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#2167419 - 03/09/18 04:34 PM Scanning & Certificates of Deposit
CindyS Offline
100 Club
Joined: Sep 2005
Posts: 132
Last year we implemented scanning for all account signature cards and Certificates of Deposit.

When you've gone to imaged document retention for all your signature cards and CODs, we're wondering what other institutions do with the Original COD when a customer cashes it in. Do you keep the hard copy of the signed, cashed in COD for a certain period of time or do you scan the signed cashed in COD so it is retained permanently with your other scanned documents?

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#2167431 - 03/09/18 05:09 PM Re: Scanning & Certificates of Deposit CindyS
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
Increasingly, banks are moving to "book entry" time deposits. There is no "certificate." They give the customer a receipt describing the terms. The customer can keep it or use it to line their birdcage. They are not required to produce it at maturity, nor is your bank required to keep a copy.
In this world you must be oh so smart or oh so pleasant. Well, for years I was smart. I recommend pleasant.

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