Ally Bank Trust Account: How to Open One

Which Ally Accounts a Trust Can Own

Checking, savings, money market and CDs, for revocable or irrevocable personal trusts. Business trusts are out.

“What Ally Bank accounts can be opened or converted in the name of a Trust? Most Ally Bank accounts can be opened for a revocable or irrevocable Trust, including CDs Checking Savings Money Market We don't offer accounts for business or corporate Trusts.”

Ally Bank Accounts for Trust FAQs

“Can I open an account with two trust owners? No, a trust can only have one owner. However, you can have multiple trustees on the account.”

Ally Bank Accounts for Trust FAQs

How to Open It

Online, by choosing the product and marking it as a trust account, or on the paper Account Application for Trusts.

“How do I open an Ally Bank account in the name of a Trust? 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.”

Ally Bank Accounts for Trust FAQs

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

Ally Bank Accounts for Trust FAQs

The Documents Ally Wants

A certification of trust, by whatever name your state uses, or specific pages of the trust agreement. Ally does not draft either one.

“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.”

Ally Bank Accounts for Trust FAQs

“A Certification of Trust OR written Trust agreement documents that include: • Description of Trust, including the formal name of the Trust, Grantors and Trustees • Notarized signature pages with Grantor and Trustee signatures. In some states, there may be a separate page completed by the notary • Amendments to original Trust • Trustee powers and provisions related to incapacity or death of a Trustee • List of beneficiaries who’ll receive the funds if the Grantor of the Trust passes away”

Ally Bank Trust Account Application, p. 1

Sending a certification of trust keeps your beneficiaries and their shares private. Sending the pages instead means the bank receives your beneficiary list.

Any Trustee Can Act Alone

Ally assumes every listed trustee can act individually. That is convenient, and it is worth knowing if your trust requires co-trustees to act together.

“We’ll assume that any trustee listed in the trust agreement or Certification, Abstract, or Memorandum of Trust may act individually on behalf of the trust.”

Ally Bank Deposit Agreement, PDF p. 12

“We accept 2 ways to sign: 1) wet ink using a pen or 2) placement of a digital signature. We don’t accept typed signatures.”

Ally Bank Trust Account Application, p. 5

Converting an Existing Ally Account

An individual or joint account can be moved into the trust’s name, and the conversion wipes out any POD beneficiaries on it.

“You can convert a non-IRA account into the name of a Trust for a Revocable Trust if 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.”

Ally Bank Accounts for Trust FAQs

“You also acknowledge that any person/entity currently designated as a “Payable on Death” (POD) payee or “In Trust For” (ITF) beneficiary on the accounts listed above will be removed as the Trust Agreement will designate the distribution of assets within the Trust.”

Ally Bank Trust Conversion Request Form, p. 1

Two Limits to Plan Around

Ally trust accounts have no telephone banking, and Ally will not honor a power of attorney on them.

“Keep in mind, telephone banking isn’t available for accounts in the name of a trust.”

Ally Bank Deposit Agreement, PDF p. 31

“We won’t accept a power of attorney on fiduciary accounts, including accounts for formal trusts.”

Ally Bank Deposit Agreement, PDF p. 42

The power of attorney rule is the one that catches families. If you become unable to manage the account, your agent under a power of attorney cannot step in. Your successor trustee can, under the trust’s incapacity provisions, which is why those pages are on Ally’s document list.

When a Grantor or Trustee Dies

Changes after a death or a resignation go on Ally’s Trust/Trustee Maintenance Form.

“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.”

Ally Bank Accounts for Trust FAQs

“If a trustee dies or is replaced, we reserve the right to require documentation reasonably acceptable to us identifying the successor trustee. We won’t accept responsibility to act as a trustee or successor trustee under any circumstances, regardless of any trust agreement or other trust document that says otherwise.”

Ally Bank Deposit Agreement, PDF p. 12

What Ally Does Not Publish

Ally Bank’s published documents do not say whether the account must switch to a trust EIN after the grantor dies. Ask those questions when you book the appointment, and ask for any trust form by name so you can read it before you sign. Bring the trust agreement itself even if the bank says it will rely on a certification, because a banker who asks for a page is easier to satisfy on the spot.

What Florida Law Lets You Show Instead of Your Whole Trust

Florida lets a trustee hand a bank a certification of trust instead of the trust instrument. The certification states that the trust exists and the date it was signed, who created it, who the current trustee is and the trustee’s address, the trustee’s powers, whether the trust can be revoked and by whom, whether co-trustees must act together, and how the trust takes title to property. It does not have to show who inherits.

The certification must say that the trust has not been revoked or amended in a way that makes it wrong. A bank that relies on it without knowing it is wrong is protected, so the bank can act on it without reading the trust. A bank can still ask for the pages of the trust that name the trustee and give the trustee power to act in the transaction at hand.

A certification keeps your beneficiaries and their shares private. When a bank asks for the whole trust, the banker is reading your family’s inheritance plan.

How Much of a Trust Account the FDIC Insures

The FDIC insures trust deposits at $250,000 for each beneficiary the grantor names, counting at most five, so up to $1,250,000 per grantor at one bank. A married couple who are both grantors can reach twice that. Payable-on-death accounts and accounts owned by the trust at the same bank are added together toward the limit, and a beneficiary who inherits only if someone else has already died does not count toward the five.

That makes the list of beneficiaries in the trust the number that decides coverage. A trust that leaves everything to one child is insured to $250,000 per grantor at each bank, however many accounts it holds there.

Trust Accounts at Other Banks

• Chase Trust Account: What Chase Requires to Open One
• Bank of America Trust Account: What the Bank Requires
• Wells Fargo Trust Account: What the Bank Requires
• How to Open a Trust Account at a Bank
• Trust account requirements at 185 banks, brokers and insurers (dataset)
• How to fund a trust in Florida
• Does my trust need a tax return or an EIN?

Frequently Asked Questions

Common Situations

The power of attorney that does not reach the account. A son holds his mother’s durable power of attorney and needs to move money from her Ally savings account, which is titled in her trust. Ally does not accept a power of attorney on trust accounts, so he has to act as successor trustee under the trust’s incapacity provisions instead.

The joint account converted to the trust. A couple converts their joint Ally savings account into their revocable trust with the conversion form. The form removes the POD designation that named their daughter, which suits their plan, because the trust already says how she inherits.

Sources of Law

• Ally Bank Accounts for Trust FAQs (https://www.ally.com/help/bank/accounts-trust/).
• Ally Bank Trust Account Application, pp. 1, 5 (https://www.ally.com/content/dam/pdf/bank/trust-application.pdf).
• Ally Bank Trust Conversion Request Form, p. 1 (https://www.ally.com/content/dam/pdf/bank/trust-conversion.pdf).
• Ally Bank Deposit Agreement, PDF pp. 12, 31, 42 (https://www.ally.com/content/dam/pdf/bank/ally-bank-deposit-agreement.pdf).
• Fla. Stat. §736.1017 (annotated) (certification of trust; contents under subsection (1)(a) to (h); signed by any trustee under (2); statement that the trust has not been revoked or amended under (3); dispositive terms not required under (4); excerpts on request under (5); reliance protection under (6) and (7)).
• 12 C.F.R. §330.10 (FDIC coverage of formal and informal revocable trust accounts; $250,000 times the number of eligible beneficiaries, up to five, aggregated across trust accounts of the same grantor; contingent beneficiaries excluded under (c)(2)(ii)).
• Bank documents retrieved September 24 and 25, 2026, and read again for this page on September 28, 2026. Banks change their terms; confirm the current version with the bank.

Updated on September 28, 2026. Reviewed by Kevin D. Klagge, Esq., Fla. Bar No. 99502. Attorney Kevin Klagge represents families, businesses, and international clients in estate and tax planning, business structuring, and international law, with a focus on Florida legal tools. He litigates estate and business issues in court. StepUpLaw is not affiliated with Ally Bank, and the quotations are from the bank’s own published documents. General information about Florida law, not legal advice, and no attorney-client relationship is created. Do not send confidential information until we have agreed to represent you.