Question on bank tied to trust

NattyBoh · Sep 22, 2014

M&T doesn't have the no or low ( cant remember ) balance free accounts any more. You need $500 or 10 card uses a month. I don't use this account, as its setup for the trust only.

How can I transfer the trust into another bank? Has anyone changed banks before in terms of it relating to a trust?

deesly1 · Sep 22, 2014

My advice is open a PNC or Suntrust Bank account for your trust.

NattyBoh · Sep 22, 2014

What do I do? Just close the m&t account and open a new one in the name of the trust at the new bank? I can't remember if I needed to submit anything to the atf for the bank account t originally or not..

Now m&t has a free account I think... Can't I get them to roll it over into that new free account?

Thanks.

Semper Noctem · Sep 22, 2014

Are you eligible for USAA?

NattyBoh · Sep 22, 2014

I'm not... My grandfather and his brother were in the Army, but I don't think that qualifies me

daNattyFatty · Sep 22, 2014

Capital One 360 was quite easy to setup my trust up with. Check it out.

NattyBoh · Sep 22, 2014

Okay.. So how do I transfer from my current account to a new bank account? Just close the current and open a new?

erwos · Sep 22, 2014

Yes. Remember, your trust owns the bank account. There is nothing stopping your trust from having multiple accounts.

NattyBoh · Sep 22, 2014

Ah. Thanks. So I'll switch then.

ducrider45 · Sep 22, 2014

NattyBoh said:
Ah. Thanks. So I'll switch then.

As long as the trust is funded, you don't "need" a separate account for the trust. Funded, means cash or property. Once the Trust owns property, you don't have to maintain an account if you don't want to. there are pros and cons either way you go. One thing to be mindful of is any Tax implications. I had mine set up such that I am fully responsible for any tax liability of the trust. I can drop the account if I want. In your case, you can change accounts at will. no reporting is required.

NattyBoh · Sep 22, 2014

Thanks. So then as I said, I'll just maintain m&t and get them to move it to a free account if they have one. I did assign a tax Id to the trusts bank account/trust itself... Buy I never spent any money nor made any...

Pinecone · Sep 23, 2014

Since when?

We did our trust account at M&T with a no fee checking account. No debit card though for the account. And this was not too long ago.

NattyBoh · Sep 23, 2014

Look at your statement. I have direct deposit of 10 a month ( to keep the service fees away ). I looked at it and seen a service charge, I called and they said oh we changed the terms... So in have to transfer it to a free account of some sort

Pinecone · Sep 23, 2014

I will have to check.

awptickes · Sep 24, 2014

You add the new account to the schedule A, then remove the old account from the schedule A. I prefer to line-through the old items on the schedule A, with a date of removal, just to be clear.

If you're military, former military, or one of your parents were or are military, you're eligible for USAA. Here's the eligibility link.

NattyBoh · Sep 24, 2014

Thanks man... My next question that has me confused is, do I need to file the tax ID on my taxes? I have the account solely for the purpose of the Trust. No money is gained ever using this trust...

rico903 · Sep 25, 2014

My August statement from M& didn't have any fees on it. I have a checking and savings account at M&T and use the ATM several times a month to make deposits or get cash. I'll have to look at my Sept statement when I get it.

NattyBoh · Sep 25, 2014

I have had the account for a few years . supposedly the terms.have changed since then lol

Question on bank tied to trust

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