We are one of those hold-out banks that issue passbooks for CD's. Beginning May 1st we are ceasing that practice and just printing a signature card similar to checking and savings accounts. The Mass Banker's Handbook states that: "If individuals lose their passbooks or certificates of deposit a Lost Passbook/CD affidavit must be completed and signed by all parties named on the account.....". My specific question is, does the use of the term CD certificate mean the signature card, or does it refer to institutions that issue actual "certificates", much, like stock certificates used to be issued?
Do we have to send a monthly statement to passbook savings customers who have external deposits to the account?
We are converting all of our passbook savings accounts to statement savings. The disclosures originally provided to existing accounts did not differentiate between passbook and statement accounts. Are we required to provide a 30-day change in terms notice to customers whose passbook accounts will be converted?
REG D - Money Market Account withdrawals -What is the total number of withdrawals that can be made from a Money Market Account in a four week period? Is is unlimited on some types of transactions or is it a total of six withdrawals regardless of the type?
Our Bank has discontinued UTMA Passbook savings accounts. Now, all UTMA savings must be statement savings accounts. Apparently, someone read that an UTMA account must receive a statement. Can UTMA accounts be passbook accounts?
Do we have to provide notice in writing to customers who possess passbook savings accounts, that their rate will be decreasing as of a certain date?
Does Reg D apply differently to MMAs than to personal savings accounts? I was told by a senior banker that personal savings accounts were not able to write or order checks. I know that we are able to order MMA checks, so I questioned her. She then stated that personal savings accounts are subject to different applications of Reg D. She stated that this was because MMAs have higher balance requirements so they are given the option of drafting checks. Is she correct?
Are cash withdrawals made at a teller counter from a passbook savings account limited to six transactions under Reg D and if so, is exceeding the six withdrawal transaction limit a violation?
Is it a compliance violation if a passbook savings account has more than six withdrawals a month?
Question: We had an elderly customer who had certificates of deposit with different family members named as beneficiaries on each CD.