Trust Checking Accounts

jmcgonig · Jul 28, 2014

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.

mtlcafan79 · Jul 28, 2014

Capital One 360 does accounts specifically for trusts. Worked OK so far.

Bboarder · Jul 28, 2014

I did my trust account through BB&T

rob-cubed · Jul 28, 2014

I'm with M&T. They didn't blink, it even has "Guns" in the trust name...

Semper Noctem · Jul 28, 2014

USAA all the way.

OrbitalEllipses · Jul 28, 2014

No fees or anything through Capital One, did everything totally online, and that first cheque book is free too. If you need more than one cheque book for NFA stuff, well damn I'd like to be your friend!

Gummy · Jul 28, 2014

Mine is with PNC.

ducrider45 · Jul 28, 2014

I have Wells Fargo and I do not recommend them. High balance required $2,000.00 or credit card usage quota to avoid big fees.

jmcgonig · Jul 28, 2014

Thanks for the replies. Going to try to get this done later today/tomorrow.

SWO Daddy · Jul 28, 2014

USAA...no issues.

csanc123 · Jul 28, 2014

rob-cubed said:
I'm with M&T. They didn't blink, it even has "Guns" in the trust name...

This. M&T rocks (at least for this purpose)

4095fanatic · Jul 28, 2014

While the thread hasn't been posted in for a few months, there's some interesting info here:

http://www.mdshooters.com/showthread.php?t=71752&highlight=trust+checking+account

Ragnar · Jul 28, 2014

Do all expenses associated with the trust need to be paid from the trust account like firearms, parts, silencers, etc.? Or do you use it only for paying the stamp tax?

4095fanatic · Jul 28, 2014

Go set up a trust through a lawyer and they should either explain all of this to you, or give you documentation explaining it (I got a nice 20 page users guide from Arsenal Attorneys). Rusty has also posted on the issue I believe.

daNattyFatty · Jul 28, 2014

mtlcafan79 said:
Capital One 360 does accounts specifically for trusts. Worked OK so far.

I opened mine completely online, back in January, in the name of my trust. Has the word "gun" in it. No issues then or now. Have since received an approved form 1.

Pinecone · Jul 28, 2014

Ragnar said:
Do all expenses associated with the trust need to be paid from the trust account like firearms, parts, silencers, etc.? Or do you use it only for paying the stamp tax?

As I understand it, IANAL, everything that is associated with the trust should be paid through the trust account.

dogbone · Jul 28, 2014

Ragnar said:
Do all expenses associated with the trust need to be paid from the trust account like firearms, parts, silencers, etc.? Or do you use it only for paying the stamp tax?

Good discussion of that question here:

http://www.thehighroad.org/archive/index.php/t-646605.html

IANAL but some of the folks in that thread are and the answer seems to be you do not need to bother with a checking account for a trust. You can certainly make an account for your trust and move money from your personal account (right pocket) to the trust's account (left pocket) but since you are the grantor and trustee, it is all still the same pair of pants.

fabsroman · Jul 28, 2014

dogbone said:
Good discussion of that question here:

http://www.thehighroad.org/archive/index.php/t-646605.html

IANAL but some of the folks in that thread are and the answer seems to be you do not need to bother with a checking account for a trust. You can certainly make an account for your trust and move money from your personal account (right pocket) to the trust's account (left pocket) but since you are the grantor and trustee, it is all still the same pair of pants.

This. The trust just owns title to the firearms. So, you can pay for the firearms and donate them to the trust in one fell swoop. It would be like donating money to the trust. You would write a personal check to the trust and the funds would be deposited (titled) in the trust's bank account.

So, a bank account isn't a requirement for a trust.

rico903 · Jul 29, 2014

csanc123 said:
This. M&T rocks (at least for this purpose)

Ditto here. Free also.

PresentArms · Jul 29, 2014

First National Bank they use to be Balto county savings bank. No problems ,and all is free even the first 50 checks

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