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opening bank account at Bendigo bank
just wondering if someone could answer some questions for me please.
Q1 I was asked this question over the phone when I contacted the local branch to see if I would need to book an appointment to open the trust account. she asked me if it was a personal or a corporate? not sure which one I’m suppose to choose personal or corporate account? or dose it even matter? my trust is a Family Discretionary Trust.
Q2 how do I sign my name with all rights reserved?
thanks kindly Adrian.
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12 Replies
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I would sign with ‘all rights reserved’. I think you put that first, and underneath that your signature. Someone else may be able to confirm this.
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Thank you for the reply, so my understanding is that where your signature normally get signed that you write “By: (your autograph) ” all Rights Reserved” or UCC1-207/1-308 after the signature
Would that be the correct way that it should be done could someone please confirm, thanks kindly Adrian.
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These may be of some help
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The first time I tried to open a trust account I signed the application ARR. The application was through BCU and it was rejected. I feel as though the ARR autograph is the reason why it wasn’t approved. I have since successfully opened up three other accounts for other trusts with my old signature. I don’t believe the ARR autograph for account application is necessary.
I applied for a business account for all trusts.
Hope this helps!
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We have never had a problem with that signature as it is our normal signature and how can they tell you how to write your own signature. Is that how you normally sign, because it has to be your usual signature for you to be able to insist on signing that way. Maybe go back and ask them why they rejected your application?
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BCU would not disclose why they rejected the application back then.. so just went with the path of least resistance for the subsequent account applications.
When dealing with the public I sign ARR and have never had a problem to date.
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Bendigo have had internal directives to steer clear from ‘non-registeted’ trusts.
We have tried opening an account for a nfo ngo ‘association’ and their response was…
“Currently the Bank requires a not-for-profit association to be registered with ACNC ( Australian Charities & Not-for-profit Commission).”<o:p></o:p>
Then we tried to open an account for our discretionary trust from the Solutions trust makers and hit a wall straight away. Having built a relationship will them, we were told they had directives earlier in the year to avoid ‘these kind of trusts’, as to why exactly she didn’t know but she was aware they were growing in popularity and mentioned a good friend of hers had success with NAB after being knocked back by Bendigo.
We also have a good friend who knows a regional manager of Bendigo who in turn confirmed they will not accept them.
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Hi Justin we have had the same problem here in NZ, maybe we could ask Mark at the next Q and A what is a way around this problem if no bank will accept the trust and open an account?.. https://solutionsempowerment.org/event/general-qa-may-14/
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Thanks to everyone who replied. Bendigo bank declined my trust account they said that there not excepting trusts from private trust makers anymore. what bank should I try next that will get this through?
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Here’s some Q and As, you might find something there?
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Thank you, another question I’m heading in to Commonwealth bank today to open new account should I use my live birth certificate or my strawman birth certificate ?
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Strawman. They can only contract with the Strawman. Suggestion; to protect your interests you can officially change your signature to the all rights reserved signature if you wish to, and then sign all documents with your new signature.
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