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#1933013 - 06/16/14 08:56 PM Certificate of Deposits
AAL Offline
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Joined: Jan 2014
Posts: 4
I was wondering how many banks are still giving out paper copies of Certificate of Deposits when a customer has purchased a CD? We are discussing not giving out the paper copy and using a signature card and giving the disclosures and a receipt. Do you know of any regulations prohibiting this? Also, if a CD is held on a loan are we required to have the paper copy in safekeeping for the examiners to see. Right now we have a hold on the CD and have the paper copy in SK.

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Deposits and Payments
#1933019 - 06/16/14 09:05 PM Re: Certificate of Deposits AAL
Sunshine Lady Offline
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Sunshine Lady
Joined: Apr 2014
Posts: 673
It has been a long time since we gave out CD paper copies. They get a copy of the signature card, disclosures and a copy of what we call a CD receipt. If the make a loan using the CD, we get them to sign the assignment for the loan and put a hold on the CD. I do not know of any regulation prohibiting this practice.
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Define Success on your own terms, achieve it by your own rules, and build a life you are proud of. Anne Sweeney

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#1933020 - 06/16/14 09:07 PM Re: Certificate of Deposits AAL
Doug Hendrickson Offline
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Doug Hendrickson
Joined: Oct 2009
Posts: 3,927
We do a signature card, disclosures and a receipt. I know of no regulations to prohibit this methodology.

If it is held as collateral for a loan, the CD has a loan hold placed on it which only a loan officer can approve to clear. The CD number is on the loan agreement, signed by the customer.
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I hear and I forget. I see and I remember. I do and I understand.--Confucius

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