What you need to open a trust checking account

A trust checking account is held in the name of the trust itself, not in your personal name. The bank treats the trust as the account owner, and you (or whoever the trust names) act as trustee with the power to deposit, withdraw, and manage the money. To open one, you need the trust document itself, a federal tax ID number for the trust, and personal identification.

Most banks will ask for the original trust document or a certified copy. Some accept a certification of trust — a shorter document that proves the trust exists and names you as trustee, without revealing the full contents. This protects your privacy if the bank doesn't need to see who inherits or what assets are involved. Ask the bank which they prefer before you go in.

You'll also need an Employer Identification Number (EIN) for the trust. This is a nine-digit number the IRS issues to trusts, similar to a Social Security number for a business. You can request one free from the IRS using Form SS-4, either online at irs.gov, by phone, fax, or mail. The online method takes minutes and you get the number immediately. If the trust already has an EIN from a previous account or tax filing, bring that number instead.

Key Takeaways

  • You need the trust document (or a certification of trust), an EIN for the trust, and your personal ID to open the account.
  • The account is held in the trust's name, not yours, so checks and debit cards will show the trust name as the account owner.
  • Banks vary on whether they require the full trust document or accept a shorter certification of trust that protects your privacy.
  • An EIN takes minutes to obtain online from the IRS if the trust doesn't already have one.
  • Some banks have minimum balances or monthly fees for trust accounts, so compare terms before opening.

Getting an EIN for the trust

If the trust is new or has never filed taxes, you'll need to obtain an EIN. Go to irs.gov and search for "apply for an EIN online." The online application takes about ten minutes and asks for the trust name, the trustee's name and Social Security number, the date the trust was created, and the reason you need the EIN (select "trust" from the dropdown). You'll receive the number on screen immediately and can write it down or print the confirmation.

If you prefer not to apply online, you can call the IRS at 1-800-829-4933 (Monday through Friday, 7 a.m. to 10 p.m. your local time) and they will issue the number over the phone. You can also mail Form SS-4 to the IRS address listed on the form, though this takes two to four weeks. For a trust checking account, the online method is fastest.

Bring the EIN confirmation or write down the number before you visit the bank. The bank will need it to set up the account and will use it for tax reporting purposes.

Choosing a bank and what to bring

Not all banks offer trust checking accounts, and those that do may have different requirements. Call ahead or visit the bank's website to confirm they open accounts in trust names. Some banks require a minimum opening deposit (often $100 to $500) or charge a monthly maintenance fee for trust accounts. Compare a few banks in your area to see which terms work for you.

When you visit, bring the following: the trust document or certification of trust, the EIN (or the IRS confirmation if you just obtained it), your driver's license or passport, and your Social Security number. If you're opening the account as trustee but someone else will also have signing authority, bring their ID as well. The bank may ask you to sign signature cards or authorize specific people to withdraw funds.

Some banks will ask whether the trust is revocable or irrevocable. This affects how the account is insured and taxed. A revocable trust (the most common type) is insured under your personal FDIC coverage, meaning deposits up to $250,000 are protected. An irrevocable trust has its own FDIC coverage limit. Tell the bank which type you have; if you're unsure, check your trust document or ask the attorney who drafted it.

How the account will be named and used

The account will appear on statements and checks as "[Trust Name], by [Your Name], Trustee" or similar. This tells anyone who sees the account that it belongs to the trust and you are acting in a trustee capacity, not as a personal account. Debit cards and checks will show the trust name, not your name.

You can deposit money into the account and withdraw it as the trustee. If the trust document names other people with authority to manage trust funds, the bank can add them as authorized signers. Each signer will need to provide ID and sign the bank's authorization forms. Some banks require all signers to be present; others allow you to add signers later.

Money in the trust account belongs to the trust, not to you personally. This is important for tax purposes — the trust (not you) may owe taxes on interest or investment income earned by the account. The bank will send tax forms to the trust's EIN, and you or the trust's tax preparer will report this income on the trust's tax return.

What happens if the trust is irrevocable

If you're opening an account for an irrevocable trust, the process is similar but the bank may ask more questions. An irrevocable trust cannot be changed or revoked once it's created, so the bank wants to confirm the account is set up correctly from the start. Bring the full trust document (not just a certification) because the bank may need to verify that you have the authority to open a bank account on behalf of this specific trust.

Irrevocable trusts have their own tax ID and file their own tax returns. The bank will report interest and other income to the trust's EIN, not to your personal Social Security number. If you're unsure whether the trust is revocable or irrevocable, look at the first page of the trust document — it will say so explicitly.

After the account is open

Once the account is open, you'll receive checks, a debit card, and online banking access in the trust's name. Set up online banking so you can monitor deposits and withdrawals. If other people need access to the account (such as a co-trustee or successor trustee), make sure the bank has their information on file and they know how to log in.

Keep records of all transactions. If the trust will eventually distribute money to beneficiaries, you'll need to show where the money came from and how it was spent. A checking account makes this easier than keeping cash because the bank provides a complete record.

If the trust's circumstances change — for example, if a co-trustee dies or you need to add a new authorized signer — contact the bank and update the account. Don't assume the bank will know about changes to the trust; you have to tell them.

Frequently Asked Questions

Can I use my personal Social Security number instead of getting an EIN?

No. The account must be in the trust's name, and trusts need an EIN for tax purposes. The bank will not open the account without one. Getting an EIN is free and takes minutes online.

What's the difference between a certification of trust and the full trust document?

A certification of trust is a shorter document that proves the trust exists and names you as trustee, without listing beneficiaries or other details. It protects your privacy. Some banks accept it; others want the full document. Call the bank first to ask which they need.

Do I need a lawyer to open a trust checking account?

No. If you already have a trust document, you can open the account yourself. You'll need the document, an EIN, and your ID. A lawyer is only necessary if you need to create or modify the trust itself.

Can a trust checking account be overdrawn?

Yes, just like a personal account. The bank may charge overdraft fees if you withdraw more than the balance. Some banks offer overdraft protection. Ask about the bank's overdraft policy before you open the account.

What happens to the trust checking account if I die?

That depends on the trust document. If the trust names a successor trustee, they take over the account. If the trust ends when you die, the account is closed and the money is distributed according to the trust's instructions. The successor trustee or your estate executor will need to contact the bank with a copy of your death certificate and the trust document.