Trust Document Management: How AccuAccount Helps

Your bank’s trust department provides a very diverse set of services to the community.

In some situations, your institution makes payments and pays bills in accordance with the trust terms. In other situations, your bank may serve as the sole trustee, assuming additional decision making responsibilities. Your bank probably also manages (and in some cases files) tax documentation on behalf of the trust. Some trust departments even provide investment management services.

With so much going on in a bank’s trust department, one thing is for certain: trusts generate a lot of paperwork. To maintain regulatory compliance, this paperwork must be securely tracked and maintained per the institution’s retention policy.

In this post, we’ll discuss why banks “trust” AccuAccount for better trust document management. (Sorry for the pun, but I couldn’t resist.)

Manage Every Trust Document Imaginable

For every trust account managed by your bank, there could be dozens of document types that must be gathered, scanned, and indexed for safekeeping. Some documents (such as the will of a deceased individual) will only be collected once. Others (such as annual tax filings) are generated and collected on a recurring basis.

AccuAccount gives you the flexibility to manage both recurring and non-recurring documents. Banks across the country use our software to manage every trust document under the sun, including (but certainly not limited to):

  • Acceptance & agreement
  • Acceptance checklist & review
  • Trust application & agreements
  • POD supplement
  • Authorization to act
  • Change of beneficiary
  • Power of attorney
  • Wills
  • Living wills
  • Tax returns
  • Auto, home, life, and medical insurance
  • Receipts and invoices
  • Court letters
  • Legal motions, orders, and bonds
  • Investment authorization letters
  • Investment performance / reviews
  • Bank statements
  • Broker statements
  • Archived trust documents
  • …and countless more

Unlike some trust document systems, AccuAccount is more than a simple repository. Our software adapts to the specific types of trusts your bank manages. An individual trust will have different documents than an employee benefit trust. AccuAccount allows you to define document placeholders, ensuring your team collects the right documents every single time.

We commonly see customers using AccuAccount to track their:

  • Individual trusts
  • Entity trusts
  • Personal trusts & personal agencies
  • Corporate trusts
  • Employee benefit trusts
  • Investment trusts
  • Estates & guardianships
  • Custody accounts
  • Funeral & cemetery trusts
  • …and many others

Integrate to Your Trust Core

AccuAccount integrates to more than 30 core banking systems, including some of the most commonly used trust cores. As new customers and trust accounts are booked to your core system, AccuAccount automatically creates a matching record and document placeholders. The system can also set due dates for when such files should be scanned in, ensuring your exception data is always accurate.

For example, let’s imagine a new customer opens an individual trust account with your bank. Once booked to the core, AccuAccount sees the new customer record and goes into action. The software builds the customer’s profile, pulls in the trust account information (such as account number and type, branch, date opened, etc.), and even defines which documents should be collected (based on your bank’s workflow).

Trust Management

AccuAccount can be set to provide a specified grace period to collect missing documents after new accounts are booked. The trust agreement, for example, might have a three-day grace period before it shows up as “missing” in your exception report.

Provide Customers with Better Service

In addition to helping you manage your trust documents, AccuAccount can also help your bank provide enhanced customer service. By leveraging the task management feature in our software, you can ensure that everything is getting done on time and to specification. Trust departments can use tasks to build electronic to-do lists for your staff. You might set reminders for:

  • Paying bills on time
  • Collecting and distributing dividend checks
  • Preparing customer tax returns
  • Collecting annual financial statements
  • Onboarding new customers
  • Training new employees

With AccuAccount’s task management feature, you can keep your trust department focused on the things that matter most.

How to Get Started

If you’re an existing AccuAccount customer, you may already have access to our trust document management system (please ask your AccuAccount administrator if trust management is included in your plan level). We’re happy to discuss an implementation plan that can help your bank gain value from this powerful feature.

Given the highly confidential nature, many trust departments prefer their own (second) instance of AccuAccount – separate from loans and deposits. We’re happy to accommodate either model, so just reach out to let us know how we can best serve your needs!

If you’re not already an AccuSystems customer and are interested in seeing our trust management system, please contact us to schedule a free demo.

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