids this process and gets money to the person you choose much faster.

The difference between POD beneficiary and joint owner for tax and legal purposes

A POD beneficiary has no tax liability on the account while you are alive. After you die, they inherit the account balance, and the funds are not subject to income tax (though they may be part of your taxable estate for estate tax purposes, depending on the size of your total assets). The beneficiary receives a "step-up" in basis, meaning the account value is reset to its value on the date of death for tax purposes.

A joint owner is treated differently. If you add someone as a joint owner, you may owe gift tax if the account value exceeds the annual gift tax exclusion (which varies by year). Additionally, if the joint owner contributed money to the account, they may claim ownership of that portion. After you die, the joint owner automatically owns the entire remaining balance and does not have to go through probate, but the account may be subject to creditors' claims or disputes with other heirs.

For most people, a POD beneficiary is simpler and safer than a joint owner because it avoids gift tax issues and keeps the account in your control while you are alive.

Removing or changing a beneficiary or joint owner

You can change or remove a POD beneficiary at any time by visiting a Chase branch or calling to request a new beneficiary designation form. Complete the form with the new beneficiary's information, sign it, and return it to Chase. The change takes effect once Chase processes it. You can also remove a beneficiary entirely by submitting a form that names no one.

To remove a joint owner, you must visit a Chase branch in person. Bring your ID and account information. The banker will process the removal, and the person will no longer have access to the account. If you want to remove a joint owner who is also a Chase customer, you may be able to do it through online banking, but calling or visiting a branch is the safest way to ensure it is completed correctly.

Frequently Asked Questions

Can I add a beneficiary online through Chase's website or app?

No. Chase requires you to add a payable-on-death beneficiary in person at a branch or by phone. You can add a joint owner online if both of you are Chase customers, but a POD beneficiary must be added through a paper form at a branch or by mail.

What if my beneficiary dies before I do?

If your POD beneficiary dies before you, the designation becomes void. The account will go through probate unless you name a new beneficiary. You should update your beneficiary designation whenever a major life event occurs — a death, divorce, marriage, or birth of a child.

Can I name my minor child as a beneficiary?

Yes, you can name a minor as a POD beneficiary. However, when you die, the money cannot be given directly to the child because they cannot legally manage it. The court will appoint a guardian or conservator to manage the funds until the child reaches the age of majority (usually 18 or 21, depending on your state).

Does adding a joint owner affect my credit score?

No. Adding a joint owner to a checking account does not affect either person's credit score. Credit scores are based on borrowing and repayment history, not on account ownership.

What if I want to leave money to someone but do not want them to have access to my account while I am alive?

Use a payable-on-death beneficiary designation instead of a joint owner. A POD beneficiary receives the account only after you die and has no access to it while you are alive. This is the safest option if you want to protect your money during your lifetime.