Question:
I opened an account at the bank for the John Doe Trust. Per the Certification of Trust, the signature card originally read “The John Doe Trust, by John Doe, Trustee.” I signed it and the checks were issued with that as the Account Name.
However, the bank’s legal team said that my signature card needed to read:
The “John Doe Trust,” dated May 4, 2020 per the second line under section I of the Certification. They said that I can name the account however I like, but that the signature card had to read so.
That just seems odd to me. I did go in and sign a new card. However, I’m wondering whether everything is still okay from the standpoint of doing business and transferring property correctly.
Answer:
The bank is within its rights to have the signature card include the trust date. The date of the trust is part of the trust name and helps better identify the specific trust in question. For various reasons the date gets dropped.
