How Does One Obtain a Special Deposit Non-Interest Bearing Checking Account - What If One Already Has a Different/Savings Bank Account

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• What Does One Need To Open A 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 ...

• Does Lawful Money Work With An Interest Bearing or Savings Account

  Yes. Lawful money is the redemption of the currency used and is not based on the type of bank account.

• Should The Checking / Saving Accounts Be Closed Since We Use A HELOC Operating Account Now

  Not necessarily. More than likely the bank providing the HELOC will require a checking account with them as well.

• Does The Trust Bank Account Need To Be A Personal or Business Account

  One does not need a business account for the trust except when building corporate credit. What matters is that the account is non-interest bearing.

• Where Does Banking and Interest Come From

  Since ancient Greece, banks have paid interest on accounts. The deposits are legally regarded as loans account holders made to the bank. See Senate Document 43, 73d Congress, 1st Session, Senate Resolution 62, p. 4.