Can a bank account have three names attached to it?

Question

The account is to receive and distribute funds to a trusts beneficiaries over a period of time.

Answer 1

You would need a beneficiary or receivers account.

The account would be titled Receivers For "Mr Joe Blogs"

You can then add as many signatories (authorised to withdraw, deposit, etc) as you need to and instruct the bank to accept either any one to sign or all to sign or any two to sign etc.

Answer 2

Hrm. You're asking the wrong question, I think.

First of all, the only limitation on the number of names that can be on an account is in the bank's software. They may have a limited number of fields for names, or character spaces.

Second, that's not the same as the number of authorized signatories. There can be more or less than the number of names.

Third, if the trust itself already exists and has an account, the trust should write individual checks to each beneficiary. If they do not have such an account, that's what you should make. "ABC, Trustee of the XYZ Trust". One name, one signatory, the actual Trustee.

Answer 3

If you open a trust account, you can designate who the authorised signatories are.

You may even assign rules such "any two to sign" for certain values etc.

If it's a trust account the account name will be the name of the trust, but you can have as many names on the signature verification system or account users system as you the trust owner/manager wish!

So yes, it's all down to the mandate and indemnity held for the account.

Answer 4

Yes but tell the bank that's what you need when you set the account up.

Answer 5

sure i guess there would be a limit at some point but yes a bank account can have numerous names!!!.