What you need to do to open a trust account at Chase
Opening a trust account at Chase requires you to bring the trust document itself, proof of your identity, and information about the trust's beneficiaries. Chase will not open the account based on a verbal description of the trust — they need to see the actual document, usually the first few pages and the signature page. You can start the process either online through Chase's website or by visiting a branch in person, though the final steps almost always happen at a branch because the bank needs to verify the document and your identity face-to-face.
The account takes its name from the trust, not from you personally. If your trust is called the "Smith Family Trust," the account will be listed as "Smith Family Trust" with you named as trustee. This matters because checks and transfers will reference the trust name, and any institution you deal with will see the trust as the account holder, not you individually.
Key Takeaways
- You must bring the original or certified copy of the trust document to a Chase branch — the bank will not open a trust account based on a summary or your word alone.
- Chase requires a government-issued photo ID and will verify that you are the trustee named in the document before opening the account.
- The account is held in the trust's name, not your personal name, so all transactions and statements will show the trust as the account holder.
- Most Chase branches can open a trust account the same day you visit, though some may ask you to return after they have reviewed the document.
- You will need to provide the trust's tax identification number (EIN) if the trust has one, or your Social Security number if it does not.
What documents to bring to Chase
Bring the trust document itself — not a photocopy, but either the original or a certified copy. Chase will examine at least the first page (which shows the trust name and date), the page naming you as trustee, and the signature page. If you have only a photocopy, ask the attorney who drafted the trust or the county clerk's office for a certified copy. This usually costs between $10 and $50 and takes a few days.
You also need a government-issued photo ID — a driver's license, passport, or state ID card. Chase will not accept a student ID or work badge. Bring your Social Security number or the trust's tax identification number (EIN) if the trust has obtained one. If the trust is new and does not yet have an EIN, you can provide your Social Security number temporarily, though Chase may ask you to obtain an EIN later if the trust will hold significant assets or generate income.
If you are opening the account on behalf of someone else who is the trustee, bring a power of attorney document that names you as the agent, along with your ID and the trustee's ID. Chase will verify that the power of attorney is valid and that you have the authority to act.
The steps to complete at a Chase branch
Visit a Chase branch during business hours with your documents. Tell the banker you want to open a trust account, not a personal account. The banker will ask you to fill out a signature card and will review the trust document to confirm you are named as trustee. This review usually takes 10 to 15 minutes. The banker will also ask what type of account you want — checking, savings, or both — and will discuss fees and minimum balances.
Chase will run a background check through ChexSystems, the same system used for personal accounts. This is routine and does not prevent most people from opening accounts. The banker will then ask you to sign the signature card in front of them. Once you sign, the account is usually open when ready, and you can begin using it the same day.
If the banker has any questions about the trust document — for example, if the signature is unclear or if the trustee language is unusual — they may ask you to leave the document with them for review by Chase's legal department. This adds one to three business days. In that case, the banker will tell you when to return to pick up the account number and debit card.
Trust account types and features at Chase
Chase offers trust checking and trust savings accounts under the same terms as personal accounts. A trust checking account typically comes with a debit card, online banking access, and the ability to write checks. A trust savings account earns interest, though the rate varies and is usually lower than rates on money market accounts. You can open both at the same time if you want to keep operating funds separate from longer-term savings.
Trust accounts at Chase are subject to the same monthly fees as personal accounts — usually $12 to $15 for checking, depending on the account type. You can waive the fee by maintaining a minimum balance (often $1,500 to $2,500) or by setting up direct deposits. Ask the banker which fee waivers explore to trust accounts, because some promotions are limited to personal accounts.
The trust account is covered by FDIC insurance up to $250,000, the same as a personal account. If the trust has multiple beneficiaries, each beneficiary's interest in the trust is insured separately up to $250,000, which means a trust with three beneficiaries could hold up to $750,000 in FDIC coverage. Ask Chase to explain how the insurance applies to your specific trust.
Online banking and access for trust accounts
Once the account is open, you can set up online banking through Chase.com or the Chase mobile app. You will log in using your personal credentials, and the trust account will appear alongside any personal accounts you hold. You can transfer money between the trust account and your personal accounts, pay bills from the trust account, and read statements.
If other trustees or beneficiaries need access to the account, you can add them as authorized users or signers. This requires a separate form and a visit to the branch. Each person added will need to provide their own ID and sign the signature card. Chase will not add someone without their in-person consent and verification.
Differences between a trust account and a personal account
The main difference is that a trust account is held in the trust's name, not your personal name. This means creditors cannot seize the account to pay your personal debts, and the account does not become part of your personal estate if you die. The account belongs to the trust and passes to the next trustee or beneficiary according to the trust document.
A trust account also requires you to use the trust's tax identification number (EIN) or Social Security number on all tax forms and 1099s. If the trust earns interest or dividends, those earnings are reported to the IRS under the trust's tax ID, not yours. You will receive a 1099-INT or 1099-DIV in the trust's name, and the income may be taxable to the trust or to the beneficiaries, depending on the trust's structure and how the income is distributed.
Some institutions and vendors may ask for additional documentation when dealing with a trust account — for example, a utility company might ask for a copy of the trust document before allowing you to set up service in the trust's name. Chase itself will not ask for this again after the account is open, but other businesses may.
Frequently Asked Questions
Can I open a trust account online without visiting a branch?
Chase allows you to start the process online, but you must complete it at a branch. The bank needs to verify the trust document and your identity in person before the account is active. You can schedule an appointment through Chase's website to reduce wait time at the branch.
What if I do not have a certified copy of the trust document?
Bring the original if you have it. If you have only a photocopy, contact the attorney who drafted the trust or your county clerk's office to request a certified copy. This usually takes three to five business days and costs $10 to $50. Chase will not open the account without seeing the document itself.
Do I need an EIN for the trust before opening the account?
No. You can open the account using your Social Security number if the trust does not yet have an EIN. If the trust will earn income or hold significant assets, you should obtain an EIN from the IRS later. Chase can help you understand when an EIN becomes necessary.
Can I use the trust account to pay my personal bills?
Technically yes, but it is not recommended. The trust account should hold only trust assets and be used only for trust purposes. Using it for personal expenses can create tax and legal complications and may violate the trust document. Keep trust money separate from your personal finances.
What happens to the trust account if I am no longer the trustee?
The new trustee can take over the account by visiting a Chase branch with their ID and a copy of the trust document showing they are the new trustee. Chase will update the signature card and may issue a new debit card. The account itself does not close — it straightforward transfers to the new trustee's control.