Hey guys,

Currently at our bank we require the customer to bring the original CD to the bank in order to close the CD. If they have misplaced the CD, then they have to complete a Stop Payment Order and Guaranty. I have worked at a few other banks before and they did not require the customer to bring in the original CD to close it out, they had to sign the closeout slip that is processed by the teller to issue an official check. Does anyone know the legalities regarding not brining in the original CD to close? How are some banks getting away with not having the customers to do so.

A piece of paper that represent a non-negotiable CD is just that, a piece of paper.

What bearing does a Stop Payment Order and Guaranty have to do with a piece of paper.

Sounds like a throw back to fifty years ago when banks issued negotiable CDs that could be traded like bearer bonds.