Type of Account
The Type of Account (also referred to as Type Code) is used primarily to identify accounts held by individuals, corporations, employees, other banks, and public funds. Codes 1 - 9 and A - Z, are available to identify various types of accounts.
The Type of Account is a required field in establishing a new account. It can be assigned to your accounts as part of the New Account Process or as a change to the account.
Type 1 is reserved for Personal Accounts
Type 2 is reserved for Business Accounts
(You may define 10 additional Business Types in your bank control record)
Type 5 is reserved for Public Fund Accounts
(You may define 5 additional Public Fund Types in your bank control record)
All other Type Codes are bank-defined
The Type of Account will identify accounts for special processing and reporting as follows:
Determine the categories of accounts on the Call Report
Identify Employee Accounts for restricted online access
Determine rate or fees applied in the Service Charge Routine
Automatically assign an IGL code
Set up parameters for Personal and Business Significant Balance Charges
Exclude accounts from AOD Matrix calculations
Identify Savings Preauthorized Transfer Accounts