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Home >> Accounts >> Trusts
Transfers Between Trust Accounts
After years of making electronic fund transfers between three accounts held in a revocable living trust, my bank now informs me this online service is no longer available and in fact should not have been allowed at all. All three accounts are held in the same name and monthly statements are generated for each account. Why would EFTs not be allowed?
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 Frankly, if all three accounts are held by the same revocable living trust, and there are no transfers being made via the online service to third parties (beneficiaries, trustees, etc.), we don't see why the service would not be available, unless it's contrary to one of the bank's policies. There is one possibility. If one or more of the accounts in your case are savings or money market deposit accounts, the bank is required to enforce transfer limitations on those accounts, which would restrict the number of transfers you could make from the account, even if the transfers are to other accounts of the trust.
We suggest you ask the bank for clarification of their decision to take away access to the online transfer capability. It's possible that the bank has decided to deny further access because of excessive transfer activity from a savings or money market deposit account.
Published on BankingQuestions.com 11/09/06
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