I have seen trust officers refuse to let people move a trust they manage to a different bank. The customer must sue and go to court to have it moved. And the customer pays the legal bill. Is this standard operating procedure for us bank. To put up a fight? Even in the case of trusts under 500k?
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Not illegal at all. Just totally dependent on what the underlying trust document says. If there are no corporate trustee removal provisions listed, then the only option is to go to court and yes the trust pays. Many older trusts do not contain provisions to allow bene's to remove their corporate trustee. It is what the grantor decided. Stinks sometimes but reality.
it is not illegal as cases have gone before a judge and the client had to fight in court to have US Bank turn the asset over to a new trust company they wanted to use. the client had to pay all the legal bills. i am not a troll.
Will U.S. Bank Trust department allow the assets to be held at the company's broker-dealer, USBII? The answer is no.
That is totally 100% illegal. I think you are a troll.