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.
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