What is an account suffix?

An account suffix is a series of numbers or letters added to the end of an account number to indicate a specific type of account within a financial institution. It helps the institution keep track of different types of accounts and may be used for things like identifying savings vs. checking accounts, differentiating between individual and joint accounts, or categorizing special types of accounts like retirement or trust accounts.

For example, a common account suffix might be "-001" for a regular checking account or "-002" for a savings account. Other examples could include "-IRA" for an individual retirement account or "-JT" for a joint account.

Having a unique account suffix is helpful for both the customer and the financial institution in properly managing and categorizing different accounts. It allows for easy identification and organization of accounts and can help prevent confusion or mistakes when dealing with account information.