You can name a beneficiary on a Chase checking account 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. Chase lets you add one or more beneficiaries to a checking account, and the process takes about 10 minutes if you do it online. The account transfers directly to that person outside of probate — meaning they can access the funds without waiting for a court process or a will to be read.

You can set up a beneficiary right now if you have an active Chase checking account and online banking access. You do not need to visit a branch, though you can if you prefer. Chase does not charge a fee to name or change a beneficiary.

Key Takeaways

  • You can add a beneficiary to your Chase checking account online, by phone at 1-800-935-9935, or at any Chase branch in person.
  • The money goes directly to your beneficiary when you die and bypasses probate, meaning they can access it faster than through a will.
  • You can name more than one beneficiary and decide what percentage each person receives.
  • You can change or remove a beneficiary at any time while you are alive, and the new choice takes effect immediately.
  • Chase does not charge a fee to set up, change, or remove a beneficiary.

Setting up a beneficiary online through Chase.com

Log into your Chase account at chase.com and go to the checking account you want to add a beneficiary to. Look for the account settings or details section — this is usually found under "Account Services" or "Manage Account." Click on "Beneficiaries" or "Add Beneficiary."

Enter the beneficiary's full name, date of birth, and Social Security number. Chase will ask you to specify what percentage of the account that person receives if you name more than one beneficiary. The percentages must add up to 100 percent. Once you enter the information, review it carefully and submit. Chase will send you a confirmation email, and the beneficiary designation takes effect immediately.

If you cannot find the beneficiary option in your online account, call Chase at 1-800-935-9935 and ask to speak with someone who can help you add a beneficiary. Have your account number and the beneficiary's information ready.

Adding a beneficiary over the phone

Call Chase at 1-800-935-9935 and tell the representative you want to add a beneficiary to your checking account. They will ask you to verify your identity by providing your account number, the last four digits of your Social Security number, and possibly a PIN or password. Have the beneficiary's full name, date of birth, and Social Security number ready.

The representative will enter the information into the system and read it back to you to confirm. They will tell you the beneficiary designation is now active. You will receive a written confirmation in the mail within a few business days. Keep this confirmation with your important documents.

Setting up a beneficiary in person at a Chase branch

Visit any Chase branch with your ID and ask to speak with a banker about adding a beneficiary to your checking account. Bring the beneficiary's full name, date of birth, and Social Security number. The banker will fill out the paperwork and have you sign it. The beneficiary designation takes effect immediately, and you will receive a copy of the form for your records.

This method is useful if you want to ask questions in real time or if you prefer to handle financial matters face-to-face. There is no wait time to set up a beneficiary this way — it happens during your visit.

What happens if you name more than one beneficiary

You can name as many beneficiaries as you want on a Chase checking account. When you add multiple beneficiaries, you must assign each one a percentage of the account. For example, you could give 50 percent to your spouse and 25 percent each to two adult children. The percentages must total 100 percent, and Chase will not let you submit the form if they do not.

When you die, each beneficiary receives their designated percentage. The money is divided according to your instructions, and each person can claim their share. If one beneficiary dies before you do, their share goes to the remaining beneficiaries unless you have named an alternate or contingent beneficiary.

Changing or removing a beneficiary

You can change a beneficiary at any time while you are alive. Log into your Chase account online, go to the beneficiary section, and select the beneficiary you want to change. You can update their information, change the percentage they receive, or remove them entirely. The change takes effect immediately.

If you want to remove all beneficiaries, you can do that too — just delete each one from the list. If you have no beneficiary named when you die, the money in your account becomes part of your estate and goes through probate. Naming a new beneficiary or updating an existing one takes the same amount of time as the original setup, and there is no fee.

The difference between a beneficiary and a joint account holder

A beneficiary has no access to your account while you are alive. They cannot withdraw money, see the balance, or make deposits. They only receive the money after you die. A joint account holder, by contrast, can access the account right now and has full control over the money at any time.

If you want someone to be able to use the account while you are alive, you need to make them a joint owner, not a beneficiary. If you only want them to receive the money after you die, a beneficiary designation is the right choice. You can have both — for example, a spouse as a joint owner and adult children as beneficiaries — but they serve different purposes.

Frequently Asked Questions

Can I name my minor child as a beneficiary?

Yes, you can name a minor as a beneficiary, but the money cannot be released to them directly until they turn 18 or 21, depending on your state. You may want to name a guardian or trustee as the beneficiary instead, or set up a trust to manage the money for your child. Talk to an estate planning attorney about the best way to handle this.

What if my beneficiary dies before I do?

If your beneficiary dies before you, their share does not automatically go to anyone else unless you have named a contingent beneficiary. The money becomes part of your estate. You should update your beneficiary designation after a beneficiary dies to avoid confusion and make sure the money goes where you want it to.

Does naming a beneficiary avoid taxes?

Naming a beneficiary does not avoid taxes, but it does avoid probate. Your beneficiary may owe federal or state taxes on the money they receive, depending on the size of your estate and where you live. Talk to a tax professional or estate attorney about the tax implications for your situation.

Can I name a charity or organization as a beneficiary?

Yes, you can name a charity or nonprofit organization as a beneficiary. You will need their legal name and tax ID number. This is a way to leave money to a cause you care about without going through probate.

What if I want to change my beneficiary but I cannot access online banking?

Call Chase at 1-800-935-9935 or visit a branch in person. A representative can help you change your beneficiary over the phone, or a banker can do it for you at the branch. You will need to verify your identity either way.