Trust Accounts

[bundy1964]

Hi

When I do my new trust with corporate trustee can I use an account that is in my name to do the trust banking? It will only have trust money in it.

bundy

 

[NigelW]

Originally posted by bundy1964
Hi

When I do my new trust with corporate trustee can I use an account that is in my name to do the trust banking? It will only have trust money in it.

bundy

I wouldn't. Open an account in the name of the company. You really should do all you can to keep separate the trust assets. If things go sour down the track it's much easier to establish that the funds belong to the trustee.

Also for tax and accounting reasons its better.

*having sat for nearly an hour when we opened some company accounts recently (bloody ANZ! ) I don't make this recommendation lightly!*

Cheers
N.

 

[bundy1964]

Thanks Nigel

You just confirmed I shouldn't take easy shortcuts

Did the new account for my business so I know about the wait

bundy

 

[D.T.]

Hi bundy'64

Did you find some banks were more helpful than others in doing company accounts? Or didnt you shop around?

Anyone else had any good or bad experiences with company accounts?

-Regards

Dave

 

[bundy1964]

Hi Dave

Over the years I have opened a few accounts for clubs and most go for BankSA because they don't charge fees, their fees for me sent me shopping elsewhere.

The other big 3 seem to want to charge extra for the privlige of using your money so I went to a credit union with the only pain being for paper based payments, I mostly use direct credit and Bpay over the net so there isnt much pain from fees. The big 4 want around $20 a month for what I get for free from the credit union, there locations do suck if I have to go see them but with my tenants using direct deposit most of what I want to get done I can do from home over the net.

bundy