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Accounts for Trust FAQs
How do I open an Ally Trust Account?
To open a trust account, individuals (sorry, no corporations or businesses) need to:
- Obtain a legal trust agreement — the legal trust must be set up outside of Ally and typically requires the services of an attorney
- Mail us a completed Ally Trust Account application — carefully follow the instructions on the application, but important documents you’ll need include copies of:
- The pages in the trust agreement describing the trust, including the formal names of the trust, grantor(s) and trustee(s)
- The trust agreement’s signature page with the grantor(s) and trustee(s) signatures
- The notary page of the trust
- The original or certified death certificate(s) if anyone named in the trust title and/or any trustee(s) is deceased
- Any amendments to the original trust agreement (revocable trusts only)
- The Last Will and Testament for Testamentary Trusts (irrevocable trusts only),
- including copies of the:
- Cover page
- Portions of the will describing the trust
- Signature page
- Notary page
- Fund your account by:
- Personal check (sorry, we don't accept cash, foreign checks or checks payable to any person or entity other than you)
- Transfer from an existing Ally account
- Wire transfer or transfer from a non-Ally account
If you need help setting up an Ally Trust Account, please call us at 1-877-247-ALLY (2559). We're available 24/7.Was this helpful?
Can I convert a current Ally account to a trust account?
Yes. Please call us at 1-877-247-ALLY (2559) for help converting an existing Ally account to a trust account. We're here 24/7.Was this helpful?
What types of trust accounts does Ally offer?
We offer revocable and irrevocable trusts. Any Ally account, except IRAs, can be opened as a trust:
- Ally CDs
- Ally Savings Accounts
- Ally Money Market Accounts
- Ally Interest Checking Accounts
Ally doesn't offer business or corporate trust accounts.Was this helpful?
What's a trust account?
It's a deposit account that can be opened by an individual for the benefit of someone else (beneficiary). Trust accounts:
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- Protect assets during and after the grantor's life
- Must have a specific purpose, a designated beneficiary and specific duties for the trustee as designated by the grantor
- Require a legal trust, which must be set up outside of Ally, and typically requires the services of an attorney
Will my money be protected in a trust account?
Yes. Trust accounts are insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum allowed by law. Learn more at the FDIC.Was this helpful?
How do I access statements for trust accounts?
We mail trust account statements to the address on file for the trust. Trustees can also view account details in Online Banking.
To learn about other statement delivery options, or if you need help setting up a username and password for online access, please call us at 1-877-247-ALLY (2559). We're available 24/7.Was this helpful?