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#1070262 - 10/24/08 03:54 PM Discontinuing passbooks on certificates of deposit
Miss Thang Offline
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Miss Thang
Joined: Jul 2006
Posts: 60
We are thinking about discontinuing using passbooks for our certificates of deposit. Currently the passbook we use lists the following information in the inside cover of the passbook: account number, date of issue, account holder names, opening balance, maturity date, term, renewal term, earnings distribution date, beginning rate of earnings, compounding method, etc.

My question is, are we required to give the customer a passbook or certificate when opening a CD? Or, can we go paperless? Is the Reg DD disclosure sufficient for disclosing the terms of the account when it is opened or are we also required to disclose on a paper certificate of some sort at account opening?

All help is appreciated.

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#1070466 - 10/24/08 06:21 PM Re: Discontinuing passbooks on certificates of deposit Miss Thang
Rocky P Offline
Power Poster
Joined: Jun 2003
Posts: 7,265
Florida
We give the customer a receipt, along with the disclosures.

Even with the passbooks, the official record was the bank's computer, as there could be unposted information on the passbook.
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