Adding a beneficiary to your Chase bank account via the app is a crucial step for ensuring your finances are handled according to your wishes, especially for investment accounts. Whether it's for an individual investment account, a retirement account, or even sometimes for direct transfers, knowing how to set up beneficiaries provides peace of mind. While the Chase app is primarily designed for managing everyday banking tasks, tracking spending, and making quick transfers, it also offers features for managing beneficiaries for certain account types, specifically investment accounts.
Let's dive into a comprehensive, step-by-step guide to help you navigate this process within the Chase Mobile® app.
How to Add a Beneficiary to Your Chase Bank Account App: A Step-by-Step Guide
Hey there! Ready to take control of who inherits your assets? Adding a beneficiary is a smart move, and we're going to walk through it together right now using the Chase Mobile® App. Let's get started!
Step 1: Access Your Chase Mobile® App and Log In Securely
First things first, you'll need to open your Chase Mobile® app on your smartphone or tablet.
Locate the App: Find the Chase Mobile® app icon on your device's home screen or app drawer. It's usually a blue icon with "Chase" written on it.
Secure Login: Tap the icon to open the app. You'll then be prompted to log in. This usually involves entering your username and password. For enhanced security, you might also use Touch ID, Face ID, or fingerprint login if you've enabled these features on your device. Ensure you are on a secure and trusted network.
Step 2: Navigate to Account Settings
Once you're securely logged in, you'll land on your account overview page. From here, we need to find the settings related to your profile and accounts.
Find Your Profile/Settings: Look for an icon typically located at the top right corner of the app screen. This is often a person-shaped icon or a gear/cog icon that signifies "Profile" or "Settings." Tap on it.
Locate "Settings": In the menu that appears, you should see an option like "Settings." Tap this to proceed.
Step 3: Find the Beneficiary Management Section
Within the "Settings" menu, you're looking for the section specifically dedicated to managing beneficiaries. Keep in mind that beneficiary options are primarily available for investment accounts with J.P. Morgan Wealth Management through Chase.
Look for "Investments" or "Account Maintenance": Scroll through the settings options. You're likely to find a heading such as "Investments" or "Account Maintenance." This is where beneficiary management for investment products typically resides.
Select "Beneficiaries": Under the relevant heading, tap on "Beneficiaries."
Step 4: Choose the Account for Beneficiary Assignment
If you have multiple accounts with Chase, especially various investment accounts, you'll need to select the specific one for which you want to add or manage beneficiaries.
Identify the Account: A list of your eligible accounts (e.g., brokerage accounts, retirement accounts like IRAs) should appear. Carefully select the account you wish to assign beneficiaries to.
Tap "Edit" or "Add Beneficiary": Once you've selected the account, you should see an option to "Edit" your current beneficiaries or "Add Beneficiary" if none are designated yet.
Step 5: Provide Beneficiary Details
This is where you'll input the necessary information for your chosen beneficiary. The details required will vary slightly depending on whether the beneficiary is a person, a trust, or a charity/organization.
Sub-step 5.1: For a Person (Individual) Beneficiary
If you're adding a person, you'll typically need the following:
Full Name: First Name and Last Name.
Relationship: Specify their relationship to you (e.g., Spouse, Child, Parent, Sibling, Friend, Other).
Social Security Number (SSN): This is crucial for identification.
Date of Birth: To confirm their age and identity.
Contact Information: Phone number and email address (optional but recommended for communication).
Address: Their full residential address (Street, City, State, Zip Code).
Sub-step 5.2: For a Trust Beneficiary
If you're designating a trust, you'll need specific trust details:
Trust Name: The legal name of the trust.
Tax ID (EIN): The Employer Identification Number for the trust.
Holding Financial Institution: If applicable.
Contact Information: Phone number and email address for the trust's contact person (optional).
Address: The trust's official address.
Sub-step 5.3: For a Charity/Organization Beneficiary
For a charity or organization, provide:
Business Name: The full legal name of the charity or organization.
Employer Identification Number (EIN): Their tax identification number.
Contact Information: Phone number and email address (optional).
Address: The official address of the charity/organization.
Step 6: Designate Primary and Contingent Beneficiaries (and Allocation)
This is a critical step in ensuring your wishes are fully met.
Primary Beneficiary: This is the person or entity who will first inherit the assets. You can designate multiple primary beneficiaries and specify the percentage of the assets each will receive (e.g., 50% to Person A, 50% to Person B).
Contingent Beneficiary: These beneficiaries will inherit the assets only if all primary beneficiaries are no longer able to receive them (e.g., if they predecease you). It's highly recommended to add contingent beneficiaries for a complete plan. You can also specify allocation percentages for contingent beneficiaries.
Allocate Percentages: For both primary and contingent beneficiaries, you will be prompted to enter the percentage of the account they should receive. Ensure the total allocation for primary beneficiaries equals 100%, and the total for contingent beneficiaries also equals 100%.
Step 7: Review and Confirm
Before finalizing, the app will display a summary of the beneficiary information you've entered.
Carefully Review: Double-check all names, relationships, SSNs/EINs, addresses, and allocation percentages. Even a small typo can cause significant delays or issues later.
Read Certifications: You may need to review and agree to certain certification statements.
Confirm Submission: If everything looks correct, tap "Submit" or "Confirm" to finalize the addition of your beneficiary. You should receive a confirmation message within the app and possibly an email.
Step 8: Keep Your Information Updated
Life changes, and so should your beneficiary designations.
Periodic Review: Make it a habit to review your beneficiaries periodically, especially after major life events such as marriage, divorce, birth of a child, or death of a loved one.
Updating Information: You can revisit the "Beneficiaries" section in the app at any time to edit existing beneficiary details, change allocations, or remove beneficiaries.
Frequently Asked Questions (FAQs)
How to check current beneficiaries on Chase app?
You can check your current beneficiaries by logging into the Chase Mobile® app, navigating to "Profile & Settings" (or the profile icon), then "Investments," and finally "Beneficiaries." Select the relevant account to view designated beneficiaries.
How to change beneficiary percentage allocation in Chase app?
To change beneficiary percentages, go to "Profile & Settings" > "Investments" > "Beneficiaries" in the Chase app. Select the account, tap "Edit" on the beneficiary list, and adjust the percentages for each beneficiary as needed. Ensure the total adds up to 100%.
How to remove a beneficiary from a Chase account via app?
Within the "Beneficiaries" section under "Profile & Settings" in the Chase Mobile® app, select the account and then choose the option to "Edit" or "Remove" next to the specific beneficiary you wish to delete. You may need to reallocate percentages if you remove a primary beneficiary.
How to add a contingent beneficiary on Chase app?
After adding your primary beneficiary (or if one already exists), go back to the "Beneficiaries" section for your chosen account. You should see an option to "Add Contingent Beneficiary" or designate an existing one as contingent.
How to find my Chase investment account number for beneficiary purposes?
Your Chase investment account number can typically be found on your account statements, within the account details section of the Chase Mobile® app (by tapping on the specific investment account), or by contacting Chase customer service.
How to contact Chase support for beneficiary assistance?
You can contact Chase customer support by calling the number on the back of your debit card, or by using the "Contact Us" feature within the Chase Mobile® app. For investment accounts, you might also find specific contact information for J.P. Morgan Wealth Management within the investment section of the app or on the Chase website.
How to know if my Chase account is eligible for beneficiary designation in the app?
Generally, only investment accounts (like brokerage accounts and IRAs) managed by J.P. Morgan Wealth Management through Chase are eligible for beneficiary designation via the app. Standard checking and savings accounts typically do not have this feature, as their funds pass through your estate.
How to add a trust as a beneficiary in the Chase app?
When adding a beneficiary, select "Trust" as the recipient type. You will then be prompted to enter the trust's legal name, its Employer Identification Number (EIN), and its official address, along with any other required information.
How to add a charity as a beneficiary using the Chase app?
Choose "Charity/Organization" as the beneficiary type when adding. You'll need the charity's full legal name, its Employer Identification Number (EIN), and its official address to complete the designation.
How to get a confirmation of beneficiary changes in Chase app?
After successfully adding or updating beneficiaries, the Chase Mobile® app will typically display a confirmation message on the screen. You may also receive an email notification confirming the changes to your account beneficiaries. Always verify these confirmations.
