Skip to content
GeoDataVision
Learn More - Click Here!

New Reply Thread Options
#2246045 - 12/01/20 10:19 PM Trust Assets vs Safekeeping
Anonymous
Unregistered

I recently performed an audit of trust assets and found some safekeeping items in the trust asset safe deposit box. Is there an reason, or requirement, to segregate a trust department's safekeeping items from trust assets (coin, jewelry, stock certificates, etc...)?

Return to Top Reply Quote Quick Reply Quick Quote
#2246050 - 12/02/20 12:57 PM Re: Trust Assets vs Safekeeping Anonymous
osucpa Offline
Diamond Poster
Joined: May 2011
Posts: 1,402
Why would the Trust Department have safekeeping items (You might be wondering the same thing). To me the Trust Department either has trust assets or it does not. I would say they should be segregated, the Trust Department has responsibility for the assets they hold.

Return to Top Reply Quote Quick Reply Quick Quote
#2246052 - 12/02/20 01:59 PM Re: Trust Assets vs Safekeeping Anonymous
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,618
Galveston, TX
Define "safekeeping". You mean the trust department is taking possession of valuables and storing them for the customer and they are not trust assets? I am confused.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top Reply Quote Quick Reply Quick Quote
#2246054 - 12/02/20 02:20 PM Re: Trust Assets vs Safekeeping Anonymous
Anonymous
Unregistered

Yes, I mean the trust department is taking possession of property and storing it for the customer, charging a fee, and it's not in connection with a trust account. The FDIC Trust Exam Manual refers to this, but isn't really clear on segregating these items from trust assets.

Return to Top Reply Quote Quick Reply Quick Quote
Quick Reply:
HTML is disabled
UBBCode is enabled




Moderator:  MagicCity, P*Q, Truffle Royale