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I am the beneficiary of an intervivos trust. There are two trustees and I am one of the trustees. The trust has two brokerage accounts. Both trustees must approve all distributions from the trust. However, either trustee can move money from one trust account to another.

I want to open up a checking account for the trust. I went to three banks and both said that they could not open up a trust checking account because of the fact that both trustees must sign for withdrawals.

Is this going to be a problem at all banks? What should I do?

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Is this going to be a problem at all banks?

Probably. Requirement for both signatures is onerous as the banks don't only need to verify there's a signature - they need to confirm there are two, and are different, and of the trustees. That's a huge potential liability for the banks.

Currently in the US, banks don't even try to compare signatures unless there's a fraud investigation (not sure if even then). I don't think I've signed any signature cards when opening bank accounts in years.

You'll probably need to shop around for a bank that supports this feature, and it may not be easy to find.

See this random report I found on the Internet for some context (from a bankers' trade group).

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  • We both agree that this is a problem. I have been shopping around but I do not think I am making progress. Do you have any banks that are likely to work with a trust that requires two signatures?
    – Bob
    Apr 17 at 0:48
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    @Bob no, when I was a co-trustee we ended up giving up and agreeing that a single signature is enough.
    – littleadv
    Apr 17 at 1:08

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