NFA Trust bank account

[Captain fannypack]

Last week I finally got my NFA trust. My lawyer suggested it might be a good idea to get a bank account in the trust name. I tried to find a bank that would open a checking account in the name of my trust; however, I had no luck. Does anyone have any recommendations or know of a bank that will open a checking account for the NFA trust?

 

[nofearfactor]

Ive read people not having any trouble at Wells Fargo branches. I would stay away from credit unions though. Is the word 'firearm' in the name of the trust any where? That seems to raise eyebrows with some. Ive heard some people say they had to deposit unusually high minimums when starting accounts tied to an NFA trust.

 

[338Shooter]

I'm not sure why the lawyer recommended that. I know it isn't required by the ATF. I have maybe one in 500 trust transfers that have a bank account with their trusts.

 

[doctorjj]

RCB will. All of my accounts are in trusts. Even my primary checking account. That being said, like mentioned above, there is no reason to do it just for the NFA trust.

 

[mjasonc]

Also looking into a bank account for my NFA trust, will check out RCB.

My lawyers explanation was simply that buying with personal funds made it appear there were two transfers (Seller to You, You to Trust) with only one Form and Tax stamp.

Dustin: Think I may have gotten lost in your spam folder, resent the email.

 

[nofearfactor]

RCB will. All of my accounts are in trusts. Even my primary checking account. That being said, like mentioned above, there is no reason to do it just for the NFA trust.

Thats where I bank and have my trusts too, they have 3 or 4 branches in the OKC area.

If youre one of the trustees on the trust then you dont really need to have an account for the trust to do transactions, unless youre just wanting to build a paper trail tied to the trust itself then I can see the need for a seperate account for the trust.

 

[djcorrell]

Also looking into a bank account for my NFA trust, will check out RCB.

My lawyers explanation was simply that buying with personal funds made it appear there were two transfers (Seller to You, You to Trust) with only one Form and Tax stamp.

Dustin: Think I may have gotten lost in your spam folder, resent the email.

Not trying to stick my nose where it does not belong. However, I am not an attorney, but are trusts mostly what they do? The only reason to have a bank account in the name of the trust is to allow it to be managed by the trustees, or you until you die, if that is how it is set up. The asset, ie. Nfa item, is transferred from the seller to the trust, as shown on schedule A. You are simply funding it. I see no point in a separate account, and I do have a great trust lawyer. I will say the the trust laws for nfa items are changing. So may bee they are more up to date than I.

 

[zcruse]

My trust account is at TFCU. I didn't have any trouble but then my trust doesn't specifically say in the title that it was formed for NFA because it's really none of their business...