Certificate of Deposit

Certificate of Deposit (CD) accounts closed 6 days or less after opening must have penalties applied. If the CD is an IRA, advise clients that a $25 fee will be assessed for closing the account. 

You can waive penalties for CD accounts closed 7 days or more after opening in the following conditions:

• The client is deceased 
• The client is declared incompetent
• The CD is an IRA or the CD is closed during the 10-day grace period (calendar days)

To close a CD do the following:

1. Identify clients using one of the following:
   • Clients in Person
   • Identify Clients over the Phone
2. Verify that the client is an authorized signer and owner of the account.
3. In Xperience > Customer & Account Inquiry.
4. Enter the client's name (LAST name FIRST name), CIF #, or TIN. 
5. Click Search. Note: If the CD is an IRA, see IRA Closing procedures.
6. On the Account tab, view the Maturity date to determine if account closing is At Maturity or Before Maturity. 
7. On the Interest and Penalties tab, view the Interest Disposition to determine how interest is paid out.
8. To determine if any holds are present, view banner messages or click Hold Inquiry .
9. If holds are present, determine the reason for the hold and proceed accordingly.
10. Click the appropriate tab below to continue closing CD accounts.

At Maturity 

1. If the client presents you with the original CD  or CD receipt, do not image the document. Destroy it by placing it in the office shred bin.
2. In Xperience > Silverlake > Time Deposits Menu > Enter/Update Time Deposit Closing Transactions.
3. Enter the Certificate of Deposit Account Number. 
   • Note: client's name (LAST name FIRST name), CIF #, or TIN are also acceptable. 
4. Click OK.
5. In the Closing Transactions Details fields: 
   1. In the Payoff Date field enter the CD Closing Date.  
   2. In the Batch Number field enter your 4-digit associate number. 
6. If the CD is closed on the maturity date, click the Pay Accrued Interest drop-down menu to choose Y-Yes.  
   1. Closing the CD on the maturity date suspends the auto transfer of interest. The interest will not post to the credit account.
   2. If CD interest is paid by check, do not change the interest payment fields. The check has already been produced and mailed out.
   3. Add the amount of interest transferred back to the Net Settlement Amount. 
7. If the CD is closed within the 10-day grace period (calendar days), click the Pay Accrued Interest  drop-down menu and choose N-No. 
   1. The Depositor Owes Penalty Of field defaults to Y - Yes, do not change as no fees are assessed when closed at maturity. 
8. If the client has a pending interest payment as indicated in the Accrued Interest Amount, the system automatically deducts the pending interest from the closing balance.
9. In the Closing Reason Code field, click the ellipsis  to choose the appropriate closing reason code.
10. If the client is moving CD funds to a CCB Deposit account, enter the DDA account number in the Deposit to Account Number field. 
11. In the Deposit to Account Type field, enter D for deposit accounts or S for savings account.  
12. Click OK. Note: Ensure the net settlement amount is correct.
13. Click Add Transaction. 
14. If required, prepare the money order payable for the total of the net settlement and the amount of interest normally transferred to the Deposit to account. 
15. See Payout Options.

Note: If you issue a money order, ensure that the payee name exactly matches the name on the certificate. 

Before Maturity

1. If the client presents you with the original CD or CD receipt, do not image the document. Destroy it by placing it in the office shred bin. 
2. In Xperience > Silverlake > Time Deposits Menu > Enter/Update Time Deposit Closing Transactions.
3. Enter the Certificate of Deposit Account Number. 
   • Note: client's name (LAST name FIRST name), CIF #, or TIN are also acceptable.
4. Click OK.
5. In the Closing Transactions Details fields: 
   1. Enter the CD closing date in the Payoff Date field. 
   2. Enter your 4-digit associate number in the Batch Number field. Note: If the client has a pending interest payment, the system automatically deducts the pending payment from the closing balance. 
6. The amount of the pending interest payment is listed next to the Pending Interest field. 
7. From the Pay Accrued Interest drop-down menu, choose Y-Yes. 
8. Determine if the funds are available before the CD is closed and proceeds are paid to the client.
9. From the Depositor Owes Penalty Of drop-down menu, choose Y-Yes. 
10. In the Closing Reason Code field, click the ellipsis  to choose the appropriate closing reason code.
11. If the client is moving CD funds to a CCB Deposit account, enter the DDA account number in the Deposit to Account Number field.
12. In the Deposit to Account Type field, enter D for deposit accounts or S for savings account.
13. Click OK.
14. Ensure the net settlement amount is correct.
15. Click Post Transaction.
16. If required, prepare the money order payable for the total of the net settlement and the amount of interest normally transferred to the Deposit to account. 
17. See Payout Options.