What if any is the difference between a Grantor and a Trustee of a Trust? I thought that they were one and the same.

A grantor is a person who creates a trust - also called settlor creator or trustor.

A trustee is the holder of legal title to property for the use or benefit of another.

Think of it as one person (Grantor) placing his assets in trust, and another (Trustee) managing the trust. It often is the same person just wearing different hats, especially in family trusts, but doesn't have to be.

As long as were on the topic of trusts I'd like to sneak in another related question. Let's say A is the grantor and the sole trustee. "The A family Trust with A as Trustee".
The account at the bank currently reads "A or B" (joint).

A wants us to rename the account "The A Family Trust with A as the Trustee". The bank is saying they cannot do that since B is not a trustee because if we changed the titling, we are changing the ownership and B would have no access to the account. Is the bank correct?

Yes, the bank is correct. A has the right, just as B does, to close the account. Neither has the right to unilaterlly change the terms of the contract that both executed.

From a trust officer's background, "retitling" accounts is a poor practice, even if all owners consent. It's particularly worrisome in the case of time deposits. The customers' lawyer has told them to transfer the assets to the corpus of the trust. Most time deposits clearly indicate on their face that they are non transferable. Simply file maintenancing the title leaves it open for a third party to question whether the asset was ever transferred to the trust.

I know it's easier for the bank, but easier for the bank isn't always better for the customer.

Thanks Ken. Also, I appreciate the insight regarding the changing the ownership of CDs. I forgot about that "non-transferrable" language, but invariably the customer shows up and tells the banker. The lawyer told me to come here and change every account into this "trust-thing that he/she created, it's supposed to save my money for my kids so that the nursing home doesn't get it". Great.........