Are living/family trusts eligible for NOW accounts?

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Question:

I have a question regarding NOW account eligibility. Can I assume that revocable living trusts and family trusts are for the benefit of individuals? If so, can the trusts have interestbearing accounts without the trustee providing documentation to prove the identity of the beneficiaries?

Answer:

We accept a statement from the trustees that all the beneficiaries of the trust are natural persons. With that in hand, we allow a NOW account.

First published on BankersOnline.com 06/9/03