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Latest Compliance - Living Trusts Topics

Changing Joint Account into a Trust

09/27/2010

Have there been any recent regulatory changes which state that an account (CD, checking, savings etc), held in the names of husband and wife jointly, cannot be retitled and placed into a trust? Do these accounts have to be closed and a new account opened? Are there issues we should be aware of due to the retitling? If so, please specify.

Are living/family trusts eligible for NOW accounts?

06/09/2003

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 interestbearing accounts without the trustee providing documentation to prove the identity of the beneficiaries?

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Privacy among applicants

07/05/2020

If credit is denied because of issues related to only one applicant, for example a charge-off, can we disclose that reason to both applicants, and do both applicants get an Adverse Action Notice?

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