TRUST
Who signs for the trust on a signature card if a social security number is used?
individual whose social is used
When would the client need to open an estate account?
Select this account type when a court appointed fiduciary, such as an executor, administrator or personal representative requests an account to handle a deceased person’s estate.
Can an individual use an EIN to establish a sole prop account?
Yes
What documentation is required when opening a rep payee account for social security benefits and who must approve?
award letter & drd
Is online banking allowed on this account type? Debit Card?
No
No
What must the client provide to open a trust account or complete a trust conversion?
trust agreement or summary or abridged version of trust agreement
12 months
Can an LLC have a beneficiary?
No
What is the client need for a rep payee account?
Requests an account to accept benefit payments for the beneficiary, such as an incapacitated adult or dependent child.
What is required to open a court restricted account?
Certified copy of the court order, which includes restrictions pertaining to deposit accounts.
Along with a signature card, what other documentation is required and lists the successor trustees?
Certificate of Trust
What required documentation is needed to open a trust account and who must approve?
Original/Certified Copy of the Letters of Administration, Letters Testamentary.
DRD
When opening a business account along with the signature card, what is required to be placed in the account review records?
Business resolutions
No, only for the rep payee
What TIN is used to open a court ordered restricted guardianship account?
Beneficiary TIN
If a trust agreement is created by a third party on the grantors behalf, who needs to approve?
DRD
What TIN is used to establish the account?
EIN of the estate
If a business account owner wants to add a DBA to an account, what documentation is required?
Fictitious Name Certificate, Trade Name Certificate, or other equivalent document
Who signs the signature card?
Representative Payee only
Who is approval required from when opening a court restricted account?
LOCRO
If multiple successor trustees are listed as co-successor trustees, how are they documented on the certificate of trust?
All on the same line under first successor trustee
Are power of attorneys permitted on estate accounts? Debit cards?
Yes-POA
No-debit card
What type of business account would you open for someone who needs to open an account for their HOA?
Unincorporated Association
The TIN assigned to the account must be the social security number of the ___________?
beneficiary
What are the 3 eligible products available to be opened for a court restricted account?
CD, Advantage Savings, or Business Advantage Savings (trustee is business)