Our practice is not conducting ACH transactions for Trust accounts such as Escrows. Is there any compliance reason to prohibit ACH for escrow or is it merely a business decision? Escrow company doesn't conduct ACH transactions but wires or check only.
An Irrevocable trust - act separately or act together? The trust agreement doesn't state the powers the trustees have and how they should act upon it. The only thing it lists are the trustees that are joined with an "and." The trust is mainly about the property not financial accounts. The trustees would like the account setup so they can act separately, but I can't find any information on this. What are your thoughts?
If grantors of a trust are deceased, can the trustee's leave the SSN of the grantor as the tax ID for the account and can they make deposit into the account not payable to the trust specifically?
If we have a Revocable Trust and the Trustee dies, must the Successor Trustee have the Trust amended if they want to convert it into a Irrevocable Trust with an EIN?
We will open a new account. Where do they get the Trust amended?
We have a client who wants to cash checks payable to his trust instead of depositing the check first and than doing a counter withdrawal. Does anyone know the UCC code so we can provide documentation as to why this isn't allowed?
Can a check made out to a Trust be deposited into a personal account owned by the members of the trust?
We have been informed that our client is deceased. The account is titled (for example) John Smith - POD (POD is listed as John Smith Trust). The successor trustee of the “John Smith Trust” has provided us with a copy of the full Trust, the Will, and the certified death certificate. The successor trustee requested that the account be closed and a cashier’s check payable to the trust be mailed to his address.
Is the bank protected if we follow the instructions of the successor trustee, or are we better protected if we change the title of the account to the trust, have the successor trustee complete a Trust Certification and Signature Card and then close the account with a cashier’s check payable to the trust?
What are some common trust exceptions that banks track with ticklers?
Are banks allowed to require a customer to provide a Certification of Trust even though the customer has provided the full trust at account opening?
My question today is can a Revocable Trust Account holder receive a debit card for that account? If they can, will we issue a Consumer or Business Debit Card?