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#1122271 - 02/03/09 10:42 PM Can a bank be named as trustee?
RR Sarah Offline
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RR Sarah
Joined: Mar 2004
Posts: 2,492
Up North
We have a non-profit organization that would like our bank to act as trustee on a CD. Is that acceptable?
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#1122277 - 02/03/09 10:49 PM Re: Can a bank be named as trustee? RR Sarah
BrendaC Offline
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BrendaC
Joined: Sep 2001
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Sweet Home AL
Do you have trust authority and qualified personnel to manage? If this isn't something you do on a regular basis, I would decline. This is a serious business arrangement, even in a non-discretionary situation, and should be supported by your policies, procedures, etc.
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#1122283 - 02/03/09 10:52 PM Re: Can a bank be named as trustee? BrendaC
RR Sarah Offline
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RR Sarah
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Up North
We do not currently have a trust department so I'm not sure if we have trust authority? I think the customer is pretty much insisting that we do this and the bank seems to be willing. I guess I'm just looking to cover our bases if they go forward.
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#1122286 - 02/03/09 10:54 PM Re: Can a bank be named as trustee? RR Sarah
BrendaC Offline
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BrendaC
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Sweet Home AL
I think your bank has to have trust authority or it is not allowed.
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#1122287 - 02/03/09 10:55 PM Re: Can a bank be named as trustee? BrendaC
RR Sarah Offline
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RR Sarah
Joined: Mar 2004
Posts: 2,492
Up North
And how would I find out if we have trust authority? Sorry, this is new to me.
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#1122304 - 02/03/09 11:16 PM Re: Can a bank be named as trustee? RR Sarah
BrendaC Offline
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BrendaC
Joined: Sep 2001
Posts: 6,029
Sweet Home AL
Search for your bank on fdic.gov using "Bank Find". You may be able to see in the historical info when Trust Powers were issued.
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#1122445 - 02/04/09 02:24 PM Re: Can a bank be named as trustee? BrendaC
RR Sarah Offline
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RR Sarah
Joined: Mar 2004
Posts: 2,492
Up North
Thanks for the help Brenda.
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