We have a certificate of deposit pledged to a loan. The CD amount exceeds the loan balance by a couple thousand dollars but the original hold was even greater as the loan originated at 60% of its original amount. We recieved a garnishment which will include this CD.
Are we obligated to decrease the hold amount to the balance of the loan on the date of receipt of the garnishment and send the excess funds to the court or does the full amount of our original hold superceed this, meaning we would report there are no funds available? I am in Oklahoma if it is a state law issue.
Can we waive a CD penalty?
Do we give out Regulation DD disclosures on business accounts?
When advertising a CD special on a rate sheet that will be provided to customers, and the ad only indicates the CD special product name with a
statement that says, "ask us how to open your CD special," and nothing else, but the CD special has conditions and limitations that the regular CD
accounts do not, should a bank disclose on the rate sheet what those conditions and limits are that differ from the regular CD products that are
also listed on the rate sheet?
There is a fully disclosed addendum for the special that covers the Reg DD
disclosure requirements. However, this will only be provided if the special
is opened by the customer. My concern is that if the customer only requests
the rate sheet and doesn't open the account the customer will not receive
the addendum or the full scope of the special on the rate sheet and this may
be a little misleading if the customer comes back at a later date to open
the special and they find out there are conditions to be met on the product.
Our bank is exploring the idea of a new CD product in which all the interest is paid up front on the date of initial deposit. In the case of early
withdrawal, are we able to deduct the penalty from the principal since there would be no interest accruing during the CD term?
When opening a CDARS account, are the following required:
1. Customer signature on signature card
2. Legal/organizational documents on commercial entity
3. Beneficial Ownership forms
Can you also give me info on where to locate the laws and regulations governing the opening of the CDARS accounts?
Can we put a cap on how much may be added to a time account after the initial funding? For example, if a customer opens a time deposit with $5,000 and then wants to add $100,000, we would not allow that. Can we put a restriction in place that you could not add more to the account during the term than the original amount, so if the account was opened with $5,000 that they could not add more than an additional $5,000?
Also can we allow an HSA CD to be a time account, or are there restrictions on this?
If a customer with a 4 year CD with interest paid monthly, after 6 months, decides to have it compound annually, what would be the next date for interest to be paid? The opening date was 1-1-2016.
When opening an UTMA account can the funds be placed in a Certificate of deposit?
We have looked at Reg DD but cannot find where it even mentions this.
Are we required to tie IRA rates (variable or fixed) to an outside index? I think that back in the 1980’s when they first became available, it was a
But I cannot find it mentioned anywhere now?