You can name a beneficiary on your USAA account through their online banking portal, mobile app, or by calling their member service line

A beneficiary is a person you name to receive the money in your account if you die. USAA lets you add one or more beneficiaries to checking, savings, and money market accounts. The process takes about 10 to 15 minutes online, and the change takes effect immediately once you submit it. You do not need the beneficiary's permission to name them, but it is a good idea to tell them afterward so there are no surprises.

The money passes to your beneficiary outside of probate, which means it does not go through the court system and does not become part of your estate. This is faster and simpler than leaving money through a will. If you name multiple beneficiaries, you can decide what percentage each one receives.

Key Takeaways

  • You can add a beneficiary online through USAA's website or mobile app by logging in and navigating to account settings, or by calling member services at the number on the back of your card.
  • USAA will ask for the beneficiary's full name, date of birth, Social Security number, and relationship to you, plus the percentage of the account they should receive.
  • The beneficiary does not need to be a USAA member, and you can name a spouse, child, parent, friend, or charity.
  • You can change or remove a beneficiary at any time while you are alive, and the change takes effect right away.
  • Money left to a beneficiary passes directly to them and does not go through probate court or count as part of your taxable estate.

How to add a beneficiary online through USAA

Log into your USAA account on their website or open the USAA mobile app. Go to the account you want to add a beneficiary to—checking, savings, or money market. Look for a settings or account details section; the exact label varies depending on whether you are on desktop or mobile, but it is usually near the top or bottom of the account view.

Select the option to add or manage beneficiaries. USAA will ask you to enter the beneficiary's full legal name, date of birth, Social Security number, and your relationship to them (spouse, child, parent, other). Then enter the percentage of the account that person should receive. If you are naming multiple beneficiaries, their percentages must add up to 100 percent. Review the information, confirm it is correct, and submit. You will see a confirmation on screen and should receive an email receipt.

The change is active immediately. You do not have to wait for mail or approval. If you ever want to change the percentages, add another beneficiary, or remove someone, you can do the same steps again and the new arrangement replaces the old one.

Adding a beneficiary by phone

Call the USAA member services number on the back of your debit card or on your account statement. Tell the representative you want to add a beneficiary to one of your accounts. They will ask for the same information: the beneficiary's full name, date of birth, Social Security number, your relationship to them, and the percentage they should receive.

The representative will read back the details to confirm everything is correct before processing the request. Once they submit it, the change takes effect right away. Ask for a confirmation number so you have a record of the call. You should receive written confirmation in the mail within a few business days.

What information you need to provide

Before you start, gather the following details about each person you want to name:

  • Their full legal name (as it appears on their birth certificate or government ID)
  • Their date of birth
  • Their Social Security number
  • Your relationship to them (spouse, child, parent, sibling, friend, other)
  • The percentage of the account they should receive (for example, 50 percent each if there are two beneficiaries)

If you want to name a charity or organization as a beneficiary, USAA will ask for the organization's legal name and tax ID number instead of a Social Security number. You can mix individual and organizational beneficiaries on the same account.

Who can be a beneficiary

Your beneficiary does not have to be a USAA member, and they do not have to be a relative. You can name a spouse, child, parent, sibling, friend, domestic partner, or any other person you choose. You can also name a charity, nonprofit organization, or trust as a beneficiary.

If you name a minor (someone under 18), USAA will ask you to name a custodian—an adult who will manage the money until the minor reaches the age of majority in your state, usually 18 or 21. The custodian is not the same as the beneficiary; they simply hold and manage the money on the minor's behalf.

Changing or removing a beneficiary

You can change your beneficiary designation at any time while you are alive. Log back into your USAA account, go to the beneficiary section, and update the name, percentage, or relationship. You can also remove a beneficiary entirely by deleting them from the list. The new arrangement takes effect immediately.

If you get divorced, you should review your beneficiary designations right away. In many states, a divorce automatically removes a spouse as a beneficiary, but not in all of them, and USAA will not do this automatically. If you remarry or your life circumstances change, update your beneficiaries to match your wishes. If you do not name anyone, the money in your account becomes part of your estate and goes through probate.

What happens when a beneficiary receives the money

When you die, your beneficiary or their representative contacts USAA and provides a death certificate. USAA will verify the beneficiary's identity and then transfer the money directly to them. This usually takes one to two weeks, though it can vary depending on how quickly the beneficiary contacts USAA and provides the required documents.

The money does not go through probate court, so it is not delayed by the estate process. The beneficiary does not pay income tax on the money they receive, though if the account earned interest before your death, that interest may be taxable to your estate. The beneficiary should keep records of the transfer for their own records.

Frequently Asked Questions

Can I name more than one beneficiary?

Yes. You can name as many beneficiaries as you want on a single account. Each one gets a percentage of the account balance. The percentages must add up to 100 percent. If you name three people and give each 33 percent, the remaining 1 percent goes to whoever you list first.

What if I name a beneficiary and then change my mind?

You can remove or change a beneficiary anytime by logging into your USAA account or calling member services. The change takes effect right away. There is no penalty or waiting period.

Does the beneficiary have to be told I named them?

No, but it is a good idea to tell them. If they do not know they are a beneficiary, they may not contact USAA when you die, and the money could sit in the account for years. A quick conversation prevents confusion later.

What if I die without naming a beneficiary?

The money in your account becomes part of your estate and goes through probate court. A judge will decide who gets it based on your state's inheritance laws, which usually means your spouse and children, then parents, then siblings. This process takes months or years and costs money in court fees.

Can I name a trust as a beneficiary?

Yes. You can name a trust you have created as a beneficiary. You will need the trust's legal name and tax ID. When you die, the money goes to the trust, and the trustee distributes it according to the trust's terms.