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Can we use a Certification of Trust form for opening both deposit and loan accounts with a trust? – IBA Compliance Connection

IBA Compliance Connection

Your go to source for compliance!

Can we use a Certification of Trust form for opening both deposit and loan accounts with a trust?

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Yes, a Certification of Trust form may be used for opening both deposit accounts and loan accounts, as well as for all other dealings with a trustee that is a bank customer. Under Illinois law, a third party — such as your bank — may rely on a Certification of Trust in any instance “instead of furnishing a copy of the trust instrument . . . .”

For resources related to our guidance, please see:

  • Trusts and Trustees Act, 760 ILCS 5/8.5(a) (“Instead of furnishing a copy of the trust instrument to a person other than the beneficiary, the trustee may furnish to the person a certification of trust containing the following information: . . . .”)