If you're adding a beneficiary to a checking, savings, or CD account, here are the key things to know:

• A beneficiary is the person or organization that receives the funds in the account when you pass away.
• While you're alive, the beneficiary has no ownership rights to the account. You remain in full control and can change or remove them at any time.
• There is no limit to the number of beneficiaries that can be named on an individual account.
• You can specify how the funds should be divided.

Authorizing a beneficiary

• Beneficiaries are added or updated at a U.S. Bank branch or by phone, using forms that will need a signature.
  See also: How do I add, change or remove a beneficiary on my checking, savings, or CD account?
• Account owners and those with power of attorney privileges are allowed to add or update beneficiary information.
  Important: Generally, the power of attorney cannot name themselves or others as beneficiaries unless specified in the Power of Attorney Agreement. In most cases, the account owner will need to sign.

About the beneficiary

• The following can be named as beneficiaries:
  • Individuals (i.e., adults and minors)
  • Trusts
  • Businesses (e.g., charities, non-profits)
• Beneficiaries don't have signing authority. This means, they don't have to sign a form to add, change, or remove their information. They're also not required to be present at the time of designation or removal.