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What’s the difference between a trust and an in-trust account?
Trust accounts are operated by liberal professionals, such as lawyers and notaries, who use them to handle their clients’ funds.
As for in-trust accounts, they allow you to deposit, manage and withdraw money on behalf of a third party. For example, you can open an account and deposit funds for your child and manage the money on their behalf. Depending on whether you open the account in Quebec or elsewhere in Canada, the conditions may differ.
Related questions
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Can I make online transactions from my external accounts? You cannot make transactions from your external accounts, but you can view your account balance and transaction history. -
Difference between a trust and an in-trust account Learn the differences between a trust and in-trust account. -
How can I add an account from another bank to my online bank? Add external accounts held at other financial institutions to your online bank and get the full view of your finances. -
How can I authorize someone else to manage my account? Authorize someone to manage your account by giving them power of attorney at one of our branches. -
How can I cancel my bank account package? Contact us to cancel the banking package on your chequing account, if you have reduced your usage.
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