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

Are you talking about the signature card?

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.

Thank you Ken, that is what I wanted to be sure of.

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.