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
We are changing our Certificate of Deposit from a single rate to a tiered rate. My question is, do we need to post all the various levels of each CD term on our lobby board?
For example, right now 12 month CD has a minimum deposit of $1,000 and the APR is 0.65 and the APY is 0.65. When we change, the 12 month CD will be $1,000 to $9,999, with the APR being 0.65 and the APY is 0.65, $10,000 to $24,999 , the APR is 0.70 and the APY is 0.70 and for $25,000 and above, the APR is 0.75 and the APY is 0.75.
Does the lobby board need to show that for each CD term?
What is the maximum penalty that a bank can charge on a certificate of deposit?
Should an indemnity agreement for a lost negotiable instrument be initiated before the 30 days after issue? Is there any legal liability in doing this before the 30 days? Does the indemnity agreement have to specify that the 30 days is a factor?
May a bank pay interest on a 16 month CD at maturity, or are we required to pay the interest at least annually?
In regards to BSA record retention requirements, if a business has a certificate of deposit and an individual who is authorized to sign for that business presents that certificate, are we to keep record of the business (the customer) name, address, and TIN or the name, address, and TIN of the authorized individual?
A new customer came in and opened a DDA and a 30 month CD using a $100k check from her account at another bank. The CSR opened the accounts with a split deposit and placed a New Account Reg CC hold on the $50k used to open the DDA. The Hold Notice was generated showing the check number as a $50k check.
It seems to me the check should have been deposited into the new DDA and the hold placed on the entire check. Once the check cleared, funds could then have been transferred to open a new CD.
Although Reg CC does not apply to time accounts, should the teller go back and place the same New Account Hold on the CD so that the entire check is accounted for? I am thinking if this check should come back, it will cause more issues with the CD than necessary. Any thoughts?