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Notarize

  1. Bring proof of identification (passport, driver's license, or state ID) to obtain notarization.
  2. Private and public notaries are available options (recommend UPS store or local bank).
  3. After notarization, keep one trust copy safe and carry the other when necessary. Always have the certificate of trust on you.
  4. Protect your trust documents with a protective sheets or laminates

Bank Account Opening

  1. To open a bank account, provide notarized certificate of trust documents and EIN form. Give your full trust declaration if requested, but not necessary.
  2. Bring a valid form of identification (passport, driver's license, or state ID).
  3. When asked about your trust type, state it's a private trust.
  4. You're not obligated to answer further questions; privacy is your right. Disclose only what you feel comfortable with.
  5. Be confident and bold.
  6. Don’t forget to request for mobile banking along with debit card and checks.
  7. It doesn’t matter the type of account... either a trust account or business account. Getting an account opened is the goal.

Persistence and Confidence

  1. Persevere and remain persistent.
  2. Stand firm with confidence and authority.
  3. Don't give up in the face of challenges.
  4. You may encounter questions; focus on your goal.
  5. You control the trust, and it's private.

Responding to Questions

  1. You can choose not to answer questions.
  2. If you respond, keep it concise.
  3. For the trust's purpose, mention holdings, acquisition, ministry, beneficiaries, and legacy.
  4. If asked about trust documents, allow scanning for legal validation.

Multiple Bank Attempts

  1. If rejected by one bank, don't lose hope.
  2. Try various branches of the same bank and other banks.
  3. Consider setting up multiple trusts in different banks.
  4. Bank policies change so make sure you keep searching for multiple banks to establish an account in the event they close your account.

Online Banking

  1. Some banks offer online trust account setup (1 to 7 days).
  2. Communication might prolong the process (up to 2 weeks).

Final Encouragement

Don't grow weary in doing good! You guys got this! You will get a bank account opened!

Here is a list of banks that others have found successful

  1. Wells Fargo
  2. Bank of America
  3. Chase
  4. Charles Schwab
  5. Trustco
  6. Ally
  7. First Internet Bank
  8.  First National Bank
  9.  Lafayette Bank
  10. Truist
  11. PNC
  12. Bank Of Hawaii
  13. TD Bank
  14. Hawaii National Bank
  15. Edward Jones
  16. Fidelity

There are more banks but you will have to step out and see what banks will open your private trusts. Don’t be surprised if the bank you were hoping to open an account at, rejects you. keep pressing in! A minimum of at least 2 banks is always recommended!