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Westpac’s trust account checklist
<div>We have an appointment to set up our account today at 2:30.</div><div>
</div><div>I will share the checklist of what they require at the meeting. </div><div>They are aware it is a private trust so hopefully this help other choosing to open an account with westpac. </div><div>
</div><div>I have written my answers and questions on the sheet, if someone can confirm I’m on the right track before going in. </div> -
10 Replies
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They ask for 3 most senior organisation members.
There are only 2 Trustees. Can anyone give me some info on this? Or what I can say without a 3rd person
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So they have said they want the names of all the beneficiaries which shouldn’t be relevant, most people mention this issue though. I’ll reschedule and contact them to make an appointment when am prepared to ask questions to someone higher up when booking the appointment.
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This is the email she replied with after we spoke on the phone.
The beneficiaries aren’t decision makers and don’t have say at all. its non-for profit, as well as un-registered and has nothing to do with asic or being registered.At least I have a record of her reply, she mentioned none of this over the phone.
questions I could ask:
The trustees are the only decision makers on the trust, the beneficiaries do not have a say or have any control over the trust and take no responsibility for the trust. Would this not mean that because they do not possess any of those responsibilities or powers over the trust, you would not need to acquire their individual identification, or have a need for them to be present during the AGM minutes meeting to open an account for the trust?
and that you will need the certified copies of the individual details of each of the trustees, being the only decision makers on the trust account?Any advice would be greatly appreciated
🙂
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Hi Laura,
I opened an account with Commonwealth bank and had no issues.
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I might use the info and try commbank instead . Thank you 😊
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Hi there
what type of account did you open? Did you just ask to open an account for your trust? they know it is for estate and asset protection.
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For anyone setting up bank accounts.
I have just set up 2 accounts with Wpac for a NRTrust. The purpose of trust was asset protection.
The date of establishment we used as date of registration (this box used for registered trust). ABN TFN question was answered with n/a. The application was done in bank, I could not see onsceen what other boxes or options were clicked by clerk. A quiet and confident approach is best.
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Thanks for the info 🙂
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