How Do I Open an Estate Account at Potomac Bank?
Potomac Bank opens estate accounts for a court-appointed executor or administrator. The documents it asks for, what the account costs, and the steps it lists are below.
Opening an estate account at Potomac Bank
Account type: Business 250 Checking
Where to open it
Not published by Potomac Bank
In 1 of the 3 states Potomac Bank operates in, state law lets a bank pay a deceased depositor's balance to family without letters testamentary or letters of administration. Pick a state for its rule.
Steps at Potomac Bank
- 1Request an appointment with Potomac Bank's business banking team to open the account (appointment request).
- 2Open Business 250 Checking, the account the bank describes as suited to estates, with $50.
What it costs
- Opening deposit
- $50 (Business 250 Checking)
- Monthly fee
- $0 (Business 250 Checking)
- Fee waived at
- Not stated for estate accounts; Business 250 Checking has no monthly fee to waive
- Schedule that applies
- Not stated. No fee schedule is published; the figures are the Business 250 Checking product page's
- For estate accounts
- Business 250 Checking is the account the bank describes as suited to estates
- Other charges
- $0.25 per transaction after the first 250 each month; $3 for a paper statement
| Account | To open | Monthly fee | Waiver or condition |
|---|---|---|---|
| Business 250 Checking | $50 | $0 | |
| Unlimited Business Checking | $50 | $10 | average daily balance of $2,500 or more |
| Business Analysis Checking | $100 | $20 |
What to know at Potomac Bank
Potomac Bank describes Business 250 Checking as suited to estates, among other organizations: no monthly fee, $50 to open and 250 free transactions a month. Its business team opens accounts by appointment, in person or by video.
Not in Potomac Bank's published guidance
- Which documents it asks for
- Whether a branch appointment is needed
- 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 an out-of-state executor can open one
- Whether the death certificate must be a certified copy
- Whether the account comes with online banking, checks, a debit card, or mobile deposit
- How the deceased's balances reach the estate account
General information about each bank's published estate-account requirements, not legal or banking advice. Requirements vary by state and account type. Consult the institution for its current requirements. Data verified Nov 5, 2026
Potomac Bank's published guidance does not state whether an estate account can be opened online.
Potomac Bank publishes no document list for estate accounts.
Opening deposit: $50 (Business 250 Checking). Monthly fee: $0 (Business 250 Checking). Business 250 Checking is the account the bank describes as suited to estates. The estate account carries the fees of whichever of Potomac Bank's 3 published accounts it is opened as.
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.
Is this your situation?
Get a complete guide for your specific circumstances.
Forms for Settling an Estate
Free forms for settling an estate: probate petition, small estate affidavit, creditor notice and closing forms. Prepare each form for your state.
Petition for Probate and Letters
Open probate and ask the court to appoint you and issue Letters Testamentary or Letters of Administration.
Notice to Creditors
Notify estate creditors and start the claim period — the published notice plus mailed copies for known creditors.
Renunciation of Executor
Decline an appointment as executor named in a will — the writing filed with the court before anyone is appointed.
Affidavit of Heirship
Prepare the sworn statement of a deceased person's family history and heirs for recording in the county land records, with your state's recording instructions.
Small Estate Affidavit
Collect a small estate's property without probate — the sworn affidavit presented to banks and other holders, with a presentation letter for each.
Estate Inventory
Prepare the probate inventory of estate property — every asset at its date-of-death value, composed to your state's statute, with the state's filing or delivery instructions.
Tools for Settling an Estate
Free tools for settling an estate: whether probate is needed, executor and trustee pay, creditor deadlines and taxes. Run each tool for your state.
How Much Can an Executor Charge?
Calculate how much an executor can charge for administering an estate.
Can I Self-File Probate?
Whether your state lets you open probate yourself, and what it costs with a lawyer and without one.
How Do I Get Letters Testamentary?
See the court that issues Letters Testamentary or Letters of Administration, the petition, the bond, and the documents to file.
What Are the Creditor Claim Deadlines?
Find creditor claim deadlines, notice requirements, and payment priority order for your state.
What Happens When an Estate Is Insolvent?
See the order your state pays an insolvent estate's debts and which claims go unpaid.
How Do I Claim a Deceased Person's Unclaimed Property?
See where to search for a deceased person's unclaimed property and what each state asks an heir or executor to send.
