Trust Examiner School eBook

Internal Use Only

Trust Company •Term can be misleading •Use of “trust” in name •Can only rely on the errors & omissions insurance coverage

Trust Department •Errors & omissions insurance coverage; and •Backing of bank/bank holding company

Internal Use Only

Trust Company

Deposits • State-chartered cannot accept, generally • Limitation distinguishes from banks • Separate charters

OCC • Charters &

Historically

• Held &

regulates limited purpose national trust banks • Fiduciary powers in all states

safeguarded client assets

• Form & act as trustee for common trust

funds & collective investment trusts