How Do I Open an Estate Account at F&M Bank?
F&M Bank's estate-account opening requirements: where the account can be opened, the documents to bring, and the EIN requirement.
Opening an estate account at F&M Bank
Opening channels
- In a branch
- Not stated
- Online
- Not stated
- By phone
- Not stated
- By mail
- Not stated
- Appointment
- Not stated
- Co-executors
- Not stated
Documents to bring
- Copy of the court order appointing the fiduciary (e.g., Letters Testamentary or Letters of Administration) -- the bank requires it to verify that the person opening the account is the designated fiduciary and to determine the powers of the fiduciary
- Name, address, date of birth, and taxpayer identification number (TIN) for the person opening the account; the bank may also ask to see a driver's license or other government-issued photo identification (Customer Identification Program)
- Any other documents the bank deems necessary
What to know at F&M Bank
The F&M Bank Terms & Conditions (effective April 2024) list "Fiduciary Account" as an account ownership type and expressly name court-authorized executors and administrators as eligible account openers, which is the estate (probate) account path. No F&M Bank page or agreement states the channel through which a fiduciary account can be opened (online, by phone, by mail, or in branch), whether an appointment is required, whether all co-executors must appear or sign, a Letters recency window, a minimum opening deposit, the deposit account types offered to estates, or a step-by-step opening process. The Customer Identification Program section requires name, address, date of birth, and a taxpayer identification number at account opening, but no F&M Bank source states that the estate's own EIN must be obtained before the account can be opened. The Terms & Conditions also state the bank will not be responsible to monitor items deposited to, or drawn against, accounts held by a fiduciary.
This guide summarizes each bank's published estate-account requirements and is not legal or banking advice. Requirements may vary by state and account type.
Frequently Asked Questions
F&M Bank's published guidance does not state whether an estate account can be opened online.
F&M Bank asks for: Copy of the court order appointing the fiduciary (e.g., Letters Testamentary or Letters of Administration) -- the bank requires it to verify that the person opening the account is the designated fiduciary and to determine the powers of the fiduciary; Name, address, date of birth, and taxpayer identification number (TIN) for the person opening the account; the bank may also ask to see a driver's license or other government-issued photo identification (Customer Identification Program); Any other documents the bank deems necessary.
F&M Bank's published guidance does not state a co-executor appearance rule. When more than one executor or administrator was appointed, confirm with F&M Bank whether all must attend.
An estate account is a bank account titled to the estate itself — not to the person who died and not to the executor personally. The court-appointed executor or administrator opens it to deposit money owed to the estate (final paychecks, refunds, proceeds from closed accounts), pay the estate's debts and expenses, and distribute what remains. Checks made out to "the Estate of" can only be deposited into an account titled this way.
The estate is its own taxpayer, separate from the person who died. Banks open estate accounts under the estate's Employer Identification Number (EIN) from the IRS, not the deceased's Social Security Number. The free EIN application prepares IRS Form SS-4 for the estate.
Sources
Data sourced from F&M Bank primary sources (2 pages reviewed). How we research.
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