Taking a poll:

If a CD hits it's maturity date without receipt of the completed certification, are you automatically closing the account and cutting a cashier's check? Or are you treating the account like a single-maturity CD and ceasing to pay interest? Any other plans??

Thanks!

We are training account officers to be proactive with their covered business CD's because they do get reports of advance maturities. We have further decided to allow the CD grace period as the final period to obtain the form, with an exception being issued out to the account officer on the maturity date. We will close when the grace period expires, typically 10 days I believe.

I think this is a great question. I can't imagine how upset a customer will be if a CD they thought was automatically renewing just gets closed out. How is everyone communicating this new requirement. BIG BOLD LETTERS?

We are sending letter along with the certification before the CD renews. Do not know if we will close out the account.

We will be making every attempt to make sure this does not happen, including calling the customer. But if it does, we will be closing the account after the grace period and sending a cashier's check along with a letter of explanation.

We are getting out of the consumer market in general so we have closed all at maturity and do not have to deal with the mess of a regulation.

I assume you meant commercial market?