Banking Matters

For the executor who is unprepared, banking matters can be a little overwhelming. Banks are highly regulated and there are a lot of requirements that their employees must follow. There are more rules for a trust or estate. This is because the bank doesn’t want to be sued if the executor or trustee steals money from the estate or trust. The bank employees are not trying to be mean. They would much rather have you leave your appointment as a happy customer rather than a disgruntled one. Here are a few tips to help make your bank visit go smooth.

Bank sign on glass wall of business center

First, make an appointment. Even in a world of online banking, there is a lot of foot traffic at bank branches. There are currently two large U.S. banks that are building new branches in my hometown. You don’t want to just show up and wait in line with the customers who are just trying to make a transaction.

Second, make sure that your clearly ask what is required to open a checking account for an estate or trust. For an estate, the executor typically needs (1) photo identification; (2) Letter of Authority from the probate court; (3) Death Certificate; (4) Employer Identification Number (issued by the IRS); (5) executor’s social security card. Note: this is a comprehensive list. You might not need all of these documents. You might need something else. When you make an appointment, ask what documentation is required. You don’t want to have made special arrangements in your schedule only to come up empty handed.

Remember too that banks have had a lot of their branch employees turnover. You might have to work with someone new to the bank or new to their role. That’s just a workforce reality. Do your best to come prepared. This tip will make your banking matters go much more smoothly.