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Latest Operations - Certificate of Deposit Topics

Limit of Distributions On IRA Accounts

07/05/2015

Is there limit to the # of distributions that can be taken from an IRA account in a set period of time? We set up IRA accounts via Time Deposit products (CDs) and they are non-transaction accounts. So, I'm wondering about the customer's ability to treat the IRA CD like a checking account and if there is a limit. The customer in question took 18 distributions in 2014 from her IRA, which is an IRA/CD with us. She is over 59 1/2.

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.

Bid Rate CD Not Advertised On Board-Violation?

02/02/2015

We wish to contact some of our large depositors and offer them a bid rate CD that is not advertised on our rate board. Is this a violation of deposit rules? Do we need to offer this rate to all?

How to Switch Primary Ownership for CD

12/01/2014

We have a CD with a primary and a joint owner. The primary customer has passed away. The joint owner wants to keep the same CD open and switch ownership so she is primary. Would we need to get a W9 and update the CD signature card?

Customer Changing Their Mind On IRA Account

06/23/2014

Are there any special rules regarding IRA accounts? I have a customer that opened an IRA and then changed his mind. It was opened on 4/3/2014 and now he wants to close it.

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Authorized signers on a bank's own accounts

12/29/2024

I'm looking for some insight on bank controlled internal accounts (i.e. cashier's checks, accounts payable, interest disbursements, etc). I need to perform account maintenance and add signers to the accounts. Are there any compliance regulations that can help steer me in the right direction as to who in our institution should be signers on these accounts? For our cashier's checks, we are not limited to bank officers, so any employee with signing authority can sign a check, but they do not have access to the accounts outside of that. There has been debate about who should be on the accounts and if it needs to be those who are reconciling or processing funds.

APY accuracy in ads and rate sheets

12/22/2024

With high interest rates, we've seen a fluctuation in APYs on our CD products due to our rate sheet and advertisements being static, but the APY can differ depending on the opening amount and date opened, causing a discrepancy from what's posted. Is it sufficient to disclose that the APY is subject to change based on [X] factors?

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