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Question & Answer
Question: If a customer wants to close out a certificate of deposit, and I need to draw a check for the balance, must it be made payable to the name on the CD, or can I make the check payable to a third party?
Answer: Depends. If the customer has called you and indicated they want the funds from the CD in a check, you'll want to make the check payable to the customer. But if you have a signature card on file, you know the customer, and you have written instructions signed by that customer to make the check payable to a third party, there is nothing prohibiting you from doing that.
Copyright © 1997 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 7, No. 12, 12/97
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