Certificates of Deposit Policy
The purpose of this Certificates of Deposit Policy Template is to describe accounts, products and services, and the related operations of a bank, credit union, or other type of financial institution. In general, a certificate of deposit (COD) is a non-negotiable receipt for funds deposited in an interest-bearing account for a specific period of time. The certificate (receipt) stipulates the terms and conditions of the deposit agreement. Additional funds may be deposited only at maturity. Withdrawals, prior to maturity, are permitted only with a substantial interest penalty as specified by Regulation D, except in cases where the depositor is deceased or has been declared legally incompetent by court order.
Table of Contents
- Purpose and Contents – Topic 1
- Policy Description, Authority and Scope – Topic 2
- Product Definition – Topic 3
- Interest Rates and Maturities – Topic 4
- Automatically Renewable/Single Maturity COD – Topic 5
- Grace Periods – Topic 6
- Disclosure Requirements – Topic 7
- Early Withdrawal Penalties – Topic 8
- Interest Payments – Topic 9
- Account and Serial Numbers – Topic 10
- Opening a Certificate of Deposit – Topic 11
- Certificates of Deposit Pledged as Collateral – Topic 12
- Security Deposits – Topic 13
- Certification of Certificates of Deposit – Topic 14
- Certificates of Deposit in Forecast – Topic 15
- Changing or Correcting Account Information – Topic 16
- Closing a Certificate of Deposit – Topic 17
- Lost Certificates of Deposit – Topic 18
- Maturity Procedures and Notices – Topic 19
- Past Matured Certificates of Deposit – Topic 20
- Retention of Documentation – Topic 21
This Certificates of Deposit (COD) Policy Template (approximately 9 pages) is available to purchase from BankPolicies.com in Microsoft® Word format.
Want to ensure your purchase from BankPolicies.com remains current? Add a Product Update Protection Plan to your shopping cart to ensure that you will automatically receive an updated version every time it is revised via e-mail within one year from the last date of purchase. This timely and cost-effective solution ensures that you stay on top of federal regulatory changes and industry recommended best practices.
When updates are made you will receive detailed information regarding why the product was updated and what has changed within the product in our Product Update Notification e-mail correspondence. This enables you to make an informed decision on whether to make any changes to the policy or procedure you implemented for your financial institution from the revised template.
BankPolicies.com provides your financial institution with the best bank policy template products available in the industry. You will always be up to date with the latest changes to bank policies and never have to worry about being out of compliance with the various laws, rules and regulations issued by the Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Federal Reserve, Office of the Comptroller of the Currency (OCC), or other federal regulatory bodies that may apply to your organization.
Our dedicated staff of career banking industry professionals are ready to keep your financial institution up to date with the latest bank policy standards and industry best practices. Purchase your bank policies from us today and rest easy knowing you have the right team helping you and your organization stay compliant. We look forward to earning your business for all of your bank policy needs.