Max is compatible with trust accounts, but only a subset of the online banks currently support trusts.
UFB Direct and Fieldpoint Private permit clients to designate accounts as held directly in the name of a revocable or living trust. UFB Direct, Fieldpoint Private, Veritex Bank, Customers Bank, and Max Checking also permit you to specify a revocable or living trust as a Payable On Death (POD) beneficiary. To make these designations you will need to contact the bank by phone or via the bank’s website.
More information regarding support for trust accounts is available via the online bank websites or by contacting their customer support staff. For detailed instructions on how to designate trusts and beneficiaries, please refer to our guide: Support for Trusts and Naming Beneficiaries.
Online savings banks generally do not support more complex trusts, such as irrevocable trusts, as they consider them to be commercial accounts. For more complex trusts and commercial accounts, visit MaxForBusiness.com.
FDIC coverage of trust accounts is detailed on the FDIC's website. You can also click here to use the FDIC's Electronic Deposit Insurance Estimator (EDIE) calculator.
We suggest that you consult your attorney or qualified estate planning professional before establishing a trust account or designating a POD beneficiary for your account. Please contact us at member.services@maxmyinterest.com if you have further questions.
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