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#125729 - 10/27/03 06:03 PM Authorized Signers?
La. Lady Offline
Diamond Poster
La. Lady
Joined: May 2001
Posts: 1,873
I've just had a discussion with an employee on authorized signers on a Certificate of Deposit. She claims that they "have always" had authorized signers on these accounts. These signers are able to renew the certificate for whatever length of time they wish. They are not allowed to withdraw funds.

I have never heard of such a thing. To me a Certificate of Deposit belongs to the actual owners. There may be beneficiaries such as on POD, but to have someone as an authorized signer?????????????????

Am I missing something?
Is there such a thing?
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General Discussion
#125730 - 10/27/03 06:22 PM Re: Authorized Signers?
RBanker Offline
Power Poster
RBanker
Joined: Jul 2003
Posts: 2,675
Austin Texas
That's a policy/procedure that you can set for your institution - you just need to weigh the pro's and con's of having agents/authorized signers for different accounts - it is more common, of course, for business accounts - some banks allow on personal accounts, some don't. Personally, I have never heard of, nor allowed, that on CD's - as you point out so well, I think we would cover ourselves better with a POD -
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#125731 - 10/27/03 06:54 PM Re: Authorized Signers?
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
If "down south" is Florida, the answer is "No." You cannot have what Florida calls a "convenience signer" on a time deposit because the statute authorizing convenience signers says so. Hopefully, the answer for any other state is in that state's statutes.

Otherwise, a "rule" that says:

Quote:

These signers are able to renew the certificate for whatever length of time they wish. They are not allowed to withdraw funds.




is more likely attributable to bank lore than any other source. In my opinion, it makes no sense. (Unless of course you find it in a statute, then just attribute it to an off day at the state house!)
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