How Do I Open an Estate Account at Ally Bank?

How it opens

In a branch

Not available

Online

Not available

By mail

Available

Who can open it

Out-of-state executor

Accepted

EIN proof

The number alone

Documents to bring

• Completed Estate Account Application, signed in wet ink or with a placed digital signature
• Copy of the death certificate
• Copy of the Letters Testamentary, probate order, or other court document naming the executor/executrix
• Copy of the executor's valid ID (DMV ID, U.S. passport or passport card, immigration or permanent resident card)
• Estate tax identification number (EIN)
• Executor's Social Security number or ITIN, date of birth, occupation, and U.S. residential street address (no PO Box)
• Form W-9 (or W-8BEN) for each executor who is not already an Ally Bank customer
• Driver's license or other identifying documents, if requested

Steps at Ally Bank

1. 1
   Call Ally Bank at 1-877-247-2559, open 24/7; non-customers can request a secure link for sending documents.
2. 2
   Download and complete the Estate Account Application: the deceased's name, the estate's tax ID number, the products to open and each executor's details.
3. 3
   Executors who are not existing Ally customers also provide a security question and answer, mother's maiden name, and the attached Form W-9 TIN certification.
4. 4
   Sign in wet ink or with a placed digital signature; typed signatures are not accepted.
5. 5
   Attach a copy of the death certificate and a copy of the Letters Testamentary, probate order, or other court document naming the executor.
6. 6
   Return the packet through one of the three channels printed on the application:

   • Secure message: log in at ally.com or the Ally Mobile app, select Email and attach the form
   • Fax: 866-699-2969, subject line Operations
   • Mail: Ally Bank, PO Box 951, Horsham, PA 19044
7. 7
   Fund the account with an enclosed check, or authorize on the application the full liquidation of the deceased's Ally Bank deposit accounts without a named beneficiary into the new estate account.

What it costs

Opening deposit

$0; the Estate Account Application states no minimum

Monthly fee

$0; no monthly maintenance fees

Fee waived at

Not applicable; there is no monthly fee to waive

Other waivers

None; there is no balance or relationship waiver tier because there is no monthly fee

Schedule that applies

Ally Bank Deposit Agreement, section XI Fee Chart (agreement dated August 13, 2024, V08-24)

For estate accounts

Estate Account Application: "When a CD is opened for deposit of Estate funds, an early withdrawal penalty applies if the CD is closed prior to maturity."

Once it is open

Online banking

Available

Checks

Available

Debit card

Issued

Deceased's balances

Moved directly into the estate account

What to know at Ally Bank

Ally does not convert an individual or joint account into a fiduciary account; instead, the application lets the executor authorize full liquidation of the deceased's Ally Bank deposit accounts without a named beneficiary into the new estate account. Login credentials for the estate account are set up after opening by contacting Ally. Ally responds within 7 business days of receiving the documents if it needs more information.

Not in Ally Bank's published guidance

• Whether it can be opened by phone
• Whether every co-executor must sign or appear
• Whether the estate's EIN is needed before opening
• Whether the deceased must have banked there
• Whether the death certificate must be a certified copy
• Whether the account comes with mobile deposit