Trust Checking Accounts

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  • rj91jeep

    Active Member
    Feb 16, 2011
    185
    Westminster, MD
    Anybody know if Farmers and Merchants bank does them? I have not had time to call them to ask
     

    11b10

    Member
    Jun 15, 2010
    99
    Union Bridge, MD
    Need to open a checking account for my trust. Recommendations for a free checking account for trusts? I use Capital One now (since the merger), anyone have one with them?

    Thanks.

    You can pay with a cashiers check,, also there is no requirement for it to be paid from a checking account connected to the trust. If you had a financial trust that was worth big money, then yes a checking account connected to the trust - since you will be writing a lot of checks to attorneys, accountants and the IRS. Also a lot of the checks for professional services may be deductible to the trust for taxes. Your NFA collection probably is not in the above category.
     

    ironpony

    Member
    MDS Supporter
    Jun 8, 2013
    7,189
    Davidsonville
    Pnc could not find a free account for me without a kept balance of I think it was $800. So I went personal. Oh, and I'm not allowed in that branch again.:)
     

    fabsroman

    Ultimate Member
    Mar 14, 2009
    35,852
    Winfield/Taylorsville in Carroll
    Pnc could not find a free account for me without a kept balance of I think it was $800. So I went personal. Oh, and I'm not allowed in that branch again.:)

    PNC's accounts all changed this summer. I used to have free personal checking and free business checking. Now, our personal checking account requires a direct deposit from an employer or a minimum balance to be free and my business account requires a minimum balance of $1,500. Believe there are other ways for the accounts to be free, but those are the only ones I remember because they are what we meet.

    As I already stated, you really do NOT need a trust checking account, but can understand if you guys feel better about using a trust checking account for all of this.

    ETA: The branch manager and I are on a first name basis and she knows me when I walk in. I am definitely trouble. Long story regarding a joint personal injury settlement check and her not wanting to deposit it without having my client at the counter and me threatening to take all the accounts someplace else.
     

    jmcgonig

    Active Member
    Jan 18, 2012
    544
    Germantown, MD
    You can pay with a cashiers check,, also there is no requirement for it to be paid from a checking account connected to the trust. If you had a financial trust that was worth big money, then yes a checking account connected to the trust - since you will be writing a lot of checks to attorneys, accountants and the IRS. Also a lot of the checks for professional services may be deductible to the trust for taxes. Your NFA collection probably is not in the above category.

    Yeah, I know that but the lawyer recommended using a trust checking account as getting all you i's dotted and t's crossed doing it without a trust account is difficult and technically you violate the NFA rules if it isn't perfect. Probably wouldn't ever matter, but who knows in the future when they want to change rules if they would look for a nit pick like that.

    Got it setup, only need to keep a $300 balance. As interest rates are way lower than 1%, really costs me $3/yr at most. Once I buy my stuff I can always close it.
     

    mayor_quimby

    4+4= Jello
    Nov 19, 2008
    4,602
    Sandy Spring is good to go I keep $50 in it. They were pleasant about getting it all set up so I set up another account there.
     

    Pinecone

    Ultimate Member
    MDS Supporter
    Feb 4, 2013
    28,175
    The idea is to use the trust checking account for purchases. Using the trust checking account, shows that the items were purchased by the trust.

    I figure it can't hurt.
     

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