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
- Charles Schwab
There may be more, but these are national banks that accept trusts on a fairly consistent basis. Once chosen, bring the following items:
- Trust Corpus/Documents
- EIN (Print Downloadable PDF)
- (2) Forms of Identification for Each Trustee
Upon arriving, get through general pleasantries and begin the process. Expect to be there for 90-120 minutes to open a trust account AND an additional 30-45 minutes for each additional trust opened during the SAME APPOINTMENT (smart thing to do). We often let the bank know this when we make our appointment (it's just courteous to other customers).
After they verify the information, they will quickly send over the Trust Corpus to their legal department for review. From what we have gathered, they simply look to see one has a trust name, address, named trustees, EIN, successor or co-trustees if required by banks internal guidelines and that's about it. Most of these reviews take 10-15 minutes, so they are not reading every single line.
You will be asked a few questions from every bank. These questions vary and are 99% internal notes for the bank to be aware of what legal status one holds, in the unlikely case no additional trustees can be located and funds must be dispersed. The important questions to answer are:
- Is this a business or personal account? Business - as a trust cannot be personal.
- Checking or Savings? Savings (w/o Interest Bearing Benefits, if possible)
- What type of organization is this? Private Express Trust
- Primary source of income? Donations & Grants
- Debit card? Yes, if possible
- Checks? Yes, if possible