Retroactive notarization for Trust Checking account

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Contributor

USAA called me requesting more documentation for checking accounts that I opened for "trusts" that are my kids education trusts.  Each trust as its own EIN (Employee Identification Number) for federal taxes.  When I opened the accounts years ago, I provided what USAA requested.  First page of the trust document and last page, the signature page.  Now, years later...the USAA compliance person says I need...notarization.  Now how the heck do I get any document...retroactively notarized?  You cannot!  In the end, the compliance person suggested I go to the attorney and do an addendum.  Really USAA?  You want me to pay $300 per hour to change my trust documents to meet some notarization requirement for a "trust" checking account that is NOT required in my state?  That really sad thing is...when I called USAA and asked how to open a "new" trust checking account, the SAME application paperwork requirements as years ago were in place.  The only addition is a W9 form.  NO request for a notarized document.  USAA...your compliance people are not in sync with the team that opens new lines of business...ie, checking accounts for trusts.  In the end, I closed those checking accounts and moved the money to my local credit union.  Very disappointing USAA.

2 REPLIES

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I regret your frustration with the handling of your trust documents. I've forwarded this to a subject matter expert for further handling. Please allow sufficient time for completion of their review and we will follow up with you. - Ben

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Dear Frustrated2020a,

 

I sympathize. Please see my post at, "Have you been satisfied with USAA LATELY?".

 

Miki4