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How to add a POD beneficiary to a bank account

Ten minutes, usually free.

Adding a payable-on-death (POD) beneficiary usually takes about ten minutes and costs nothing.

1. Log in to your bank's website or app and look for “beneficiaries”, often under account settings or your profile.
2. Can't find it? Call or visit a branch and ask for a POD beneficiary form.
3. Add each person's full legal name. Some banks also ask for a date of birth, address or Social Security number.
4. Naming more than one person? Choose how to split it, for example 50/50.
5. Save or sign, and ask for a confirmation.

POD usually works on checking, savings, CDs and money market accounts. Investment accounts have a similar option called transfer-on-death (TOD).