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Opening a Bank Account for a Trust
I am going to put my experience and ongoing “orienteering” below and place it in the community to see if anyone has views or alternatives.
Westpac/ Bendigo/Commonwealth/BCU opening accounts.
Since joining Solutions Empowerment, going through the Foundation Lessons, choosing topics that appeal to me, and hearing time and time again about Westpac closing down Foundation Accounts I decided to attempt to set up an account with another bank before Westpac potentially closes down my Foundation and Potentially my unregistered Trust that was set up by Solutions Empowerment.
The Foundation account has been active since 2012 when it was originally set up. Not a lot of money is transacted in it.
The Unregistered Trust was set up 2013 and has been dormant but I will be getting an inheritance soon and the funds will be used to purchase property.
Yes, I can leave the inheritance in the lawyers trust but would rather have it in the unregistered Trust account.
A telephone call to Bendigo Bank reviled that they will not touch Foundations but if I email the Trust Deeds through they will look at it and then decide if it is worth their while to invite me in to open an account. I have not persued.
I attended the Commonwealth bank and had both the Foundation and the Unregistered Trust along with minutes and seeked to open Business Accounts on both. 60 minutes at the Branch with a Finance person. She sent it to the decision makers and a week later it was declined.
The trust has the Foundation as one of the beneficiaries which I assume is why
it was declined I have not persued that any further.
On Tuesday I attended the BCU with my offspring and his stand alone Foundation, My Foundation and unregistered Trust.
Today (the next day) my offspring got an email that read:
Thank you for your time in the Branch yesterday. I attempted to call your mobile but wasn’t able to get through.
Your account opening request has been reviewed, and I am sorry to let you know that we will not be able to assist you with opening these types of accounts.
The information and documentation provided does not meet our Know Your Customer Standards.
If you would like to proceed with opening personal accounts under your name only, that won’t be a problem and I am happy to assist with that.
Kind regards.
BCU has not responded to my Foundation nor the unregistered Trust so I am giving them time.
I have requested my offspring to email back to BCU asking them would they kindly inform you what their “Know Your Customer standards” are so that this could be fulfilled……
I have sent an email to NHCC and awaiting response on the foundations as I know they are not Solutions Empowerment product.
My question is
What are the complications if my offspring aged 20 was to open a Bank account in his own name and traded through that as far as him working a PAYE job as well as doing private business via an unregistered Trust?
Meaning one bank for PAYE and a separate bank for unregistered Trust Transactions.
He has a tax file number and he is anticipating having large tax to claim. The PAYE will assist in him gaining loan to purchase property.
Depending on how much he generates in his private trust I would show him mathematically is it worth claiming the tax back or just not doing a tax return.
Would love to hear views on this evolving situation.
Blessings
Leanne
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12 Replies
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This might help somewhat in relation to transferring funds.
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I am following this post as we had difficulty at Heritage. I have banked for 40 years with Heritage, but the bank manager said when he “checked into” the trust, he claims it doesn’t come under Australian laws. I questioned him, but don’t know how he could ‘check into’ an unregistered trust and asked him how he did that. No reply. Unless we change something in the trust (but he won’t tell me what), he’s not touching it.
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We have had trouble here in NZ too. I believe we need some sort of people’s bank so we can have private accounts for our private Trusts. I am going to ask Alex at People’s Court of Terra Australis is he knows how this can be done.
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As usual, they’re clamping down on the loopholes.
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Acting fraudulently by denying us our rights, as usual, or just ignoring and not following through so they won’t be accountable or be held responsible, especially with the courts and banks on their side.
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If this is a non-registered trust, how would the bank manager “check” on it? I believe he is making an unsubstantiated claim. He refused to give contact details of a superior or the department where he got his information and refused to give any details as to what was unacceptable. I may call Head Office at Heritage
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Extra Q and A this Wednesday!!!… https://solutionsempowerment.org/event/extra-special-qa-november-22/
solutionsempowerment.org
Access Restricted (Not an Active Member) – SolutionsEmpowerment.org
Access Restricted (Not an Active Member) – SolutionsEmpowerment.org
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I have the Zoom meeting link with “Waiting for Host” box ready to go Wednesday, lol.
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Awesome 🙂
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Hi all, I have just received registered mail from westpac, notifying us that after careful consideration and a review (hahaha), that they will not be providing services for all of our accounts (7) including investment property loan, NR Foundation and NR Trust + Business accounts etc. After more than 40 years of patronage. I cant imagine what we have done wrong. (more hahas’) Time to move on and see who wants some business.
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So what will you do with all these accounts to move ?
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If you haven’t made accounts elsewhere they just write a bank cheque for amount and post it to you.
We are just arranging trust and foundation account at other banks. Would like to see the Australia Post People’s Bank get established. Folks should be getting behind Robbie Barwick on this one I believe.
