Reply To: Private trust bank accounts

[Brandon-Nicholas]

Hi Mayari,

Yes, the key is to just call it a “Trust” and nothing else.
For example, when you walk in there say “Good morning, I’d like to open a trust bank account please” (as if you are just referring to a standard run of the mill trust). Don’t mention “Non-registered” or anything like that.

When they are doing the paperwork and ask you for the ABN just say “It doesn’t have an ABN”. If they ask why it doesn’t have one, say “It’s not a business. It is only used for asset protection (or whatever you wanna tell them)”.

Best thing to do is get any terms like “private” or “non-registered” out of your head. Just call it a “Trust”. It’s just like any other trust but without an ABN.