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Documentation Required for CD Acct. Opening

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Question: 
Among other documentation that we give to CD customers at account opening, we also give to them: 1) Account Agreement 2) Signature Card 3) Truth in Savings. Are we required to render to the customer all 3 of these docs or just 1 or 2 of these?
Answer: 

The customer should receive a copy of the account agreement. If the customer is a consumer, he or she must receive the disclosures required by TISA and CFPB Regulation DD, in a form that can be kept. As for the signature card, there's no reason to provide a copy unless it includes information that the customer ought to have. Since the layout, format and content of signature cards varies widely between institutions, I have to suggest that you review your institution's signature card to see what's there and decide if the customer ought to have a copy.

First published on 09/29/2014

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