Yet another NFA Trust bank account question

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  • Arcamm

    Ultimate Member
    MDS Supporter
    Assuming to go to a bank that will open a NFA Trust account, how long of a procedure is it? Do you walk in/walk out same day or does it have to go to "committee" and "we'll let you know, someday"?

    I'm banking at Capital One in Mount Airy right now. Anybody ever set one up there?
     

    SWO Daddy

    Ultimate Member
    Jun 18, 2011
    2,468
    I called USAA and had my bank account # the same day. I had to upload my trust and fill out some paperwork, that was about it.
     

    outrider58

    Eats Bacon Raw
    MDS Supporter
    Jul 29, 2014
    49,818
    Mine went two trips because I didn't have a tax id no. which my bank required on a Trust acct. Just went on line, got the number, back to the bank. Easy.
     

    lamontjb

    Member
    Aug 13, 2014
    32
    I missed the boat on this, but what is the advantage of having a bank account on your NFA trust? I was offered the option but elected not to open an account when I created my NFA trust. Is this a requirement?
     

    Arcamm

    Ultimate Member
    MDS Supporter
    I missed the boat on this, but what is the advantage of having a bank account on your NFA trust? I was offered the option but elected not to open an account when I created my NFA trust. Is this a requirement?

    This confuses me too. I think it's mostly a CYA thing. From what I can tell, when you buy a NFA item with personal funds, and the item is not correctly transferred to the Trust, you have violated the NFA rules. I.E. you pay for the item and then it's added to the trust. I think that's right. SCMIIW. Anyway, if the item is paid for with a check from an account owned by the trust, you can't violate any rules. That's my understanding anyway. :shrug:



    Clear as Chinese red dot scope with a dead battery on a moonless night.
     

    outrider58

    Eats Bacon Raw
    MDS Supporter
    Jul 29, 2014
    49,818
    I missed the boat on this, but what is the advantage of having a bank account on your NFA trust? I was offered the option but elected not to open an account when I created my NFA trust. Is this a requirement?

    Good question. IANAL While there's no law requiring a NFA bank acct.(to the best of my knowledge), it is recommended so as to give legitimacy to the trust as being a living, breathing thing. Paraphrasing as it was explained to me by Rusty. It looks good, plus, it's a good place to hold/save money for the next toy.
     

    Pinecone

    Ultimate Member
    MDS Supporter
    Feb 4, 2013
    28,175
    We did ours at M&T. They even let me use their computer to request the EIN.

    Maybe took an hour, including notarizing the trust documents.
     

    dontpanic

    Ultimate Member
    Jul 7, 2013
    6,631
    Timonium
    I missed the boat on this, but what is the advantage of having a bank account on your NFA trust? I was offered the option but elected not to open an account when I created my NFA trust. Is this a requirement?


    No advantage. It establishes that the trust has assets. A trust is not legally in effect until it has assets.

    I started my trust by transferring a $1 bill to the trust and adding it to the list of assets in the trust document. I keep that dollar in a folder with my trust. No EIN and no bank account I can be charged fees on.


    Until the stamp comes back for my suppressor, that dollar is the only asset of the trust. I did go to my credit union to have my trust notarized and witnessed by two bank employees. They did this for free.

    The notary did not ask or care what the trust was for.
     

    rico903

    Ultimate Member
    May 2, 2011
    8,802
    I used M&T and it was a quick in and out. Opened a trust account with no fees or EIN. Got the generic checks right away and the checks with trust name came in about a week.
     

    outrider58

    Eats Bacon Raw
    MDS Supporter
    Jul 29, 2014
    49,818
    How are these accounts titled? I.E. "NFA Trust for <your real name>"?

    Usually titled in the name of your trust. In my case, I assume is the law, all trustees names appear on the account so, choose your trustees wisely.
     

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