What happens to your CommerceOne Bank accounts when you die
No beneficiary or trust option on any account, so they pass through the estate
CommerceOne Bank does not currently support beneficiary designations, transfer-on-death registrations, or trust account titling on any account type. All CommerceOne Bank accounts pass through the estate at death and may require probate.
When an account holder dies, the executor or administrator will need to contact CommerceOne Bank with a death certificate and legal authority documents to claim account balances. The process and required documents are covered on the death claim page.
No beneficiary form at CommerceOne Bank
CommerceOne Bank does not currently support beneficiary designations (POD or TOD) on any account type. All accounts transfer through the estate at death and may require probate.
Why trust accounts are not available
CommerceOne Bank does not support retitling accounts into a trust, naming a trust as beneficiary, or any other probate-avoidance mechanism. Account balances transfer through the estate at death.
Personal Checking
A non-interest private checking account with online and mobile banking, ATM reimbursement and notary services.
Personal Interest
Interest-bearing private checking with online and mobile banking, ATM reimbursement and notary services.
Personal Savings
A savings account with online and mobile banking and electronic statements.
Youth Savings
A savings account for children.
Personal Money Market (Inspire and Priority)
Two money market accounts: Inspire, and Priority, a higher-tiered account. Both include online and mobile banking and electronic statements.
Business Checking
Basic commercial checking with online banking, electronic statements, unlimited check writing and notary services.
Business Analysis
Commercial checking for businesses using the bank's treasury services.
Business Interest
Interest-bearing checking for businesses.
Business Money Market
A money market account for businesses. The bank also offers its money market accounts to foundations and nonprofits.
IOLTA Checking
For lawyers' client funds: the interest is paid directly to the Alabama Civil Justice Foundation or the Alabama Law Foundation.
Business Savings
A commercial savings account with online and mobile banking, electronic statements and notary services.
What CommerceOne Bank says about beneficiaries
Each section is CommerceOne Bank's own statement, with the document it comes from numbered under Sources.
Not in CommerceOne Bank's published guidance11
- What the owner provides to name a beneficiary
- A beneficiary designation form
- An online way to name a beneficiary
- Who may be named as beneficiary
- What a designation takes to be effective
- Terms in its agreements for a beneficiary designation
- A procedure for holding an account in a trust
- A trust account form
- Which trust documents it accepts
- Terms in its agreements for a trust account
- How long a change takes
Sources
(4)·
Data sourced from CommerceOne Bank primary sources (34 pages reviewed). How we research.
Download these CommerceOne Bank instructions
A printable PDF with the steps, required documents, and contact details, verified against CommerceOne Bank primary sources. Bring it to the branch or keep it beside the phone.
CommerceOne Bank estate support
Client Services
Phone
Client Experience
Office
Website
Estate requests go through general customer service.
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