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Irrevocable Trust Accounts

ddbng
  |     |   3 posts since 2010

I spoke with MySavingsDirect Customer Service today and was told they do not allow irrevocable

trust accounts. Brilliant Bank told me the same thing. The only Banks I know of that do allow

irrevocable trust accounts are Ally Bank, Chase Bank, and Wells Fargo Bank. Does anyone know of any Banks that do allow irrevocable trust accounts? Thank you Sincerely, David

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Answers
GH1
  |     |   1,053 posts since 2017
Everyone I talked clearly ask is it revocable but never says why.
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alan1
  |     |   877 posts since 2015
Numerous banks permit customers to open accounts for irrevocable trusts. You should have no difficulty finding candidates.
see, e.g. https://www.lendingclub.com/asset/ls/cms/bank/pdfs/trust-account-application-fillable.pdf
and https://www.synchronybank.com/documents/wres027213.pdf
(I believe that the above institutions continue to offer such accounts, but perhaps things have changed.)

ddbng -- what is the reason you are limiting your search to banks? There are other financial institutions (e.g. credit unions) that offer such accounts.
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JeffinEasternFL
  |     |   744 posts since 2020
ITA's tend to be a PIA for banks and especially CU's. At least here in FL a "Lady Bird Document" takes care of the primary residence and beneficiaries the rest of accounts! That sure saves $$ and lotta headaches that ITA's seems to bring ...more often trusts are sold vice needed!
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ddbng
  |     |   3 posts since 2010
Thanks to you and alan1. Can you please explain what you mean by "ITA's tend to be a PIA for banks and especially CU's?" What is an ITA? And What is a PIA? BTW, I'm in CA.
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Ltssharon
  |     |   471 posts since 2020
I bet seattle bank does. I have a REVOCABLE trust, and they continuously send me douments saying it is an IRREVOABLE trust. Good luck. Their service has been iffy and, as you can see, read your paperwork carefully.
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RickZ
  |     |   218 posts since 2010
Alliant Credit Union does.
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GH1
  |     |   1,053 posts since 2017
Schwab and fidelity u will no issues. Tons of cds to choose from. And jeffeastern florida is correct. Ladybird is great. Ans is great fir primary residents. But when beneficiaries are maybe not responsible a trust will fix that. You control your distribution even after death. Depends on each persons thoughts and distribution thoughts
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Ltssharon
  |     |   471 posts since 2020
Update: Earlier I posted: "I bet seattle bank does. I have a REVOCABLE trust, and they continuously send me douments saying it is an IRREVOABLE trust. Good luck. Their service has been iffy and, as you can see, read your paperwork carefully."
Current progress: Well, I emailed several times, and left voicemails, but the lady I had been working with was out / or didn't respond. So today, I called, and got a gentleman who was familiar with my revocable trust. This gentleman indicated that the lady I had been working with sent me a form I did not need, and the two other forms I sent were all that was needed. He said in a couple of days they should get enough time to put my revocable cd together, and they will mail me a copy. He said they are very busy. Like I said....read everything carefully. By the way, the check for the cd has been sitting in their vault for over 2 weeks while I tried to get this straighten this out. However, on the plus side, they are very polite.
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Anitagirl
  |     |   16 posts since 2023
Discover Bank and Synchrony Bank also have Irrevocable Trust Accounts.  Also BMO Harris and Lending Club
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