Does Greenwood Offer an Estate Account?
Greenwood does not open estate accounts. What its published terms say, and where the estate's account can be opened instead.
Estate accounts at Greenwood
What Greenwood's guidance says
- 1Do not plan on opening the estate's account here: Greenwood offers only individual "Personal Accounts" for natural persons, so an account cannot be titled "Estate of [Decedent]" and there is no fiduciary or entity account path in the app or the agreement.
- 2Open the estate account at a bank or credit union that documents an estate-account path (bring certified Letters, the estate EIN confirmation (IRS CP 575), a certified death certificate, and your photo ID), then direct Greenwood's payout there.
- 3Expect Greenwood's payout as a CHECK -- the account agreement returns closing balances "via check," and Greenwood takes no cash and has no branch, so the deposit-side settlement from Coastal Community Bank arrives by mail.
- 4THE TRAPPED-CHECK SHAPE APPLIES HERE: a check payable to "Estate of [Decedent]" cannot be deposited into anyone's personal Greenwood account -- the agreement requires that "All checks submitted for deposit must be made payable to you" and excludes third-party checks from Mobile Deposit -- so an estate account at another institution is the only place the settlement check can land.
What to know at Greenwood
Not offered. The Greenwood Inc. Account Terms & Conditions (effective July 7, 2025) define Greenwood accounts as "Personal Accounts ... in the names of natural persons (individuals)," bar business use, and restrict the service to individuals 18 or older with a valid U.S. residential address -- there is no estate, fiduciary, trust, or entity titling of any kind, and the agreement's Death or Incompetence clause contemplates claims on an existing account, not the opening of a new one. Deposits sit at Coastal Community Bank, Member FDIC, but Greenwood does not surface any of the partner bank's entity-account capability to its members. Executors should open the estate account elsewhere and route Greenwood's closing-balance check (its stated payout method) into it.
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
No. Greenwood's published terms do not allow an account titled to an estate. Its guidance covers what happens to a deceased customer's account instead.
At any bank that offers estate accounts. The account belongs to the estate, not to the deceased, so it does not need to be where the deceased banked.
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 Greenwood primary sources (1 pages reviewed). How we research.
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