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#1689131 - 04/16/12 05:38 PM INTEREST ON A TRUST ACCT WITH AN EIN
lpramey67 Offline
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Posts: 128
Can a customer who is opening a trust account and has an EIN number have an interest-bearing account?

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#1689149 - 04/16/12 06:17 PM Re: INTEREST ON A TRUST ACCT WITH AN EIN lpramey67
BrendaC Offline
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BrendaC
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Sweet Home AL
A few clarifying questions:
1. What type of trust account?
2. Are you questioning whether they qualify for a NOW type account?
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#1689205 - 04/16/12 07:45 PM Re: INTEREST ON A TRUST ACCT WITH AN EIN lpramey67
lpramey67 Offline
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Posts: 128
The document has Ohio Trust Code 5810.13. It is an individual's Irrevocable Trust, with his two children as trustees.

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#1689208 - 04/16/12 07:49 PM Re: INTEREST ON A TRUST ACCT WITH AN EIN lpramey67
lpramey67 Offline
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Joined: Aug 2006
Posts: 128
Yes, we want to know if they qualify for an interest-bearing account.

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#1689227 - 04/16/12 08:33 PM Re: INTEREST ON A TRUST ACCT WITH AN EIN lpramey67
Elwood P. Dowd Offline
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Elwood P. Dowd
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Next to Harvey
Today, any customer is eligible for an interest bearing demand deposit account (DDA). If you do not offer interest bearing DDA's, then this particular customer is eligible for a NOW account. (An EIN vs. an SSN is not relevant.)

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