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#1322178 - 01/11/10 08:49 PM Changing Terms on CD
CH Offline
Member
Joined: Feb 2005
Posts: 51
Georgia
If the term of a CD is changed at maturity, do you close the old CD and open a new CD under the new term and conditions or
do you change the term and disclose the change to the customer?

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Deposits and Payments
#1322217 - 01/11/10 09:07 PM Re: Changing Terms on CD CH
RBanker Offline
Power Poster
RBanker
Joined: Jul 2003
Posts: 2,675
Austin Texas
Close and open
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My comments are absolutely no reflection of, nor influenced by, my employer - take them at your own risk.

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#1322243 - 01/11/10 09:25 PM Re: Changing Terms on CD RBanker
BrendaC Offline
Power Poster
BrendaC
Joined: Sep 2001
Posts: 6,029
Sweet Home AL
I've done it two ways based on nature of change(s) to be made: 1) notify client of changes as part of pre-maturity notice process and then update the CD to conform to changes at maturity; or 2) notify client CD must close.
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Life without Jesus is like an unsharpened pencil - it has no point.

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#1322267 - 01/11/10 09:39 PM Re: Changing Terms on CD BrendaC
Doug Hendrickson Offline
Power Poster
Doug Hendrickson
Joined: Oct 2009
Posts: 3,927
We close and open
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I hear and I forget. I see and I remember. I do and I understand.--Confucius

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