Mercury Personal supports adding up to five individuals or one trust as a payable on death (POD) beneficiary on your account. In the event that all account holders pass away, your checking and savings account balances will be evenly split among the POD beneficiaries you designate. This arrangement allows for a seamless transition of the account’s deposits without going through the probate process.
How do I add a beneficiary?
You can add up to five individuals or one trust as a payable on death (POD) beneficiary to your Mercury Personal account. To do so:
- Navigate to your main menu in the top left corner of your dashboard and click Settings and then Account Settings
- Scroll down to the beneficiaries section
- Click Add a Beneficiary
- Input your beneficiary’s information and click Add Beneficiary
When naming an individual as a beneficiary, you’ll need their full name, date of birth, home address, and optionally their social security number (for identity verification purposes only). If you add more than one beneficiary, your checking & savings account balances will be evenly split among all of your beneficiaries.
When naming a trust as a beneficiary, you’ll need the trust’s Legal Name and Tax Identification Number.
How do I remove a beneficiary?
You can remove a payable on death (POD) beneficiary from your Mercury Personal account at any time. To do so:
- Navigate to your main menu in the top left corner of your dashboard and click Settings and then Account Settings
- Scroll down to the Beneficiaries section
- Under the list of beneficiaries on your account, click Edit. You’ll see a list of beneficiaries on your account. Click Edit next to the name of the beneficiary you’d like to remove.
At the bottom of the beneficiary information form, click Remove Beneficiary