All of our consumer-related CDs have an auto-renewal component. However, for some of these multi-year CDs we want to change some terms come renewal time. Therefore we don't want to send the 'standard' auto-renewal notice, but rather send a notice describing the changes to the CD upon renewal.
I'm presuming this is 'okay', since we are giving them the 10-day notice we would usually give. In addition, I'm thinking of sending a letter to them much prior to the renewal notice, letting them know what's coming.
Do we need to have the customer come in and sign a new CD or can we renew the existing one with the new terms, once they've been communicated to them?
I hear and I forget. I see and I remember. I do and I understand.--Confucius