Opening a Living Trust Account with an SSN

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Question:

I have a customer who wants to open a living trust account with his SSN. Should it be a personal checking or business checking account?

Answer:

Your question should be answered based on the use to which the account will be put, not on the form of ownership. Remember that you may only accept an SSN if the trust is a grantor trust, the grantor is trustee and may revoke the trust at will. Otherwise, the trust must have its own TIN.

First published on BankersOnline.com 1/19/09