How to name beneficiaries and fund a trust at Citizens Bank
Beneficiaries are managed in branch or by phone. Trust paperwork is taken in branch, by phone or by mail
Preparing your Citizens Bank accounts for estate transfer involves two primary strategies: designating beneficiaries on individual accounts and, where supported, retitling accounts into a revocable living trust. Both approaches bypass probate, but they work differently depending on the account type.
Across 20 product types, Citizens Bank accounts vary in how they transfer at death. The sections below walk through Payable on Death (POD) designations, trust funding options, and which products support each method.
- Full legal name and residential address
- Date of birth and relationship
- Your intended allocation; absent an adjustment by an account owner, Citizens divides the balance equally "among those beneficiaries living at the date of your death"
- Individual: full name, Social Security number, date of birth and address
- Formal revocable trust: the full trust name and the date the trust was established
- Charity or non-profit: the organization name and Tax ID number
Required Documents
- Each beneficiary's full legal name and residential address
- Each beneficiary's date of birth and relationship (at a branch)
- Your intended allocation among the beneficiaries (at a branch)
- Beneficiary's full name, Social Security number, date of birth and address (for an individual)
- Full trust name and the date the trust was established (for a formal revocable trust)
- Organization name and Tax ID number (for a charity or non-profit)
- Valid government-issued ID (at a branch)
- A certification of trust
- The names and residential addresses of the trust's beneficiaries
- Government-issued ID for all trustees
- The trust title and the trust TIN
- The Citizens account numbers being brought under the trust
- The first and last name plus SSN or TIN of every grantor, with room for four grantors
- 1-800-922-9999 for branch accounts (or 1-888-500-1478 for checking, savings, money market and CD questions)
- 1-888-201-6505 for Citizens Access accounts (Mon-Fri 7am-12am ET, Sat-Sun 9am-6pm ET)
- Fill in the trust legal name, the date of trust, the state of establishment and the trust taxpayer ID
- For a revocable trust the tax ID "must match the tax ID of a grantor who is also a trustee", so a revocable trust that already has its own EIN will fail this form
- List the account type and full account number for each Citizens Access account you want registered to the trust
- Complete the grantor section, including whether each individual has the power to revoke the trust. No more than one non-trustee grantor is allowed
- Sign the W-9 certification on the form
Required Documents
- Certification of trust. At Citizens Access, the Citizens Certificate of Trust for Revocable Trust or for Irrevocable Trust, notarized before a U.S. notary. At the branch bank, a certification of trust in a form satisfactory to Citizens
- Names and residential addresses of the trust's beneficiaries (at the branch bank)
- Government-issued ID (for all trustees)
- Trust taxpayer identification number. For a Citizens Access revocable trust, the SSN of a grantor who is also a trustee, not a separate trust EIN
- Formal Trust Grantor Information & Cover Sheet (at the branch bank). Trust title, trust TIN, the affected Citizens account numbers, and the name and SSN or TIN of each grantor (up to four)
- Full legal name and residential address
- Date of birth and relationship
- Your intended allocation; absent an adjustment by an account owner, Citizens divides the balance equally "among those beneficiaries living at the date of your death"
- Individual: full name, Social Security number, date of birth and address
- Formal revocable trust: the full trust name and the date the trust was established
- Charity or non-profit: the organization name and Tax ID number
Required Documents
- Each beneficiary's full legal name and residential address
- Each beneficiary's date of birth and relationship (at a branch)
- Your intended allocation among the beneficiaries (at a branch)
- Beneficiary's full name, Social Security number, date of birth and address (for an individual)
- Full trust name and the date the trust was established (for a formal revocable trust)
- Organization name and Tax ID number (for a charity or non-profit)
- Valid government-issued ID (at a branch)
What Citizens Bank says about beneficiaries and trusts
Each section is Citizens Bank's own statement, with the document it comes from numbered under Sources.
Which accounts take a beneficiary2
- Payable-on-death account
On branch accounts a banker adds the designation. Citizens' deposit agreement calls it an "Informal Revocable Trust", what most people call a payable on death or Totten trust account.1
Beneficiary changes on Citizens Access accounts (online savings and online CDs) are made by phone only. They cannot be made online or in a branch.2
- IRA
IRA beneficiary questions go to Citizens Retirement Services. New IRAs are opened in a branch.3
Who can be named3
- A person
An individual can be named as a beneficiary.2
- A trust
A formal revocable trust can be named as a beneficiary.2
At Citizens Access, an account owner must be the grantor of a formal revocable trust named as beneficiary, so another person's trust cannot be named.2
- A charity or nonprofit
A charity or non-profit can be named, identified by its organization name and Tax ID number.2
How many beneficiaries, and how shares are split
- All accounts
Absent an adjustment by an account owner, the balance is divided equally "among those beneficiaries living at the date of your death".1
Citizens Access allows up to 15 beneficiary profiles per account, and an owner can add to or adjust the beneficiary allocation by phone.2
What Citizens Bank's agreement says about beneficiaries5
- A designation and a will
"The money in the account will not be inherited by your heirs or controlled by your will."1
- A beneficiary who dies first
There is "no right of survivorship between beneficiaries": a beneficiary who dies before the owner drops out.1
- No beneficiary survives
If no beneficiary survives, the balance is paid to the owner's estate.1
- Joint accounts
Without a signed signature card, a joint account "may not qualify as a joint account ... under applicable law concerning the inheritance or the transfer of property upon death", so an unsigned joint owner may not take by survivorship.1
- Whether beneficiaries are told they are named
Citizens "has no obligation to notify any beneficiary of the existence of any account."1
Which accounts a trust can hold1
- Trust account
At the branch bank, a formal trust account is permitted only "if all of the trust's beneficiaries are natural persons."1
Citizens Access supports "up to 2 trustees and up to 2 grantors," with no more than one non-trustee grantor. It takes personal trusts only: "We do not support accounts for business or corporate trusts."4
Trust account forms Citizens Bank issues3
- Certificate of Trust for Revocable Trust
Completed by all trustees, before a U.S. notary. Available to download. Must be notarized.5
Return to
Mailing address: Citizens Access, P.O. Box 71209, Philadelphia, PA 19176-6209
- Certificate of Trust for Irrevocable Trust
Completed by all trustees, before a U.S. notary. Available to download. Must be notarized.6
Return to
Mailing address: Citizens Access, P.O. Box 71209, Philadelphia, PA 19176-6209
- Formal Trust Grantor Information & Cover Sheet
Completed by a trustee. Available to download.7
What Citizens Bank says about trust accounts2
- Who signs for the trust
At Citizens Access, every trustee must already be an owner of the account being converted.4
Citizens has "no duty to monitor or ensure that the acts of any trustee are for the use or benefit of the beneficiaries" and "will not be liable if any trustee exceeds his or her powers."1
- Successor trustees
"Once a Citizens Access account is converted into a trust, you will not be able to add or remove trustees." A trustee change means opening a new account with the updated trustees, a fresh certificate of trust and a transfer of the funds.4
Accounts handled elsewhere2
- Citizens Private Wealth: Corporate Trustee and Fiduciary Services
Corporate trustee services and full trust administration8
Phone: 1-866-999-0237
- Citizens Trust Company of Delaware
Delaware-situs trusts9
Phone: 1-302-425-7310
Not in Citizens Bank's published guidance2
- A beneficiary designation form
- How long a change takes
Sources9
- 1.Personal Deposit Account Agreement
- 2.Citizens Access FAQ
- 3.Citizens Retirement Services
- 4.Citizens Access trust account guidance
- 5.Certificate of Trust for Revocable Trust
- 6.Certificate of Trust for Irrevocable Trust
- 7.Formal Trust Grantor Information & Cover Sheet
- 8.Citizens Private Wealth: Corporate Trustee and Fiduciary Services
- 9.Citizens Trust Company of Delaware
Sources
Data sourced from Citizens Bank primary sources (15 pages reviewed). How we research.
Download these Citizens Bank instructions
A printable PDF with the steps, required documents, and contact details, verified against Citizens Bank primary sources. Bring it to the branch or keep it beside the phone.
Citizens Bank estate support
Citizens Estate Services
Phone
Corporate Trustee & Fiduciary Services
Citizens Trust Company of Delaware
Citizens Wealth Advisors
Hours
Mailing address
Website
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