TRUST CHECKING ACCOUNT: KEY TO AVOIDING IDENTITY THEFT
BY Grant Hall
Editors Note: Grant Hall authored Privacy Crisis: Identity Theft Prevention Plan and Guide to Anonymous Living, and recommends personal and business privacy tactics, principles and concepts as per individual and business needs to avoid identity theft fraud.
Professional identity thieves will have no personal bank account resources from which to draw if one utilizes a trust to hold title to a checking account rather than holding the account in one’s name. In addition to titling the account properly, other banking procedures need to be handled correctly to break the trail from money under one’s control to their identification.
First of all, realize that a trust is a separate legal entity capable of holding property. A human trustee is necessary to perform management duties on behalf of the trust, i.e. being the signer on the bank account. So, a trust may hold a non-interest bearing checking account with the trustee as the signer on the account.
Obtain an E.I.N. anonymously for the trust and use this tax identifier for opening the bank account.
The trust should have a name unrelated to your name for privacy purposes.
Advise the bank manager that you want only the trust’s name on the account title and account statements. Your name as trustee and signer on the account should only be on the bank’s internal records and the account should be password protected.
Use a mail nominee to receive the bank account statements. Do not receive statements at home.
A bank account held by a trust may be used to deposit checks payable to the trust or to the signer and trustee.
The trust account is for privacy purposes and does not protect the signer and trustee from personal liability.
For extra banking secrecy, utilize the principles I have outlined in Privacy Crisis including the Dual Trust Account Principle and an anonymous safe deposit box. These privacy principles and total banking secrecy are fully explained in the e-Book that is available at www.PrivacyCrisis.com.
These banking secrecy tactics virtually assure you of full protection against the crime of identity theft.
Hall, Grant, Privacy Crisis: Identity Theft Prevention Plan and Guide to Anonymous Living, James Clark King, LLC, 2006, www.PrivacyCrisis.com
Copyright: James Clark King, LLC, September 9, 2009