11/10/2019
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.
08/25/2019
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?
06/30/2019
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?
04/28/2019
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?
01/13/2019
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.
11/18/2018
When opening an UTMA account can the funds be placed in a Certificate of deposit?
10/28/2018
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
best practice.
But I cannot find it mentioned anywhere now?
02/04/2018
A corporate CD signer passed away. The daughter and son would like to be added to said CD. On the State of Florida's Division of Corporations web site, both son and daughter are registered for the corporation. The daughter shows as a registered agent, and the son as officer/director plus there is a third person who is also as officer/director.
Can we add the daughter and son as signers on CD? Do we have to add the third person as well, or does a court document and/or trust need to be presented showing son/daughter/3rd person as either owners/trustees before adding the names?
10/22/2017
Can we cash a CD per mail? They have signed the CD and want us to send them a cashier's check.
09/24/2017
I understand that Reg CC does not apply to CDs. However, is it acceptable to place holds on CDs anyway?
