Accounts for Trust FAQs

There are times when you might need to make changes to the information we have on file for the account. These changes may include the death or resignation of a trustee, addition of a trustee or a change in the formal name of the Trust itself. Complete the Trust/Trustee Maintenance Form (PDF) and provide the required documents. You can upload the completed form online or mail to: Ally Bank, P.O. Box 951, Horsham, PA 19044

No, Trust can only have one owner.

However, you can have multiple Trustees on the account.

Yes, as long as the individuals are named as Trustee(s) in the Trust documentation, they can manage the account and perform transactions.

It's a deposit account that can be opened by a Trustee for the benefit of someone else (beneficiary). These accounts:

• Protect assets during and after the Grantor's life
• Must have a specific purpose, a designated beneficiary and specific duties for the Trustee as designated by the Grantor
• Require a written Trust (with a Social Security or Tax ID number), which must be set up outside of Ally, and typically requires the services of an attorney
  

You can convert a non-IRA account into the name of a Trust for a Revocable Trust as long as the Social Security Number from the non-IRA account is used. Complete the Trust Conversion Request (PDF) and provide the required documents on the form. You can upload your documents online or mail to: Ally Bank, P.O. Box 951, Horsham, PA 19044. Please call us at 1-877-247-2559 for help converting an existing Ally Bank account. We're here 24/7.

• Apply for an Ally Bank account.
  You can apply online. After you select a product in our online application, make sure to indicate it's for a Trust before you move on to the next steps. Then, you'll need to provide certain sections of the Trust agreement, Grantor and Trustee information.
  You can also complete the Account Application for Trusts (PDF) and submit to us.
  
  
• Gather your documents.
  You’ll need a Certification of Trust (sometimes referred to as a Trust Abstract or Affidavit of Trust, depending on the state), or if one isn’t available, include the following pages of your Trust agreement:
  • Pages describing the Trust, including the formal names of the Trust, Grantors and Trustees
  • Provisions related to Trustee powers and incapacity or death of a Trustee
  • The signature page with the Grantors' and Trustees' signatures
  • The notary page
  • Copies of death certificates if the grantor or any Trustee is deceased
  • Any amendments to the original Trust Agreement (Revocable Trusts only)
  • For Testamentary Trusts, provide the following pages from the Last Will and Testament:
    • First page identifying the testator (the person who made the Will)
    • Portions of the Will describing the Trust
    • Signature page
    • Notary page

You can upload the completed application and documents or mail to:
Ally Bank, P.O. Box 951, Horsham, PA 19044

We mail account statements to the address on file for the Trust. Trustees can also log in to ally.com from their computer to view account details.

To learn about other statement delivery options, or if you need help setting up a username and password for online access, call us at 1-877-247-2559. We're available 24/7.

A Certification of Trust (sometimes referred to as a Trust Abstract or Affidavit of Trust, depending on the state), or a written Trust agreement with a Social Security number or Tax ID number must be set up outside of Ally Bank and may require the services of an attorney.

If a Certification of Trust (sometimes referred to as a Trust Abstract or Affidavit of Trust, depending on the state), isn't available, be sure to include the following pages of your Trust agreement when your application is submitted:

• Pages describing the Trust, including the formal names of the Trust, Grantors and Trustees
• Provisions related to Trustee powers and incapacity or death of a Trustee
• The signature page with the Grantors' and Trustees' signatures
• The notary page
• Copies of death certificates if the grantor or any Trustee is deceased
• Any amendments to the original Trust Agreement (Revocable Trusts only)
• For Testamentary Trusts, provide the following pages from the Last Will and Testament:
  • First page identifying the testator (the person who made the Will)
  • Portions of the Will describing the Trust
  • Signature page
  • Notary page

How and when you receive your tax form depends on your situation.

Accounts opened in the name of a Trust using the same Tax Identification Number (TIN) as the Grantor.
We'll send a combined 1099-INT to the mailing address associated with the account. We'll mail a copy of your tax form by January 31st.

Accounts opened in the name of a Trust using a Tax Identification Number issued by the IRS.
We'll mail a copy of your tax form by January 31st, and it should arrive at the mailing address associated with the account within 2 weeks.

Personal accounts converted into the name of a Trust in the same tax year.
If you used the same Tax Identification Number, we send a combined 1099-INT to the mailing address associated with the account. If you used a different Tax Identification Number, you'll receive two separate 1099-INTs. We send a 1099-INT for accounts in the name of a Trust to the mailing address associated with the account, and deliver a 1099-INT for the personal account based on your paperless settings.

Call us at 1-877-247-2559 if you have questions or don't receive a 1099-INT form by February 14. We're here 24/7.

You can reach a Trust customer care associate directly anytime by calling 877-247-2559. At the main menu, press 5 and then 4 for Trust.