What do Banks Need to Open a Trust Bank Account

The requirements for opening an express trust account at a bank vary depending on the bank and the jurisdiction in which it operates. However, some common requirements that banks may need to open an express trust account include:

1. Proof of identity: Banks may require the person opening the account to provide a government-issued photo ID, such as a driver's license or passport.

2. Proof of trust relationship: Banks may require a written document that establishes the express trust, such as a trust agreement, will, or court order.

3. Proof of capacity: Banks may require evidence that the person opening the account has the legal authority to act as a trustee, such as a court order or a power of attorney.

4. Information about the beneficiaries: Banks may require information about the beneficiaries of the trust, including their names and addresses.

5. Tax ID number: Banks may require the tax identification number of the trust, which is used to report income from the trust to the Internal Revenue Service (IRS).

6. Initial deposit: Banks may require an initial deposit to open the account.

7. Signature cards: Banks may require the trustee or co-trustees to sign signature cards to authorize transactions on the account.