03/08/2010
We are offering a "bump-up" CD, where the customer may bump their rate after a specific period of time. Is this considered a variable rate CD for advertising purposes? The rate change is at the sole discretion of the customer.
12/01/2008
Can you state the rate of return for a certificate of deposit as "1-year rate plus.25" in a newspaper advertisement or do you have to state the specific APY for the CD, and if so, can we also state APY subject to change?
07/21/2008
Should we allow customers to add a contingent beneficiary to a certificate of deposit or a demand account?
04/14/2008
We are looking at going to book-entry CDs. The W9 certification is currently on our certificate of deposit. The W9 certification is not included on our CD receipt in our platform forms. Is the W9 certification required when issuing a CD?
10/29/2007
Can a trust account have a POA? We have a certificate of deposit in the trust's name and they want to have a POA on the account.
07/02/2007
May a financial institution close out a certificate of deposit by sending the customer a check at maturity (by the banks initiation, not the customers) the bank would provide at least a 15 day notice to the customer before maturity. Our contract simply says that the account will not be renewed if either party provides reasonable notice to the other. We want to close these accounts because these customers are way outside our community banking area. It is our practice to serve only those customers in our area, however some customers from other areas got in somehow. Is this legal?
06/18/2007
When crediting and compounding interest in a time certificate of deposit, is there a difference in the APY earned when interest is paid quarterly as opposed to monthly?
06/11/2007
We are having a new branch opening and the president would like to have a drawing (anyone can enter except employees or their immediate family members) to win a $5,000 certificate of deposit. What will be required of us to advertise and report?
05/28/2007
We have a customer who has a certificate of deposit with us. We have determined that this is a customer that we no longer want to do business with. Do we have to wait until this individual's certificate matures to close the account or can we break the certificate early and close it now?
02/19/2007
Can an authorized signer on a Certificate of Deposit withdraw the funds if the Primary owner dies?