Adding Owners CDs

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Question:

We have a CD that the customer wants to add a joint owner to in mid-term of the CD. I am thinking we should issue in lieu of since we are technically changing ownership. Others think we should just re-write the CD adding the joint owner while keeping everything else the same. What is your recommendation and why?

Answer:

Truely just a business decision. Adding someone to an account is not a big deal. Removing someone is. If the someone is not a spouse, you might want to recommend that the person seek advice from an attorney, estate planner or their tax accountant before moving forward.