We have a customer who added his daughter as a joint owner to his CD's when he renewed them in March, now he would like to take her off again. Are there any rules governing how this should be handled? Any input would be appreciated. Thank you!

If his CD matured again, and the current structure is set up as co-owners, he most certainly can redeem the CD and renew them in his name only. For that matter, she could do the same.

Assuming of course you don't have any strange "2 signature required" caveats on your CDs, and also (just in case this gets thrown in from a real BOL guru), I am not sure if there are any unique state laws that may render my answer useless.

The CD is not maturing for another 3 months.

Assuming you charge a penalty for early withdrawal, I would charge the fee and redeem. It is still his funds to do with what he wants. If there is any suspicion on your part, I suppose you could error on the side of caution and ask that the daughter signs a redemption form as well acknowledging the penalty.

Thanks for your help. That is what I was leaning towards doing as well. Have a good day! Go Bears!