We are currently still continuing to physically keep hard copies of original CDs issued by the bank in a filing cabinet. Since the world of imaging has been going on for a while now... do we still need to keep these physical copies or can we just rely on the scanned CD?

Thank you,

A paper copy of a non-negotiable CD is just that - a piece of paper.

The bank I worked for stopped issuing CDs 35 years ago. Instead, we used what amounted to a book-entry system. Customers received exactly the same rates and terms, and walked out of the branch with a piece of paper that looked very much like a true CD. In fact, the piece of paper was not a negotiable instrument, but rather a receipt for the time deposit. There's no requirement to retain true copies of receipts, and customers were free to lose those receipts just as often as they had misplaced real CDs! When the account matured, however, we didn't need the receipt in order to cash out or renew the deposit.

Yet many banks still hang on to those old requirements of presenting the CD to cash out the deposit.

Outdated ideas:

Savings passbooks
Negotiable CDs
NOW accounts
Typewriters (??!)
8-Track tapes
Carbon paper