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Latest Compliance - Certificate of Deposit Topics

Certificate of Deposit for Multi-Party Accounts

04/06/2015

For Certificates of Deposit that are multi-party accounts, are we required to get the original signature of all parties at the onset of the account? Or is this a best practice consideration? I'm not concerned w/ the closing of the account, only at opening.

Periodic Statement for Transfer of Interest COD

01/19/2015

Is it necessary to provide a customer with a periodic statement for a monthly transfer of interest from a certificate of deposit to one of their accounts at another financial institution?

Certificate of Deposit from other Banks-Collateral

08/06/2012

A customer wants to pledge Certificates of Deposits from other banks as collateral for a loan at our bank. Where do I find forms and what are disclosures? $100,000 10years monthly payments set up like a mortgage payment.

Signatures on Joint CDs

02/28/2011

If a Certificate of Deposit is purchased with one or more joint owners, do all the owners have to sign the CD or just the primary owner? Often CDs are purchased by a grandparent and they list their grandchildren as co-owners but those grandchildren live in different states. It makes it difficult to mail the CD out to all them to get signatures.

Deleting a Deceased Joint Owner

12/13/2010

A certificate of deposit is under two persons' names and the primary holder is deceased. Is it within compliance to delete the deceased owner and just keep the secondary as the sole owner of the CD?

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Inside the CFPB – What’s Going On?

02/16/2025

What's going on inside the Consumer Financial Protection Bureau (CFPB)? Perhaps the short answer is "turmoil." Here's the longer answer, based on what we know as of the date of this writing.

Redirecting an ACH credit for a closed account

02/09/2025

Can an ACH payment coming through on a closed account be posted to an account on which the owner of the closed account is only an authorized signer? The ACH is in the name of the authorized signer of the account the bank manually posted the account to.

Who signs on an account for an irrevocable trust?

02/09/2025

Does the grantor play any role in an irrevocable trust? We have a copy of the trust which states who the grantor is and who the trustee is. We didn't think the grantor had to be on the account, only the trustee. Please advise.

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