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Thread: Which Bank for NFA Trust???
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April 9th, 2012, 12:54 PM #1Banned
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Which Bank for NFA Trust???
I have been rejected by two banks when trying to set up a bank account for my properly executed NFA trust. Apparently they "don't handle those types of trusts."
Is there anyone here with a trust who can tell me which bank(s) your trust has an account with?? Thank you.
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April 9th, 2012, 01:08 PM #2
Re: Which Bank for NFA Trust???
I've always just used a personal check.
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April 9th, 2012, 01:10 PM #3Active Member
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Re: Which Bank for NFA Trust???
Is there a reason you are trying to open an account for the trust? Most people as far as I know just use an exhisting account or money orders etc for the NFA tax payment. BATFE could care less who pays it as long as it gets paid. YMMV
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April 9th, 2012, 01:11 PM #4Banned
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Re: Which Bank for NFA Trust???
Hmmmmmmmm.... And the ATF doesn't try to tax you twice? I was afraid to do that b/c I thought they would come after me saying I owe $200 for me buying the item and then $200 for me transferring it to the trust. Esentially coming after me for two transfers even though it is one transaction. Thanks for letting me know, though.
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April 9th, 2012, 01:21 PM #5Banned
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Re: Which Bank for NFA Trust???
Yes, I was concerned about the potential for the ATF to try to tax me twice as mentioned above and also try to get me in criminal trouble for buying an NFA item as an individual without going through the necessary process.
I was also thinking that money orders would be good but most are capped at $1000 and NFA stuff often exceeds that.
Going along with the high prices of NFA stuff, I also wanted to invest a little, maybe some CDs, a money market account, mutual funds, etc. I realize I could do that as myself, but primarily was concerned with the ATF.
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April 9th, 2012, 02:28 PM #6
Re: Which Bank for NFA Trust???
Contact a lawyer for your concerns. I was always til not to put anything else other then firearms in an nfa trust. Also "you" are not buying the nfa weapon the trust is so there is never two transfers to be taxed.
I am not a lawyer this is strictly my opinion and should be taken as such!
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April 9th, 2012, 03:44 PM #7Grand Member
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April 9th, 2012, 04:00 PM #8Banned
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Re: Which Bank for NFA Trust???
I know they don't care what you pay for NFA items, I was just implying that it is easier to write a check or otherwise transfer money straight from the trust for the full amount of the item, rather than purchase, for example, an MP5 paid for by eleven $1000 money orders that I got with cash from my personal account, since you usually cannot buy a money order for a denomination above $1000. I was responding to a comment above that suggested I use money orders to pay for NFA items.
So no one here has a trust that has its own bank account?
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April 9th, 2012, 08:50 PM #9Active Member
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Re: Which Bank for NFA Trust???
OK UBC, I see your questions. First as has been stated no one cares who writes the tax check. Look back the last couple years and Gemtech had their Gemtax deal in which they would cut the check for the tax. As far as who pays for the item, who cares? It is being assigned to the trust, that is what the form 4 does, transfers it from one entity to another and BATFE could care less how much money changed hands or who paid it. If we want to get really carried away with it, where is the trust's account getting its money, does it have a job or what?
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