09/08/2024
We have a client wishing to open a checking account through an irrevocable trust for the purpose of funding a self-directed 401K. The checking account would collect funds and then under the trust be invested as outlined by the trustee. What liability would the bank have if we opened the
account?
04/14/2024
We have a client who deposited a reportable cash transaction into he and his wife's trust account. We know we have to file the CTR for both wife and husband (joint account) but do we have to include the trust as a beneficiary?
01/21/2024
We recently inquired if we could use self-deposit investments where the bank is acting as Trustee. We have received a legal opinion stating that we can use self-deposit investments so long as we document our due diligence, the trust allows for the investment, and our Money Market Account (MMA) is a competitive rate.
We are currently discussing a referral incentive program which would include our Trust Division. I have read a lot of guidance between FDIC, OCC, and FRB, but I am not seeing anything that speaks to my particular situation.
Can a Trust Officer use a self-deposit investment as Trustee and still receive a referral incentive for this transaction? I personally feel like this is a conflict of interest and somewhat, self-dealing. However, I am not seeing anything stating this would be an issue per se. I am only running into nonretail deposit and broker/dealer requirements.
I have also looked through Arkansas code (our state) and I could not see anything that spoke on this particular situation.
If you have any insight or could point me in the right direction to help confirm or rebuttal my though process, I would really appreciate it!
09/03/2023
If we have a revocable living trust, and the Grantor and Trustee are different, would we CIP both the Trustee and
Grantor, or just the Trustee?
07/02/2023
Is there a regulation/law for Trust Departments holding common stock certificate's for clients where it must be the physical copy or is a digital scanned copy acceptable to have on file to verify?
04/23/2023
Are there any specific requirements that we verify that a beneficiary is a natural person, charitable organization, or other non-profit entity for purposes of complying with 12 CFR 745.4(c)&(d) - beneficiary of a trust?
02/19/2023
This pertains to Roth IRAs: assume the owner is deceased and the beneficiaries are child 1 and child 2. They are wanting to close the IRA and would like check made payable to a Trust in the IRA owners name, is this allowable?
06/26/2022
It it allowed that a customer who is a trustee on a family trust account, may deposit checks that are made payable to that customer's business into the trust account?
04/18/2021
Can a Trust own a LLC? We have a LLC acct with it's own EIN in which the owners want to add their trust to. Both owners are co-trustees of the trust. Can we add it to the business account, and if so how would we style the roles and title?
12/13/2020
We have a client who owns several business accounts under a corporate DBA. The accounts are titled "ABC Corporation, DBA DEF Company". He also has the Family Trust listed under each account. We are told that he cannot have business accounts under the trust because once a trust, always trust. Will he then need to close and reopen these under the Corporation?