I am the process of assigning all our bank CDs an account type code to help the Asst Controller with her Call Report. Our CDs are classed by term and amount, not by owner type. I was supplied a list of type codes by the Accounting Dept and I was wondering what one of them means, specifically, "Custodial". I found a CD in the name of a minor followed by the parents name and the CSR classified the account as Custodial. It is not a FLUTMA. Is this, in your opinion, the correct definition of Custodial? Please note that the Custodial type is listed under the consumer type codes.

The account type codes are three digits in length and the consumer accounts start with a 0, commercial with a 2, etc.I don't know if my account type code list is a standardized list.

My second question regarding account types is what is the difference between a type code entitled "Trustee" and an account type code entitled "Joint Revocable Trust". One CD was titled John Smith Trustee, John Smith Revocable Trust. Would this be classified as a Trustee account? I don't believe it is a joint Revocable trust and I don't have any other accout type codes with the word Revocable (or irrevocable) in it so I was leaning towards Trustee by process of elimination. I do have the ability to add more type codes if the ones supplied are not sufficient.

thanking you in advance for any help with my questions.

Regards,
Carolyn

You may need to talk to the folks who gave you the list of account codes to decipher their true meaning. Unless they are driven by the instructions to the Call Report, class codes are assigned by the individual institutions; i.e. they are not universal among all banks.

As far as the account titles are concerned, if the CD reads "Johnny Doe by Jane and Henry Doe, Custodians" it is not (as you note) a FLUTMA account because it does not reference the statute in the title. Unless it is supported by a written custodial agreement (not likely) then the account title has no particular meaning except in the minds of the people who set it up, including your employee. I suggest you contact the customers and ask them to retitle it using a method recognized by Florida law.

Again, without expressing any opinion on the coding, an account titled "John Smith Revocable Trust" should be supported by a written trust agreement. Otherwise, it is just a bank account and, for the reference to the "trust" to have any meaning, a beneficiary should be named.