Yes. There are no laws or rules that would require a depository institution to have trust powers in order to establish and maintain a transaction account or to provide other financial services for a trust.  Trust powers are not required when your bank will not be serving as a trustee or acting in another fiduciary capacity.

For resources related to our guidance, please see:

• Corporate Fiduciary Act, 205 ILCS 620/2-4(b) (“No natural person or natural persons, firm or partnership, or corporation not having been authorized under this Act shall transact a trust business. . . .”)

•  Corporate Fiduciary Act, 205 ILCS 620/1-5.13 (“‘Trust business’ means the holding out by a person to the public by advertising, solicitation, or other means that the person is available to act as a fiduciary in this State, or the accepting or undertaking to perform the duties of a fiduciary as a significant part of its regular business.”)

•  Corporate Fiduciary Act, 205 ILCS 620/1-5.12 (“‘Fiduciary’ means trustee, executor, administrator, receiver, guardian, assignee for the benefit of creditors, or any holder of a similar position of trust.”)