Chase Bank Did Not Approve Trust Bank Account
Unfortunately, due to the issues with Chase Bank stated below we are no longer recommending them. We've found that Chase is requiring the following (at the very least):
1. Article 14.02 removed.
2. All references to a "head/executive trustee" must be removed.
3. A statement empowering all trustees with equal authority and to operate independently.
4. No electronic signatures from online notary services; only wet signatures are acceptable.
5. State laws must be named.
If Article XIV is questioned, the best solution at this moment is to REMOVE Article XIV and place it in the trust minutes. The banks have been taking this to be a fiduciary duty on their part (it is not). If the bank does not approve Article III, then a state can be named in 3.01 as such: The Trust shall be governed under the laws of [State].
Does Chase Bank Require A Co-Trustee
Chase requires a co-trustee to sign the document, but the trustees can sign the document prior to an appointment with the bank. Bring the trust indenture and trustee appointment documents when opening the trust bank account.
What Do I Need To Open My Trust Bank Account
First, ensure the Trust Corpus and forms are properly filled out (do not sign them yet). Next, get the EIN from the IRS, online. With these materials in hand, set up an appointment for one of the following banks: Chase Bank TD Ameritrade PNC CitiBank ...
Can A Check Made Payable To LLC Be Deposited To Trust Bank Account
No; however, the LCC/entity can sign a check over to the Trust - which then allows the Trustee to deposit said check into the Trust bank account now.
Bank Denial For Opening A Trust Account
One may need to try the same bank but a different branch. Most students don't have issues, but everyone has opened a trust account after a 2-3 tries. It all depends on the attorney's interpretation of the trust indenture.
How Much Time Does It Take To Open A Bank Account (C-Corp or Trust)
It varies based on the bank and individual branch, but the average is 45-60 minutes for Corporation bank account and ~2 hours for Trust bank account.