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#917079 - 03/07/08 03:40 PM Certificates of deposit
Overboard Offline
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Minnesota
Can you change ownership on a certificate (with current owner's authorization) without cashing it in? What paper work would you need? HELP!

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#917093 - 03/07/08 03:48 PM Re: Certificates of deposit Overboard
#Just Jay Online
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Cheeseheadland
You can do whatever you wish I suppose.

What type of ownership change are we talking about? Like transferring it to another person altogether? If so, I prolly would not recommend it. Are you looking to take someone off? Again, I would not recommend it either. In these situations, they would have to close and reopen, with penalty unless by court order.

If we are talking about adding a joint owner, or transferring the account into thier revocable trust, we would prepared a dated and revised sig card and certificate.
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#917141 - 03/07/08 04:07 PM Re: Certificates of deposit #Just Jay
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Yes complete ownership change. I would rather close it but the boss wants to do it this way. Not quite sure how to go about it.

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#917154 - 03/07/08 04:15 PM Re: Certificates of deposit Overboard
#Just Jay Online
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Cheeseheadland
Eewwww... tell your boss to wise up!

Does your account agreement talk about accounts being non-transferable?? Bring this to their attention if so.

Otherwise, something in writing and noptarized from the current owner with a hold harmless statement, and preferrably something in writing from the boss giving the ok to do so.

Yikes
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#917295 - 03/07/08 05:07 PM Re: Certificates of deposit #Just Jay
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Yes we were thinking that we would have to write something up ourselves.
Thanks for the help

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#917311 - 03/07/08 05:13 PM Re: Certificates of deposit Overboard
Anonymous
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Why would you even want to do this?

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#917319 - 03/07/08 05:17 PM Re: Certificates of deposit
Marnie Offline
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Nevada
Have you considered the interest tax reporting aspects of this with the change in TIN? How hard is it to close and open new ownership? A much cleaner audit trail.

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#917445 - 03/07/08 06:24 PM Re: Certificates of deposit Marnie
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Yes I know all the problems. But the boss says do it. What do you do?

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#918089 - 03/08/08 04:26 AM Re: Certificates of deposit Overboard
BBoyd Offline
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MI
Make the boss sign all the tickets processed. This is an accident waiting to happen.
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#918227 - 03/10/08 01:13 PM Re: Certificates of deposit BBoyd
Rocky P Online
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I agree - if the account is recently opened (6 days), there is a mandated penalty - I would hate to argue with the regulators about that one.

(like bbs and marnie) Now for the fraud hat - it could also be a way to gift an item and hide the amount of the gift from the IRS /or/ to divert ownership in the event of pending litigation.
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#918393 - 03/10/08 03:31 PM Re: Certificates of deposit Rocky P
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This has the stink of tax evasion all over it.

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