A trust account is a specialty deposit account that is legally titled in the name of a formal trust document. The account holds and segregates the assets that fund the trust and is managed exclusively by the appointed trustee on behalf of the designated beneficiaries. These accounts allow the trustee to pay the trust's expenses and distribute funds according to the grantor's instructions, often serving the key purpose of avoiding probate court upon the grantor's death.
Your staff can open trusts directly in our Consumer Staff-Led Account Opening product, reducing the time and complexity required to open these accounts in-branch. Please contact your Narmi Relationship Manager to enable this feature in Consumer Staff-Led Account Opening. Note: Trusts are currently only available on the Symitar core.
Functionality for trusts includes:
Support for both revocable trusts and irrevocable trusts
Intuitive data collection for grantors, trustees, and beneficiaries, including seamless handling of Tax Identification Numbers (EIN or SSN)
Integrated documentation upload capabilities to streamline compliance and reduce follow-ups
Automated data transfer to Alloy for trust verification as either an entity or individual, ensuring secure and accurate identity verification
Please contact your Narmi Relationship Manager to enable trusts in Consumer Staff-Led Account Opening.
Trusts in Narmi
To open a trust:
From the Narmi Command sidebar, select Account opening > Applications, and then select New application.
If your institution has consumer and business staff-led enabled, choose Consumer on the dialog that appears.
Select Trust for the type of account.
For detailed instructions on completing each section, go to Consumer Staff Led Account Opening for New Users or Consumer Staff Led Account Opening for Existing Users.
Complete the Trust information section with the following fields:Trust type – Revocable (the grantor retains full control and assets are part of the grantor’s personal estate) or Irrevocable (the grantor relinquishes control and assets are owned by the trust itself)
Trust name – The official, legal title used to identify a specific trust document and the separate legal entity it creates
Date of inception – The date the trust document was formally executed (signed by the grantor and the trustee, and notarized if required by state law)
Tax ID type – For revocable trusts, you can select either SSN or EIN. For irrevocable trusts, the Tax ID type defaults to EIN (because irrevocable trusts must always have an EIN). If the trust has an EIN, it is processed as an entity, with data sent to Alloy accordingly. If the trust uses an SSN, we process the application by verifying the associated individuals (e.g., grantor or trustee).
Tax ID – The SSN or EIN associated with the trust
Select Save.
In the Trustee information section, select Finish.
A side panel appears, allowing you to select a Role—either Grantor (the person who has established the trust and owns the assets within the trust) or Trustee (the person who is authorized to execute and manage the funds within a trust). You will have the opportunity to add another role after completing the first one.
Select Save.
After you assign the first role (e.g., Grantor), the system will allow you to assign the second role (e.g., Trustee).
Select Add another person to open a side panel and enter that person’s information. You can add multiple grantors and trustees, but at least one grantor and one trustee must be added.
After adding the appropriate roles, select Save.
Run KYC and complete the application’s other sections as needed.
Your institution can configure which roles in trust accounts are ineligible for debit card issuance. This ensures compliance with account access restrictions for different fiduciary roles. To configure this, please contact your Narmi Relationship Manager.
Once the account is opened, the primary applicant receives an email notification. Users can view the account in Narmi Banking via Accounts. For information on accessing accounts, go to Navigating to the Accounts Page.
Staff can view the application details in Narmi Command. To open the application view, go to Account opening > Applications > select an application.
