Happy Hump Day All!

I had something new come across my desk today and thought I'd turn to my friends here at BankersOnline as a resource.
A trucking company would like to open what they are calling a Reserve Account for their owner operators (truck drivers who own their own truck). This account would be "owned" by the truck driver but they wouldn't be able to transact on the account as the funds are to cover claims, taxes, etc since the materials being delivered will be owned by the trucking company. The only people able to transact on the accounts would be specific individuals who work for the trucking company.
Any experience out there on the best way to set up these accounts? Or maybe we just say no thanks?

Your feedback is appreciated.

So, the trucking company opens an account titled reserve account and manages it - I fail to see how the bank is involved? If they need more than that, they probably need to be talking to someone that provides trust services.

Agree with Randy. Not much different than a Realtor opening an escrow account to deposit earnest money that is owned by the buyers.

You would need to obtain beneficial ownership info on the trucking company (if it is a legal entity) the same as you would if the trucking company were opening an operating or payroll account.

Thanks guys!