What is the difference between a Certificate of Deposit and an Individual Retirement Account?
What is required on a CD Partial/Early Redemption Form? The penalty we assess on CD withdrawals has been disclosed on the CD disclosures given in accordance with TISA. When a customer requests a partial/early redemption, most deposit documentation systems will generate a form for the customer to sign. In relation to the form, are we required to disclose the amount of the penalty that will be assessed?
A customer withdraws $10,000 and the penalty is $100.
Is it acceptable for the partial redemption form to only disclose the gross withdrawal amount of $10,000?
- Or -
Are we required to show full itemization of the gross amount, less the penalty, and the net amount paid to the customer ( In my example, $10,000, less a penalty of $100, yields a net of $9,900 to be distributed?
We recently had a CD held by a Revocable Trust where the Grantor/Co-Trustee died. The other trustee came in and asked to redeem the CD early due to death. We waived the early redemption penalty due to death, but asked ourselves, is this a regulatory requirement or a courtesy, particularly in this case because a Trust doesn't "die".
Are churches and other non-profit organizations allowed to open Certificate of Deposits?
Can we place a hold on a check deposited into a savings account?
Do we give out substitute check disclosures at new accounts?
I have some questions regarding irrevocable burial trust accounts opened as Certificate of Deposits. Should the original CD be given to the account owner? Should the renewal notices go to the account owner or the funeral home?
Best practice for closing and reopening IRA and or CD accounts in new beneficiary names due to death. Should we keep the same rate or give the current rate which is less?
In Florida, when does a renewable (automatic rollover) CD become subject to the state's abandoned property escheatment requirements?
We want to give a customer a fixed rate and a fixed term Repurchase Agreement (in place of a Certificate of Deposit) so that we can pledge government securities to the customer for these funds they deposit with us. I am looking for a template form to use to do this for the customer. We already have a Sweep Repurchase Agreement form that sweeps from a checking account to a Repurchase Agreement that is covered by securities pledged, but we want a fixed term and fixed rate form now also. If you have such a form or you know where I can get a form, please let me