Union Bank in California for Trust Account

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:
  1. No minimum opening balance requirement - $1 opens the account.
  2. A successor trustee is not needed to open the account.
  3. There is NO review of the trust with their legal department. Instead relying on the "Trust Certification" (see attached files)
  4. 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":
  1. Driver's License (Full Name, License Number, Issue Date, Expiration Date, State of Issue, Birth Date, Your Address
  2. Second Form of ID (Passport, Credit Card, Utility Bills, Etc.)
  3. Social Security Number
  4. Email Address
  5. Phone Number
  6. Work Title
  7. Current Employer's Name
  8. Current Employer's Address
  9. 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.
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