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#1509520 - 02/12/11 03:18 PM CDs
Its Just Me Offline
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Joined: Jan 2010
Posts: 73
Midwest
We are using certificates (negotiable instruments) when we open up certificate of deposit accounts. I've heard of banks in other states are using signature card contracts instead of certificates. I like the idea of using a signature card instead of a certificate because the customer doesn't have to remember to bring in the certificate when they close their account. Does anyone know if there are any laws prohibiting the use of signature cards for certificate of deposit accounts in Indiana?

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#1509530 - 02/12/11 04:49 PM Re: CDs Its Just Me
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,277
Are you really using negotiable instruments or are they receipts?
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#1509532 - 02/12/11 05:00 PM Re: CDs Kathleen O. Blanchard
Its Just Me Offline
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Joined: Jan 2010
Posts: 73
Midwest
We give them a "Certificate of Deposit" and then if they don't bring it in when they cash in their CD we have them fill out an "Indemnity Bond for Lost Instruments". We keep the "Certificate of Deposit Copy and Certificate of Deposit Signature Card" which looks similar to the "Certificate of Deposit" for our records. I hope that answers your question.

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#1514320 - 02/24/11 07:57 PM Re: CDs Its Just Me
Slugbug Offline
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Joined: Mar 2006
Posts: 195
Just went to a seminar yesterday and was told that we are one of the few banks left that actually use Certificate of Deposits...... signature card is what is being used supposedly by most, and there is a "receipt" that will print.

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#1515046 - 02/25/11 09:20 PM Re: CDs Slugbug
Its Just Me Offline
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Joined: Jan 2010
Posts: 73
Midwest
Thanks for the information!

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#1531618 - 04/05/11 06:02 PM Re: CDs Its Just Me
Too Young To Retire Offline
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Joined: Jun 2005
Posts: 97
How do they get all of their required disclosures if you only use a signature card? On the "receipt"?
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