Posted by Rich-CA on September 27, 2007 at 23:13:07:
Not all book keepers are honest. I would not give them access to the online account management. Have the book keeper fill out paper checks and just sign them. At least you get to see (and approve) where the money is going.
Bank might be an issue… - Posted by Scott (ATL)
Posted by Scott (ATL) on September 19, 2007 at 12:11:27:
I searched through previous posts and found one I posted over a year ago that dealt with the opposite side of this question…Yikes.
Anyway, B of A would only create a “Trust” account for me a while back and this type of account does not allow for a “signature card” like a business account. Also as Trustee they needed my SSN but I think this is because of 9/11.
I can create a user id and password online for the bookkeeper to use but what concerns me is giving the bookkeeper “human” access. Unless I name a co-trustee I’m the only one that can deal physically with the account. And the banker wants a “decree” from the court naming a co-trustee or in the case of me becoming incapacitated a “decree” naming the successor trustee.
Since the trust is a private document I just assume draft up a certification of “co-trustee” or create a document transferring to a successor trustee that can be “picked up” upon my incapacitation. No judge involved in any of these. Anyone have any problems with using certifications of trusts that are not “signed by the court”?
I really think the trust account should be a business account but the banker at B of A says he can’t set up a trust as a business account. Is this a solely a B of A policy or do all banks operate trust accounts this way?
Thanks!
Scott
Re: Bank might be an issue… - Posted by River City
Posted by River City on September 28, 2007 at 06:53:54:
Generally, a trust account is a savings account deposited by someone who makes themselves the trustee for a beneficiary and who controls it during their lifetime; afterward the balance is payable to the named beneficiary. The bank wanted your social security number because you would be the person controlling the trust. If you had hired someone to control the trust for you, the bank would have requested their social security number.
Nationally chartered banks like Bank of America are regulated by the Office of the Comptroller of the Currency (OCC). You can go to the OCC website and search for “trust accounts” and read the documentation they have published as guidelines for banks. Most times in cases like this, the banks will set their policies and procedures and have their regulator approve them.