Banks that do NFA trust checking accounts?

erwos · Dec 19, 2011

Alright, here's the lists:
Banks that will work with NFA trusts:
M&T Bank
Wells Fargo
BB&T
Susquehanna (in theory)
PNC
First Mariner Bank
NASA FCU
SunTrust
APGFCU
USAA

Banks that will NOT work with NFA trusts:
SECU MD (no revocable trusts, period)
Bank of America
Navy Federal Credit Union

Original post:
So, went to my bank (SECUMD) this morning to open the trust checking account to execute my trust. Unexpectedly, they told me they don't do checking accounts for revocable trusts. Does anyone have any recommendations for banks in the MoCo/PG area that will do free checking for NFA trusts? Basic requirements are no monthly fee and non-huge minimum balances (or just a trivial direct deposit each month).

My trust doesn't have NFA in the title, FWIW.

Vjornaxx · Dec 19, 2011

Wells Fargo and Bank of America both do revocable trusts. However, you'd be hard pressed to find a public bank without fees and no minimum. Bankers at BofA and WF have options available to them to link certain products to an account to waive such a fee, but that is usually some sort of direct deposit or linked line of credit. That direct deposit of yours might come in handy.

Federal Credit Unions probably offer a better solution, but your search may take longer. Since credit unions are not-for-profit, the usually invest their "profit" into a specialized means of competition. That means you may be able to find a FCU which specializes in revocable trusts.

erwos · Dec 19, 2011

Yeah, I have no issue with a $10-$20 direct deposit per paycheck to keep the account open... I mean, it's a revocable trust, all the money is ours anyways. Someone else PM'd me about Wells Fargo, so I might see if they can help me.

TyFromMD · Dec 19, 2011

At BofA, trust accounts don't qualify for the myaccess checking account which is the only one with the Direct Deposit fee waiver AND the fee waiver is only for direct deposits over $250.

The only checking account that can be opened as a trust is the Regular checking account which as a $1500 balance requirement or you pay at $12 monthly fee.

CHUNKERMD · Dec 19, 2011

BB&T does them.

Balnk · Dec 19, 2011

I have a checking and savings account at M&T Bank for my NFA trust. As long as I have $100 in the checking there is no fees at all.

dpmd · Dec 19, 2011

TyFromMD said:
At BofA, trust accounts don't qualify for the myaccess checking account which is the only one with the Direct Deposit fee waiver AND the fee waiver is only for direct deposits over $250.

The only checking account that can be opened as a trust is the Regular checking account which as a $1500 balance requirement or you pay at $12 monthly fee.

I was able to open a checking account at B of A for my NFA trust with less than $300 a few months ago. However, after a month or so, they closed my account and refunded me the balance. I was told that B of A does not allow accounts for firearms trusts. The 800 "customer service" line said the local branch just set up the account incorrectly. When I contacted the branch again, the manager explained the policy to me.

shaakes · Dec 19, 2011

Check with Susquehanna. They said that they do living trusts

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Longhammer · Dec 19, 2011

PNC did mine with no hassle

JWBanshee · Dec 19, 2011

First marinier Bank totally free trust account

erwos · Dec 20, 2011

Follow-up: M&T was fine with the trust, but their lawyer wanted all of the trustees (ie, my wife) there to open the account. Not a big deal, but I didn't realize that would be the case.

Might be something to consider addressing in your next revision of the trust language, Rusty.

saberwuf · Dec 20, 2011

JWBanshee said:
First marinier Bank totally free trust account

x2

backnblack · Dec 20, 2011

CHUNKERMD said:
BB&T does them.

Have mine there as well. Never even raised an eyebrow.

dwnthehatch · Dec 20, 2011

NASA FCU does them

Lex Armarum · Dec 20, 2011

erwos said:
Follow-up: M&T was fine with the trust, but their lawyer wanted all of the trustees (ie, my wife) there to open the account. Not a big deal, but I didn't realize that would be the case.

Might be something to consider addressing in your next revision of the trust language, Rusty.

Without going too deep into the matter, I cannot control what the banks require. My trusts are designed to allow each trustee to operate independently of each other as much as possible while still maintaining safeguards so that the other trustees are aware of what the others are doing. Under the trust language, one can technically open a bank account for the trust unilaterally provided that the trustee can demonstrate that he/she notified the other trustees of his/her intent to open the bank account and received consent from the other trustees to do so. One can demonstrate that through a letter or permission slip signed by the other trustees. Nonetheless, some banks or other institutions may not accept such a slip. It is one of the constraints of a trust with multiple trustees.

erwos · Dec 20, 2011

Ah, I see, could be they didn't want to deal with defining "notification".

erwos · Dec 21, 2011

Update: got it done at M&T. Took about an hour because the lady didn't do them often and had to call for help. Time to buy a Sparrow!

ViperRy · Dec 21, 2011

SunTrust did mine

Mega · Jan 4, 2012

APGFCU did mine.

Tconfo · Jan 6, 2012

Anybody use TD?

Banks that do NFA trust checking accounts?

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