Skip to content
Learn More - Click Here!

Thread Options
#1102553 - 12/26/08 08:04 PM Certificate of Deposit - joint owners
CatNip Offline
New Poster
Joined: Sep 2008
Posts: 16
If you are opening a certificate of deposit for joint owners and one is not present (but is an existing customer) do both have to sign the certificate since they may not be present at the time of account opening?

Return to Top
Operations Compliance
#1105414 - 01/05/09 04:52 PM Re: Certificate of Deposit - joint owners CatNip
girlsrope2 Offline
100 Club
Joined: Sep 2006
Posts: 114
Land of Capitalism
I believe all that is required is that a signed W-9 be on file for each owner. Actual signatures on the document are not, however best practices would say to obtain them if possible.
Punishment and recovery are so rare--prevention is the only viable course of action. --Frank Abagnale

Return to Top
#1105501 - 01/05/09 06:09 PM Re: Certificate of Deposit - joint owners girlsrope2
rlcarey Offline
10K Club
Joined: Jul 2001
Posts: 79,633
Galveston, TX
Unless you have some sort of master account signature card, how do you enter into a contract with multiple people and not have each of them sign the contract?

Also, there is no requirement to have a signed W-9 from each owner, it is only rquired from the owner under which the interest will be reported.
The opinions expressed here should not be construed to be those of my employer:

Return to Top
#1105624 - 01/05/09 08:43 PM Re: Certificate of Deposit - joint owners rlcarey
BrendaC Offline
Power Poster
Joined: Sep 2001
Posts: 6,029
Sweet Home AL
I have seen "signature on file" so many times through the years and it still surprises me. Somewhere we have failed to help branch personnel understand that each new CD is a new contract with the customer. You can't rely on prior, terminated contracts for signatures. The same customer that raises the roof because you want his poor, crippled wife to come in to the bank to sign "that silly form" is the same customer that will sue the bank for putting his name on an account without his signature.
Life without Jesus is like an unsharpened pencil - it has no point.

Return to Top

Moderator:  Andy_Z, John Burnett