Can a bank be named as trustee?

We have a non-profit organization that would like our bank to act as trustee on a CD. Is that acceptable?

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.

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.

I think your bank has to have trust authority or it is not allowed.

And how would I find out if we have trust authority? Sorry, this is new to me.

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.

Thanks for the help Brenda.