Revocable Trust Account

A Revocable Trust Account is opened in the name of a Trust and is managed by one or more Trustee according to the Trust document.

WHAT TO BRING TO THE BANK

Bring the following documents to open a Revocable Trust Account:

• Social Security Number of Trustee or Donor or the Employer Identification Number (EIN) CP-575 letter issued by the IRS. Note: The name of the Trust on the trust documents and the name on the EIN verification letter must match. The Revocable Trust Account will be opened in the name appearing on the EIN.
• Original Trust documents (Formal Trust and any Amendments). Note: It may take 1-3 business days for review and approval. 
• Valid US or MA government-issued photo identification for each Trustee. 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)
•  A completed Customer Information Form by all Trustees
   

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 Authorized Trustees
• W9 Form: If the Trust uses the Donor’s SSN, then the Donor will need to sign the W9 form
• Beneficial Ownership: Only if they File with the Secretary state of MA
• Business Account Questionnaire, if the Revocable Trust Account is opened as a business account (based on what is stated in the Trust). 
• Trustee Agreement: All Authorized Trustees
• Business Online Banking, if the Revocable Trust Account is opened as a business account (based on what is stated in the Trust).
  • Application: Authorized Trustee who is the Administrator of Business Online Banking
  • Resolution: All Trustees
  • Agreement: All Trustees

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.

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.

If the Revocable Trust is opened as a business account, 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.

If the Revocable Trust Account is opened as a business account, then 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. 

If the Revocable Trust Account is opened as a personal account, then you will be able to take advantage of Watertown Savings Bank’s personal services:

• Enroll in WSB Online Banking. You will need your new account number and SSN. Get started.
• Enroll in WSB Mobile Banking app from iOS Store or Google Play.

Thank you for your interest in opening a Revocable 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.