November 08, 2019 at 01:35AM

I'm in the US and I'm trying to open a bank account for a Third Party Special Needs Trust for which I am the trustee. Chase told me that because the Trust is irrevocable they require a tax ID to open an account for it. However, the Trust specifies that the Guarantor's SSN should be used instead, not a tax ID.

My attorney confirmed that there's nothing legally questionable about the way the trust is set up and that Chase is just being Chase, basically.

Obviously though they're not just trying to be difficult. There has to be a reason for this policy, so I'm here to ask why, and is this an issue I should expect to have with other banks as well?


submitted by /u/toumei64
[link] [comments] via Savings, Checkings, CDs, oh my!

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