Thanks. I have looked at this section and have noted the pertinent part.
(e) Notwithstanding any other provision of this Section, no deposit except passbook, checking, NOW accounts, super NOW accounts, money market accounts, or such similar accounts as established by Rule of the Director, held by a banking or financial organization shall be presumed abandoned if with respect to such a deposit which specifies a definite maturity date, such organization was authorized in writing to extend
or rollover the account for an additional like period and such organization does so extend. Such deposits are not presumed abandoned less than 5 years from that final maturity date.
Property of any kind held in an individual retirement account (IRA) is not presumed abandoned earlier than 5 years after the owner attains the age at which distributions from the account become mandatory under law.
The nub of the "discussion" I'm having with my Operations Department involves the definition of "maturity date". She seems to think that there is no true maturity date, since the CD is automatically renewable. I, of course, disagree and consider the second maturity date (after the first renewal) to be the Final Maturity Date. So I'm looking for it in plain English.
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