Union Bank in California for Trust Account
For students living in California, Union Bank will open up a trust bank account with zero review (thus guaranteed approval). Union Bank does trust accounts with non-interest bearing personal checking accounts only. While it is opened using a "business profile" - this does not affect anything. There are multiple benefits with Union Bank:
- No minimum opening balance requirement - $1 opens the account.
- A successor trustee is not needed to open the account.
- There is NO review of the trust with their legal department. Instead relying on the "Trust Certification" (see attached files)
- Walk in the bank and leave with an open trust account.
The information they need has two purposes. (1) Running individuals through the Chex Systems to see if anyone has been a "bad person" and (2) To build the "business profile" for the account.
Here is a complete list of everything Union Bank asks of a trustee to build their "business profile":
- Driver's License (Full Name, License Number, Issue Date, Expiration Date, State of Issue, Birth Date, Your Address
- Second Form of ID (Passport, Credit Card, Utility Bills, Etc.)
- Social Security Number
- Email Address
- Phone Number
- Work Title
- Current Employer's Name
- Current Employer's Address
- Employment Start Date
The requirement for a Social Security Number is needed for the Chex System to do a background search on you. The bank needs to know about any prior bankruptcies, money laundering or legal issues.
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.
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 ...
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.