RCONG463: Does the Bank Act as Trustee or Custodian for Individual Retirement Accounts, Health Savings Accounts, and Other Similar Accounts?
RCONG463 is the call report code for does the bank act as trustee or custodian for individual retirement accounts, health savings accounts, and other similar accounts?, reported on Schedule RC-M, Memoranda (FFIEC 031 Schedule RC-M, item 11).
Definition
Indicate whether the institution acts as trustee or custodian for Individual Retirement Accounts (IRAs), Health Savings Accounts (HSAs), or other similar accounts. Other similar accounts include Roth IRAs, Coverdell Education Savings Accounts, and Archer Medical Savings Accounts. State-chartered institutions are allowed, under certain circumstances, to act as trustee or custodian for these types of accounts without obtaining trust powers. In addition, national banks can serve as custodian to IRAs, HSAs, and other similar accounts without obtaining trust powers. Place an 'X' in the box marked 'Yes' if the reporting institution acts as trustee or custodian for these types of accounts, regardless of whether it has trust powers. Otherwise, place an 'X' in the box marked 'No.'
Source: Federal Reserve Micro Data Reference Manual (MDRM). The FFIEC call report instructions remain the authority on how to report the item.
Where RCONG463 sits on the call report
| Code | RCONG463 (prefix RCON, item G463) |
|---|---|
| Prefix RCON | Domestic offices. Banks without foreign offices (FFIEC 041 and 051 filers) report their whole balance sheet in RCON items. |
| Schedule | RC-M, Memoranda |
| Line item | FFIEC 031 Schedule RC-M, item 11; FFIEC 041 Schedule RC-M, item 11 |
| Reported on | FFIEC 031, FFIEC 041, FFIEC 051 |
| Value | Yes or no, as of the quarter end |
| In the MDRM since | 2009 |
Related
All codes on Schedule RC-M · All call report schedules · Find the code for a loan type · What a call report is