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Commonwealth trust account
We had our Trust Bank Account appointment yesterday with Commonwealth bank in Chermside. It was really simple. She did ask about an abn and I let her know we elected not to have an abn as it is only for estate and asset protection. She was happy with that and did not ask for a TFN either.
She did ask for a shortened name to add just when they put it on statements. I said the name must be The full trust name. She said it will be the full trust name, it’s only an abbreviation.
At the end she gave us the BSB and ACC on a sticky note and popped it in our folder.
I checked it today and it has the BSB and ACC but it’s says NAME: “our names as Trustees for silver linings trust”.
I am concerned this is actually what she has named the account. I’ll go in today just to double check. If she has done this would I just ask them to change it to the trust name as I asked “The Silver Linings Family Trust”.
It may be fine. Just thought I’d ask before I go in.
Anyone wanting to go through commonwealth should find it really easy. I maybe just ask to see the name of the trust on their computer just incase.
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37 Replies
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Sounds great and you’re right to make sure the name is correct.
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Thanks Morag 😊
I just spoke to them. They have named the bank account what the clerk has written on the sticky note. I said I need the bank account to say “The Silver Linings Family Trust” as stated on the trust deed.
He said they have to must put the trustee names on the bank account name before the trust name.
He did say a team member from the verifications team will be in contact about the trust before they finalise it and ensure the clerk has done everything correctly.
so I’ll have an opportunity to speak to him as well.
She hasn’t actually put “The” before “silver linings family trust” on the sticky note so I’ll mention to the team member as well.
Should I let them know I’ll be recording the conversation when he calls. I can anyway.
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someone from their branch called as soon as I left so they must have had a chat when I left. 😂
I said I’m about to go to a class and I’ll be available at 3. Just to give myself time to get home and use another phone to record the call.
I don’t see why the name cannot be just the trust name 🙄.
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I would definitely stick to your guns here and someone else here might have a better understanding than I do, but you’re dealing with a Trust. From what I can gather, Trust law is supreme over contract law. There is even a trust going on between you and the Agent. That’s why Trusts are strong and binding. That is the name of your trust, it is an entity, a Estate, it basically mimics the Registration of live birth. You are putting other securities into it for protection and to build on.
Record everything as it is a Breach of trust. We are all obligated to do the right thing by one another and this is where the world has gone wrong.
That’s my take on it so far.
I’m keen on hearing your progress. I bank with them and I am yet to start our trust with them.
Wishing you the best and all the strength you need to be you.
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The recording wouldn’t work 😭
But I could still do a transcript of roughly how I thought the call went. It’s not like they will contest what I wrote with the actual recording proving I was right anyway.
They said something like “the clerk must send it through like that but we list it as shown on the deed, the name of the account will be “The Silver Linings Family Trust”.
Do I need to send minutes to them as well?
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I meant a breach if someone is trying to change the name to what is supposed to be. It is all form work and the title needs to be correct, otherwise what can you enter into it, it needs to match up. With regards to minutes, I am not sure, but it hasn’t been activated until this process goes through. Keeping a track of what is happening for your own benefit, would not be a bad thing. The question is who is going to look into it? This is the point of having it private. I have only just started to get into trusts and I am still wet behind the ears.
What I am seeing though, is this whole system is more about Trusts, Estates and Securities, rather than Creditors and Debtors. They are the Owners, but they flipped it and made us on paper the Trustees. Our Registration of Live Birth is the Security and your Birth Certificate is the receipt to say that it exists. It is the Public Trust, another security. A Mother Trust Security, with a lot of Baby Securities on top of it. Some of them not so baby anymore. A loan of $100k could be 12 times that amount now. It is mind boggling to think how much credit is out there. Hence the need to tie up some of those Liabilities. People are banking on foreclosures. It is all accounting in the end, just numbers and forms.
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All of your minutes for your Trust are private and you don’t need to show them to any public entity as your trust is unregistered and therefore in the private realm. I am assuming you have an unregistered trust?
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Okay ill keep them all in my Trust deed folder.
I’m glad you guys are here, thanks again 😊🙏
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This was in a Q and A so maybe what they are doing is ok?
Q..I opened the bank account for the trust but the clerk wrote on that ‘private family
trust’ Is that correct?
A…They would have just put Trustee name as trustee for Blah Blah Trust.
They shouldn’t have anything like Private Family Trust unless that was what the trust was called.
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Thanks morag 😊 I think you are right. On the call I just finished with them, he said the clerk must put that down.
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Hi Laura,
are you opening this in victoria at all?
Im having troubles with the banks wanting all beneficiaries names and some banks asking for the addresses of the trustees. Im sure i heard mark state that we are obligated to provide beneficiaries names but i cant proceed without supplying these.
Did you come across this issue at all?
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They are creating it as a business banking profile
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Yes it is a business account, a private business account and the tax department etc have no jurisdiction over it unless you give them jurisdiction.
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Lovely 😊
Well it seems Commonwealth have done everything I’d asked then.
Hopefully this is all useful for anyone with questions going through commonwealth.
Thank you
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Sure is.. appreciate u taking the time to post😘 have a great week and well done
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Hi Laura ,well done for persisting , the clerks often don’t fully comprehend the structure and purpose. I fortunately struck a good one. I asked her to explain the difference between foundation bank accounts and Trust accounts according to her guidelines (at Wpac) so i could share it with you guys that have set up accounts, and also for those that are still in the process. As I have set up both, I noticed the difference in Holder names on statements and cards.
The explanation is this:
* With the Foundation you are members of the foundation, so the Entity is the Foundation.
* When it comes to trust accounts the Trustees are the owners of the accounts and are therefore opened in the Trustees name.
My take on this is, the Trust has the trustees (names) that bridge to the public realm. The Foundation is the Entity that bridges to the public realm. Hope this explains why there is a difference in opening these accounts. It is only my interpretation.
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quick question Laura…were you already a customer at Commonwealth beforehand which perhaps made it a bit smoother? also, if you got yr new account ok, was it just added to your Commbank App as a business account? was thinking that if i went to a new bank i would have to provide a lot more personal info and might be a bit trickier as opposed to going in as an exsiting customer. any thoughts appreciated.
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Yes I was already a customer of commonwealth bank and we didn’t have to provide the points of ID. She did want to see our drivers licences though to confirm it was us.
I still feel the process wouldn’t be that much harder. They seem to understand the process and didn’t seem faster by the trust being un registered at all.
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thanks for replyin Laura..appreciate it and posting yr findings..its is helpful😀
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Sorry..just real quick side question anyone having difficulties with the website on desktop? Can use on phone, but, maybe its my computer (?) But desktop glitchy..can log in but then get a privacy message which cant get past. Again, sorry to put here .thanks
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ignore message is working again now..sorry and thanks
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I went into my commbank app to manage it.
It days: “my partners name” and “my name” as trustees for silver linings family trust. , which is wha I confirmed would not be the name when they called to verify everything.
I called them again today to ask why that name is still there as I spoke to them before it was approved and they ensured it would be only “The Silver Linings Family Trust”.
They said that is just a longer name for their use, there is a short abbreviated name for referencing, and then also the actual trust profile name is “The Silver Linings Trust”.
Q – would it be best to go to the bank and just ask to see the account profile before I start using the account? Has anyone else noticed this with commonwealth.
I’m fine with it as long as the actual account is named “The Silver Linings family trust” as written on the trust deed.
Just really ensuring this is done correctly, and want to share my princess so other know what it all means and how it is set up through Commonwealth
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I apologise for the mistakes. For some reason this website takes a while to load what I type, then I cannot delete or fix mistakes or it will turn the paragraph into symbols, so I have to leave the mistakes or bad auto correct as it is so its remains readable.
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Hi Laura,
I also have a trust account with the Cb and my name is also on the card before the trust name. I also just read somewhere: Q….When we get a debit card for the trust
does the name of the trust need to be on the card or our name/s?
A….ONLY THE TRUSTEE NAMESSo, it’s ok to have your name on the account as well.
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I’ve just used Commonwealth bank yesterday to set up a new trust bank account, i was wondering if anybody was asked to sign for this form or something similar? a self-certification form which i was not allowed to proceed with the process unless it was signed.
The form was simple stating whether the Trust was a charity or not – to which i elected not, though now i’m rather confused as to whether i’ve just signed for allowing ATO pirates jurisdiction over the account.
Any information would be helpful.
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Here’s a couple of suggestions. As long as you used the All rights reserved signature you should be ok. However if you haven’t and then have any approaches from the ATO claiming they have jurisdiction,or asking for more details etc just ask if they thought there was an implied contract between you and then you could state ‘if there was I hereby withdraw that, can you please show me any agreed upon contract that has 1. full disclosure 2. a meeting of the minds, 3.consideration 4. Agreement between two parties and then I will be happy to conduct business with you’. If they want you to perform any work for them then ask If they would like a copy of your fee schedule as you will be happy to complete any work once you are paid. This is not legal advice just sharing things that have worked in some cases with the members on here.
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Thanks for the info Morag
I might just attempt opening an account with another bank, but this is valuable information. Much appreciated.
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Side note – yes i did use ARR signature.
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I was also rather annoyed when i asked which pages of the deed would be required to be photo copied and she advised the trust contract pages and then walked into them making a copy of the full deed page for page.
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Yes that has been happening to me too (photocopying the complete document), but Mark says don’t worry it does not give them any jurisdiction whatsoever over your private unregistered trust, so let them do what they have been instructed to do by their superiors.
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Ah sweet, thanks for calming my nerves abit morag 🙂
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hello …i am going to get a trust and was going to go to commonwealth, as already existing customer…but thinking about other options…please let us know if u try another bank/s and what their response was…it would b interesting to see if u got varied answers or what they required. my 2nd option was going to be bendigo then an outsider ing. then maybe a credit union. anyway any further findings would be well appreciated. thanks and good luck
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I used Heritage Bank up at Chermside. Portia up there was very helpful and there were no hickups whatsoever. Got my account established & EFT Visa card delivered soon after.
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Thanks..we’re u already a customer there or new? If new what I’d was required? Thanks again
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Commonwealth have also added Trustee and Beneficiaries as the
“Full business name of the entity as registered with any state or territory business names register, ABN or ASIC:” MR JOHN DOE etc etc.
I have requested removal of the Beneficiaries here – does anybody see an issue with this?
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so u continued to use commonwealth or did you try another bank? are u happy with how it all ended up? cheers
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I have to attend a branch to get the aforementioned issue sorted out, but it should not be an issue.
Still going ahead with Commonwealth at this stage.
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