Beneficiaries

What is a beneficiary?

In banking, a customer has the option to name a beneficiary to their account—a person who, after the account owner dies, will receive the funds from the account outside of the probate process. This is often called a “Payable on Death (POD)” beneficiary; it can also be referred to as an Informal Trust or Totten Trust.
 

Can my account have more than one beneficiary?

Yes. You can add multiple beneficiaries to any eligible Santander Bank account up to five (5). You can also choose to have different beneficiaries on different accounts.
 

What kind of Santander accounts are eligible for beneficiaries?

At this time, you can add a beneficiary to any consumer checking, savings, time deposit (such as CDs), or money market savings account at Santander Bank.
 

How can I add or change a beneficiary at Santander?

Adding a beneficiary when you’re first opening a new account—or adding or changing a beneficiary on an existing account—is easy. You can simply walk in to any Santander Bank branch to start the process, or schedule an appointment ahead of time.

When you come in, please be ready to share the following information about your new beneficiary:

• Their full legal name (no nicknames; be sure to include middle initials and any suffixes, such as Jr. or Sr.)
• Their address
• Their date of birth
• One of the following: their Social Security number (SSN), Individual Tax Identification number (ITIN), or their passport.

Do beneficiaries have access to my account information?

No. Beneficiaries do not have access to accounts during the account owner’s lifetime. They can only access account information following the death of the account owner or owners, by providing the necessary documentation.
 

How can I find out who’s a beneficiary on my account?

You can find full details on your account’s beneficiaries either by stopping in at any Santander Bank branch and speaking to a team member or by calling our customer service center at 877-768-2265 during regular business hours. Once we verify your identity, we can provide you with information on any beneficiaries you’ve assigned to your accounts.