Answer:
Let's say the customer is purchasing a time deposit, you can give her a receipt or a "certificate of deposit" on fancy paper. Either way, you are going to give her the same TruthinSavings disclosure. So, what is there that you are legally required to put on the receipt vs. the CD?
There is no legal list.
The language on the receipt should reflect the terms of the agreement beyond those already included on the TISA disclosure. The amount of the deposit, the style of the account (names, POD, JTWRSP, etc), perhaps a clear statement that presentation of the receipt at maturity is not necessary to redeem the deposit, and anything else that is necessary to make the customer and the financial institution feel comfortable.
Ask a couple vendors for sample forms...they will include that vendor's best judgment on what to include, but they will not be identical.
The concept that a time deposit needs to be represented by an expensive piece of paper and that a customer who loses it should offer bonds, etc. is obsolete. Good for you in making the change.
First published on BankersOnline.com 2/4/02
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