Thread Options
#1429846 - 08/16/10 09:34 PM Certificates in Demand Status
NM156 Offline
Junior Member
Joined: Mar 2008
Posts: 25
I'm currently performing a Certificate of Deposit audit, and I'm looking at certificates in demand status. Currently, our non-renewable CDs go into demand status upon maturity, and a notice of the CDs maturity is sent to the customer; while these certificates are listed on a system generated report, management currently doesn't take a very proactive approach to making further attempts at contacting the customer. I was wondering what controls other banks have for CDs in demand status. Our processing system won't allow us to put them into a dormant status because said status is on the account level and not on the certificate level of the system. We thought about placing a hold on the account to further protect the account. I appreciate any feedback.

Return to Top
Audit
#1433076 - 08/24/10 12:08 PM Re: Certificates in Demand Status NM156
Its Just Me Offline
Member
Joined: Jan 2010
Posts: 73
Midwest
At my previous bank we stopped offering non-renewable CDs because of the reasons you described above. I have a feeling when I audit this at my current bank, my findings will be similar to yours.

Return to Top

Moderator:  Andy_Z