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Trust Bank Account
I am just about to setup our trust bank account.
Is there any advice on which bank, building society or credit union to use?
I assume it has to be a business account. Should the account name just be “the trustee NAME trading as TRUST NAME”?
I went into the ANZ and they said they have to send everything away to a compliance dept. That does not sound positive.
Any assistance will be appreciated
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12 Replies
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Hi Morag,
Just clarifying, when bank asks for the entire Trust documents do we provide them. It is a Private Trust? Also they want the physical address for Private Trust makers only have the PO box on the documents? How to deal with that? Thanks
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One lady I know took the address off the front because it was a stumbling block. The words Private Trust can set off alarm bells for bank as they are not familiar them. They are more familiar with the term unregistered Trust, they have many unregistered Trusts, they are usually family Trusts that are set up for the protection of the home.
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Yes you do hand over the Trust document and let them know they can photocopy the pages they need and then give it back to you.
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Mark will answer your question on address to give, he should be available to answer just send a request to the team.
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He may provide you with a letter for the bank to let them know he no longer has anything to do with the Trust once it is drawn up and delivered
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Thankyou, this is excellent!
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Hello Wehah, I opened a Trust Account with the Commonwealth Bank and it was not a problem. I had to give my TFN and sign that I’m a tax resident. Anyhow, as Janet sent you the Q&A, providing your TFN is not an issue.
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Don’y have anything to do with ANZ
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Update, I ended up going with Heritage Bank. No issues
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Hi team🙂
How did everyone go?
I’m in the middle of setting up my documents for the unregistered trust, thought I’d visit this thread to see how everyone went with different banks holding their trust accounts?
Experience with getting debit cards under the trustee’s names – would be much appreciated if anyone has gems of info to help me out?
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Hi everyone,
I tried setting up an unregistered trust account with BDCU at Bowral and that was rejected. The bank stated the terms in the Trust Deed contained wording it wasn’t comfortable with.
We went a week later to Commonwealth Bank at Bowral and asked to open a bank account for an unregistered trust. The bank provided information about setting up such an account on their website so we know it would be fine. The staff took our details, took a copy of our trust documents and approved the bank account a week later.
We now have an unregistered trust bank account with CBA.
Macquarie Bank also provides this service. You can find a template form online when you search unregistered trust account form.
God bless,
Brian
