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unregulated trust
I went in to CBA to set up the trust. They call it unregulated trust. Is it the same as no registered? Had no trouble signing By Joe Blogs All right reserved but they are asking for a ACN or a ABN. I looked up their website and it only says to supply an ABN (if any) So i’ll have to try again and point them to this page. Has anyone else had trouble with this
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5 Replies
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Hi Dave,
I have mine at Bendigo and they didn’t ask for an ABN/ACN, which is what you want. It’s not registered, hence there shouldn’t be an ABN/ACN. I did have a trust account with the CBA previously, but after they blocked my account due to a crypto trade, I moved to the Bendigo. So far so good.
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Did you have a problem with bendigo bank wanting a list of your beneficiaries and to copy all of the trust document. I advised them that it is a private unregistered trust so they can only copy the certificate of title which i did a separate one without the beneficiaries name for banking use and the execution page. the manager said well if you don’t give it to us we can’t open the account. am making a complaint. any suggestions would be appreciated.
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We applied for accounts with our unregistered trust and Mark advised us it was ok for them to have a copy, so we allowed them to photocopy it. Them having a photocopy does not give them any jurisdiction over your trust and they probably just want to verify that it is correctly and competently written at head office.
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I think Mark is wrong it might not be registered with an abn but you giving over all of your private documents you have made them party to this private agreement. And the fact that the bank has a list of your beneficiaries and a copy of a private document is very problematic to me.
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