This may be an old issue, but is one we are just now facing and would like some help. We currently issue Non-Negotiable CDs. At account opening the customer signs a combined CD/Signature card (provided by our platform vendor) and that signed copy is imaged to his/her account. I know it is old school, but our bank still maintains a "safekeeping" file for some deposit customers. AND, when the customer's copy is lost, we have continued to have them sign an affadavit of Lost Certificate. I believe that because the certificates are non-negotiable that both the affidavits and the safekeeping are obsolete. I believe we are issuing a "receipt" of a paperless CD. Am I correct?
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Punishment and recovery are so rare--prevention is the only viable course of action. --Frank Abagnale