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Signatures on Joint CDs

Answered by: 
John Burnett

Question: 
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.
Answer: 

There is no legal requirement specific to time deposits that any of the owners sign anything. The need for a "signature card" equivalent on a time deposit is pretty limited.

Review the documents used by your institution and comply with their direction; i.e. if they require the signature of all owners, get them. In the alternative, get more modern documents.

First published on BankersOnline.com 2/28/11

First published on 02/28/2011

Filed under: 
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Filed under compliance as: 
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