Trusts have a charter, they do not have a money transmitter license. However, as a Trust company, they can offer “limited” custody services within their services realm. Also, understand that Trust Companies are recognized in certain states and are not recognized by others. This depends on where the original charter of the trust company is and you can ask (legally) if a reciprocity agreement between the trust company’s original state (from where the charter was issued) and the state in which it is doing business, as valid reciprocity and is recognized.
-  Do I Need A License To Start A Money Transfer Service?
-  What is Money Transmitter License and How Can You Get One?
This page was last updated on February 15, 2023.