Banks that do NFA trust checking accounts?

Lex Armarum · Dec 23, 2013

NateIU10 said:
A trust is not a legal entity (as defined in other sections of MD law).

I believe the purpose of the trust checking account is to fund the trust, so that the trust is valid when you file the paperwork with ATF (trust does not come into existence until funded, I believe.) It would be the same as people who place a $1 bill in the Schedule A before sending it off to ATF.

I cannot think of anything bad that would happen without a trust account, or paying the transfer fee out of any personal account. Hell, the transfer fee is payable by the transferor under the law, and we're talking about transferees paying the tax. ATF wants the money, they don't care who or what it comes from, IMO.

I've answered this question before - earlier in this thread I might add - but for the sake of brevity, here is my take on this issue:

http://www.mdshooters.com/showpost.php?p=1241383&postcount=108

bobthefisher · Dec 23, 2013

Would anything need to be written on your Schedule A to correlate with the bank account?

Straightshooter · Dec 23, 2013

This may be a stupid question. If I am looking to purchase an NFA item, should I have a trust drawn up, open a trust checking account and apply for a tax ID number prior to purchasing any NFA items? I guess the real question is, will BATF accept a trust application without an item or is the fact that the trust checking account is funded enough for submission?

Lex Armarum · Dec 23, 2013

Straightshooter said:
This may be a stupid question. If I am looking to purchase an NFA item, should I have a trust drawn up, open a trust checking account and apply for a tax ID number prior to purchasing any NFA items? I guess the real question is, will BATF accept a trust application without an item or is the fact that the trust checking account is funded enough for submission?

Feel free to give my office a call; I am happy to discuss this matter with you.

bobthefisher · Dec 24, 2013

Anyone know if BB&T is a team player? Especially, in Carroll County Westminster.

Lex Armarum · Dec 24, 2013

bobthefisher said:
Anyone know if BB&T is a team player? Especially, in Carroll County Westminster.

Last I heard, BBT was friendly.

Biggfoot44 · Dec 25, 2013

I'm not sure if I posted in the earlier life of this thread , but TD Bank handles Trust account with no issues or hassles. They're not on every street corner , but I am as satisfied with them for normal banking as I am with any bank.

Slick17 · Jan 14, 2014

Anyone recently set up anything with PNC? Heard they were good and then went south.

Rusty, I'll probably be in contact with you soon. Spoke to you earlier last year but never got around to finalizing everything.

OrbitalEllipses · Feb 18, 2014

For you folks with trust checking accounts, are your checks in the name of the trust or the account holder? Bank provided checks have the account holder's name on them and they spieled that it was not a mistake, despite the account being in the name of the trust techncially.

d_c · Feb 18, 2014

OrbitalEllipses said:
For you folks with trust checking accounts, are your checks in the name of the trust or the account holder? Bank provided checks have the account holder's name on them and they spieled that it was not a mistake, despite the account being in the name of the trust techncially.

Mine are marked:

TRUST NAME
MY NAME TRUSTEE

doofoo · Feb 18, 2014

OrbitalEllipses said:
For you folks with trust checking accounts, are your checks in the name of the trust or the account holder? Bank provided checks have the account holder's name on them and they spieled that it was not a mistake, despite the account being in the name of the trust techncially.

My bank asked me how I wanted it. Trust Name + Trustee names, or just Trust Name. I opted for just the trust name on the checks.

I was also able to get a debit card from the trust account - it carries my name only.

mtel · Feb 18, 2014

OrbitalEllipses said:
For you folks with trust checking accounts, are your checks in the name of the trust or the account holder? Bank provided checks have the account holder's name on them and they spieled that it was not a mistake, despite the account being in the name of the trust techncially.

I was given options when I opened the account. Since I'm currently the only trustee I ended up choosing:

Trust
Trustee

OrbitalEllipses · Feb 19, 2014

Hm, interesting. Thanks. Not sure if it's worth spending a couple bucks on new checks, thus delaying my forms, or to just send in the checks I have. This is my trust's bank account, but the check does not carry the name.

jvegas · Feb 19, 2014

those of you that used capital 360, how did you set up the account using the trust info? all i see are options for names and SS#s.

SneakySh0rty · Feb 19, 2014

OrbitalEllipses said:
Hm, interesting. Thanks. Not sure if it's worth spending a couple bucks on new checks, thus delaying my forms, or to just send in the checks I have. This is my trust's bank account, but the check does not carry the name.

Ask if you can get a debit card. That way you can efile instead of paper

Sent from my SCH-I545 using Tapatalk

OrbitalEllipses · Feb 19, 2014

jvegas said:
those of you that used capital 360, how did you set up the account using the trust info? all i see are options for names and SS#s.

You create the account in your name, then you convert it to a trust account. Once the account's created, login. You should be in the My Accounts -> Summary area. Click the name of the account where it says 360 Checking - 'account nickname'. This will load the Transactions tab inside the Account Details section - click the Forms tab all the way to the right of the Transactions tab and Living Trust will be the 4th form down.

SneakySh0rty said:
Ask if you can get a debit card. That way you can efile instead of paper

Sent from my SCH-I545 using Tapatalk

Have the debit card. Need the check to pay a vendor - cash discount and all you know? I'm not overly concerned about the trust name not appearing on the check, but I will contact the bank one more time to get this sorted out.

jvegas · Feb 19, 2014

OrbitalEllipses said:
You create the account in your name, then you convert it to a trust account. Once the account's created, login. You should be in the My Accounts -> Summary area. Click the name of the account where it says 360 Checking - 'account nickname'. This will load the Transactions tab inside the Account Details section - click the Forms tab all the way to the right of the Transactions tab and Living Trust will be the 4th form down.

Have the debit card. Need the check to pay a vendor - cash discount and all you know? I'm not overly concerned about the trust name not appearing on the check, but I will contact the bank one more time to get this sorted out.

I should have followed up. I figured it out shortly after posting that.

OrbitalEllipses · Feb 19, 2014

jvegas said:
I should have followed up. I figured it out shortly after posting that.

Do note that Capital One 360 will not issue checks with the name of the trust - only the account holder and joint account holder. After speaking with several people there is no resolution. In addition, the stipulations of the account are that third party checks cannot be used - only Capital One 360 issued checks are available ($5/50, first book free). Not a deal breaker and I don't think the ramifications are all that serious, but just something to note.

TyFromMD · Apr 10, 2014

A bay bank rep said they don't do anything with gambling or firearms trusts.

I was told at M&T bank that I needed to have an EIN to open a living trust account and that all trustees had to be present to open an account.

I'm having a hard enough time getting my co-trustee in front of notary, getting them to a bank during business hours is going to be virtually impossible.

HT4 · Apr 10, 2014

TyFromMD said:
A bay bank rep said they don't do anything with gambling or firearms trusts.

I was told at M&T bank that I needed to have an EIN to open a living trust account and that all trustees had to be present to open an account.

I'm having a hard enough time getting my co-trustee in front of notary, getting them to a bank during business hours is going to be virtually impossible.

M&T opened mine no problem... wife (co-trustee) was not present.

Banks that do NFA trust checking accounts?

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