Condo Trust Account

A Condominium Trust Account is generally used by Trustees to collect condominium fees, maintain operating funds and reserves, and pay common expenses for the condominium property. 

WHAT TO BRING TO THE BANK

Bring the following documents to open a Condo Trust Account:

• Employer Identification Number (EIN) CP-575 letter issued by the IRS. Note: The Condo Trust Account will be opened in the name appearing on the EIN. 
• Recorded Trust Documents. Note: It will be reviewed by the Branch Manager and may take 1-3 business days for approval.
• Recorded Master Deed of Property
• Recorded Unit Deed for each Unit
• Recorded Trustee Acceptance or Trustee Resignation may be needed, if applicable
• Valid US or MA government-issued photo identification for each signer. Note: if you do not yet hold any other account at WSB, you will be required to bring an additional form of ID (such as a credit card, Social Security Card, or a Health Insurance Card)
• Customer Information Form completed by all signers
• One of the Condo Trust Trustees must have a personal WSB checking account. Be prepared to open a checking account if needed.
   

WHO WILL NEED TO COME TO THE BANK

Various account documents will need to be signed by the appropriate parties at the Bank:

• Signature Card: All Condo Account signers
• Resolution: All Condo Account signers
• Business Account Questionnaire: One authorized signer
• Beneficial Ownership: All parties that own 25% or more of the condo trust (Only if they are registered with the Secretary State of MA)
• Business Online Banking:
  • Application: Senior Administrator
  • Resolution: All condo trustees
  • Agreement: All condo trustees
• Debit Card, if requested by any signer: All Condo Account signers

TIPS

To expedite the account opening process:

• Call 617-928-9000 to schedule an appointment with a Personal Banker at a nearby WSB branch location. 
• Send copies of the required documents, such as the Customer Information Form, prior to the first appointment to: support@watertownsavings.com and include in your email the name of the Personal Banker you will be meeting with.
• One of the Condo Trust Trustees must have a personal WSB checking account. A Free Checking Account can be opened online.

Take these extra steps to prepare your documents:

• The fastest way to get your Employer Identification Number (EIN) is to go to irs.gov and search for “EIN”. Remember: it is free. Save the CP-575 form.
• Be prepared to answer a New Business Account Questionnaire. 
  • Questions will address these areas: Business Description, Expected Types of Transactions (domestic/foreign deposits/withdrawals, volumes, cash/wires), Account Classification, Ownership Structure (identify anyone who owns 25% or more of the business), and Special Requirements.

Once your account is set up, you will be able to take advantage of Watertown Savings Bank’s business services:

• Enroll in WSB Business Online Banking during your appointment with a Personal Banker to access your account through watertownsavings.com
• Once you are enrolled in WSB Business Online, you will also be able to access your account on the WSB Business Mobile Banking app from iOS Store or Google Play. 

Thank you for your interest in opening a Condo Trust Account at Watertown Savings Bank.

Important: This guide provides general information only. Documentation requirements may vary based on the customer, account purpose, legal documents, and bank account-opening requirements.