How Do I Open an Estate Account at Popular Bank?
Popular 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 Popular Bank
Account type: Fiduciary account (deposit account ownership type in the Personal Banking Disclosure Agreement)
Opening channels
- In a branch
- Available
- Online
- Not available
- By phone
- Not stated
- By mail
- Not stated
- Appointment
- Not stated
- Co-executors
- Not stated
Documents to bring
- Valid state or federal photo ID for the person opening the account (driver's license, U.S. passport, state-issued non-driver ID, Armed Forces ID, or Alien Registration Card; NY region also accepts the New York State Benefit Identification Card)
- Certified Taxpayer Identification Number for the account owner -- for an account titled to the estate, the estate's EIN
- Documentation of the fiduciary appointment, on the bank's request: an affidavit, certification, or other documentation, including copies or excerpts of any agreement, instrument, or order pertaining to the account or fiduciary relationship (for an executor or administrator, the Letters Testamentary or Letters of Administration)
Steps at Popular Bank
- 1Visit a Popular Bank branch (NY, NJ, or South FL) -- online account opening supports only Individual and Joint ownership; the bank's Help Center directs all other ownership types, including fiduciary accounts, to a branch
- 2Bring required items:
- Valid state or federal photo ID
- The estate's certified Taxpayer Identification Number (EIN)
- Letters Testamentary or Letters of Administration and any other appointment documentation the bank requests
- 3Open the account under the Fiduciary Account ownership type; the ownership type selected is indicated in the account title on the Signature Card
What to know at Popular Bank
The Personal Banking Disclosure Agreement lists FIDUCIARY ACCOUNT among Popular Bank's deposit account ownership types and names the personal representative and the trustee under a will as example fiduciaries, and its Instructions section separately contemplates instructions to open "accounts for which you are executor, administrator, trustee or other authorized signatory." That Instructions clause says the bank "may accept written instructions received by mail or messenger or secure email, or oral, telephonic, electronic, telex or telefax instructions" from an existing customer but "may at any time refuse to accept such instructions," so phone and mail opening are recorded as unclear rather than confirmed channels. Online account opening (accounts.popularbank.com) offers only Individual and Joint ownership. Popular Direct (populardirect.com) is out of scope for an estate account: its agreement lists only Single, Joint with Right of Survivorship, and Single P.O.D./Totten Trust ownership types. Banco Popular de Puerto Rico is a separate subsidiary with its own civil-law estate procedure and is verified separately.
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. Popular Bank states an estate account cannot be opened online. Opening is done in person at a branch.
Popular Bank asks for: Valid state or federal photo ID for the person opening the account (driver's license, U.S. passport, state-issued non-driver ID, Armed Forces ID, or Alien Registration Card; NY region also accepts the New York State Benefit Identification Card); Certified Taxpayer Identification Number for the account owner -- for an account titled to the estate, the estate's EIN; Documentation of the fiduciary appointment, on the bank's request: an affidavit, certification, or other documentation, including copies or excerpts of any agreement, instrument, or order pertaining to the account or fiduciary relationship (for an executor or administrator, the Letters Testamentary or Letters of Administration).
Yes. Popular Bank opens the account under the estate's Employer Identification Number (EIN) from the IRS — the deceased's Social Security Number cannot be used. Getting the EIN is the first step.
Popular Bank's published guidance does not state a co-executor appearance rule. When more than one executor or administrator was appointed, confirm with Popular 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 Popular Bank primary sources (3 pages reviewed). How we research.
Is this your situation?
Get a complete guide for your specific circumstances.
More tools for settling this estate
Calculators and checklists for navigating probate and estate administration.
How Much Does Probate Cost?
Estimate attorney fees, executor fees, court costs, and timeline for probating an estate in your state. See if the estate qualifies for simplified probate procedures.
How Much Can an Executor Charge?
Calculate how much an executor (personal representative) can charge for administering an estate. See if your state has statutory fees or uses reasonable compensation.
Who Inherits Without a Will?
Find out who inherits your estate and how much they get if you die without a will. Based on your state's intestate succession laws.
How Much Are Estate & Inheritance Taxes?
Calculate federal estate tax, state estate tax (12 states + DC), and inheritance tax (5 states) for an estate or trust.
How Many Death Certificates Do I Need?
Calculate how many certified death certificates you need based on the assets and accounts you need to close. See state-specific ordering information.
Do I Need Probate?
Answer a few questions to find out if an estate needs full probate, qualifies for simplified probate, or can avoid probate entirely with a small estate affidavit.
