Posted By: Bec
Two Agents - 10/29/13 03:47 PM
We have an account that has two agents listed on it. It is a CD and it has matured. One of the agents came in to renew it for the most ideal rate. The account was renewed to continue to have both of the agents however we only have one agent's signature. Is it necessary to obtain the second agent's signature?
Posted By: rlcarey
Re: Two Agents - 10/29/13 03:47 PM
Agents? What type of agents and how was this status determined for these two persons?
Posted By: Bec
Re: Two Agents - 10/29/13 04:55 PM
Agents that are designated at account opening on the signature card. Here is the language:
"Authorized Agent: Transactions regarding this account/certificate of deposit may be made by the agent(s) named hereon. No present or future ownership or right of survivorship is conferred by this designation."
Posted By: rlcarey
Re: Two Agents - 10/29/13 05:04 PM
Transactions regarding this account/certificate of deposit may be made by the agent(s) named hereon.
The certificate matured - the account/CD was over. You need to ask your legal counsel whether they can then take that money and opening another account with it. I don't see that power granted within your contract language.