Click to return to BOL home page
Banker Store Read A Reg BOL Insiders Career Connect Learning Connect Bankers Information Network

Search BankersOnline
using Google


MAIN CONTENT 

Compliance

Lending

Marketing

Operations

Security

Technology/eBanking


REGULATIONS 


Alphabet Soup







SHOP 


Banker Store

Bankers Info Ntwk


CONNECT 

Career Connect

Learning Connect

Guru Central


INTERACT 

Ask a Guru

Bankers Threads

Contact Us

Give Us Feedback


LEARN MORE 

About Our Sponsors

About Us






Print Friendly! Email This Article! Discuss NOW!


Debit Card for Trustee on Revocable Trust Account
Answers by Brian Crow, BOL Guru
Guru Bio

Question:   I have a revocable trust account and the trustee would like a visa check/debit card with it. Are there any restrictions to why she should not be able to get a debit card?

Answer: There is no restriction from VISA for issuing a debit card to a trustee. As a trust is an entity, the card would be best issued under your business debit card agreement if you have one. Reg E does not cover formal trusts, but giving the trustee a consumer card with the consumer disclosures may contractually obligate you to provide more protection than you are legally bound to do. Also, many trusts are very specific in the powers that the grantor provides the trustee (even if they are one in the same person.) You may wish to have bank counsel review the trust agreement to ensure that the trustee has the authority to request a debit card. This will avoid opening the bank up to any liability from the trust beneficiaries claiming that the bank allowed the trustee to act improperly.

First published on BankersOnline.com 7/25/11









Privacy Policy    Disclaimer   Recommend This Site !   Contact Us


BankersOnline is a free service made possible by the generous support of our advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all banking professionals. Support our advertisers and sponsors by clicking through to learn more about their products and services.