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#2075553 - 04/25/16 07:31 PM Signature on an IRA Certificate
cbailey Offline
Member
Joined: Jan 2004
Posts: 67
Is there a requirement that a customer sign an IRA certificate of deposit at account opening? We are looking at a current vendor upgrade. It no longer asks that the depositor sign and date the certificate. The customer does sign the IRA Contribution/Investment form and the IRA Eligibility & Information form.

Thank you

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#2075563 - 04/25/16 08:07 PM Re: Signature on an IRA Certificate cbailey
osucpa Offline
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Joined: May 2011
Posts: 1,400
Are you talking about the signature card?

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#2075569 - 04/25/16 08:23 PM Re: Signature on an IRA Certificate cbailey
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
Many, if not most, banks have eliminated the "certificate of deposit" for IRAs. They give the participant a receipt for the deposit, nothing more. These are referred to as "book entry" deposits. (The "certificate" was a bank invention from the 1930's, it serves no purpose whether or not the account is an IRA.)

There never was a legal requirement that the customer sign a certificate of deposit, hence osucpa's question.
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#2075578 - 04/25/16 08:49 PM Re: Signature on an IRA Certificate cbailey
cbailey Offline
Member
Joined: Jan 2004
Posts: 67
Thank you Ken, that is what I wanted to be sure of.

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#2076135 - 04/28/16 03:10 PM Re: Signature on an IRA Certificate cbailey
BowlingQueen Offline
Power Poster
Joined: Mar 2007
Posts: 2,920
Wisconsin
We have the customer sign the "account agreement" portion of the CD, which is mostly for the signature specimen, receipt of required disclosures and the terms of the CD.
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