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Letter Code
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Description
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A
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Authorized user - A joint account where the borrower is an authorized user, but has no contractual responsibility.
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I
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Individual account - An account solely for this borrower.
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B
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Individual account belonging to the borrower.
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C
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Individual account belonging to the co-applicant.
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J
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Joint account - An account for which both spouses are contractually liable.
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M
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Maker - An account where the borrower is primarily responsible, having a cosigner [or Co-maker] with no spousal relationship to assume liability if the borrower defaults.
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P
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Participating account - A joint account for which contractual liability cannot be determined.
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S
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Co-maker - An account for which the borrower is the co-signer, with no spousal relationship, who becomes liable if the primary signer [or Maker] defaults.
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T
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Terminated: A joint or cosigned account where the borrower is no longer associated with the account.
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U
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Undesignated account: An account that has not yet been designated.
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Article ID: 25, Created: April 21, 2014 at 4:13 PM, Modified: September 6, 2018 at 1:40 PM