What would need to obtain from a customer that has an auto-renewal CD who would like to change their payment of interest by check to a direct deposit into another account at our institution? Is getting an AFT agreement sufficient or do we need to provide a new TIS for the CD also?
If an AFT agreement is needed, what are some of the things that should be disclosed? For example, Is the saying in an agreement "Please change my CD interest payment method from a check by mail to a direct deposit" with the Account Type and Number and the customer's signature sufficient? Or should it include things such as Account to Debit, Account to Credit, Amount of Transfer, Date of First Transfer, Transfer Frequency, Customer Signature and a spot to revoke the authorization?
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