Trust Fund BMC 85 (Trustee)

[kls4ch]

I have applied for my brokers license. I have the $10,000 cash to fund my trust fund. I went into my bank but they stated although they can set up my trust fund, they can't be the trustee.
I've done some research to find companies that will serve as trustee..

One thing I keep seeing is authorized by the FMCSA as a financial instition for the B, what does that mean?

What qualifies as a financial institution?

I want interest for holding MY money in trust.

Secondly, every one seems to charge a fee, so if there aren't any claims and they do nothing do they still get the fee?

[PT]

I have applied for my brokers license. I have the $10,000 cash to fund my trust fund. I went into my bank but they stated although they can set up my trust fund, they can't be the trustee.
I've done some research to find companies that will serve as trustee..

One thing I keep seeing is authorized by the FMCSA as a financial instition for the B, what does that mean?

What qualifies as a financial institution?

I want interest for holding MY money in trust.

Secondly, every one seems to charge a fee, so if there aren't any claims and they do nothing do they still get the fee?

We don't get involved in the BMC 85 Trust - only the BMC 84 Bond. Regarding the fees - if you had a bond for two years without any claims, there would still be premium due each year. I suspect it's the same with the Trust.

If you are interested in the BMC 84 (Bond), please re-visit our website for the application.

Good luck.

[Admin]

You can get a quote on the bond by applying online at: JW Surety Bonds - Commercial Bond Applications

[don jipping]

As a regular contributor to this forum, I would appreciate referrals for questions regarding the BMC-85 Trust Fund be directed to the company I represent and not to a competitor.

I have respected the no advertising rule and would appreciate that the administrator of this forum do the same. If this is no longer an issue, please click on to my profile and send me your questions regarding the BMC-85 Trust Fund.

Thank you,
Don Jipping

P.S. to admin-I do know of a company that issues D.O.D. bonds.

[Admin]

Don,

I edited the prior post about the other company. You are correct, endorsements and advertisements are not permitted on the boards.

Please email your contact information to us and we will put your name on our BMC-85 referral list.