Are living/family trusts eligible for NOW accounts?

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Are living/family trusts eligible for NOW accounts?
Answer by John Burnett, BOL Guru
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Question: I have a question regarding NOW account eligibility. Can I assume that revocable living trusts and family trusts are for the benefit of individuals? If so, can the trusts have interest-bearing accounts without the trustee providing documentation to prove the identity of the beneficiaries?

Answer: We accept a statement from the trustees that all the beneficiaries of the trust are natural persons. With that in hand, we allow a NOW account.

First published on BankersOnline.com 06/9/03

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