We recently opened several accounts for someone estate and well as some trusts. The trusts and the estates each have their own Tax ID number. Are these accounts eligible to maintain a NOW account?

If the beneficiaries of the trusts/estates are all identifiable and you can obtain a statement (perhaps under oath, but not necessary in my view) that all beneficial owners are natural persons or otherwise eligible to hold NOW accounts directly, the estate/trust qualifies to hold a NOW account.

My experience tells me that it is a very rare case in which there would be a beneficiary that does not qualify to hold a NOW account directly.

I'll be discussing NOW account eligibility, among other things, on Wednesday, May 9, in a webinar, "Account Restrictions, Savings/MMDAs, CDs and Interest on Checking." Check it out.