Overview

When opening a new Certification of Deposit (CD) account funds must be available and placed into the CD Settlement General Ledger (GL) the day the CD is opened. 

In-Person Request

A new CD account can be opened for both new and existing clients in an office.

Phone Request

A CD account can only be opened for existing clients.

For all non-clients seeking to open a new CD account over the phone, do the following:

1. Refer the non-client(s) to the closest office for opening and send a Synapsys referral to all associates in that office.
2. If the client is unsure which office he/she is visiting, complete a Synapsys referral to yourself for follow-up.

For existing clients seeking to open a new CD account over the phone, do one of the following:

1. Refer to an office for the completion of account documents.
2. Mail required account documentation to clients. Note: This option will result in being placed on the Document Exception Report (DER).

CD Type Review

1. Give the client the Product and Services Booklet with inserts and the Terms and Conditions brochure.
2. Explain the minimum opening balance requirement and maturities offered.
3. Public Funds must be placed in the public fund's CD product types:
   • CP Regular Misc. Days – Public Funds
   • JP Jumbo Misc. Days – Public Funds
4. Inform the client of the current rates and annual percentage yields for the various maturity periods.
5. Explain the interest payment options.
6. Explain the appropriate penalty for early withdrawal.

Procedure

To open a new CD account, do the following:

1. Depending on the type of client, do one of the following:

   • New Client

     Obtain one primary and one secondary or two primary forms of identification from all owners and signers. Note: All primary identification must be valid (not expired) and contain a photograph.

   • Existing Client

     Request one form of primary identification. In addition, you can request the Inquiry Identification Code (IIC) from the client.

2. Carefully examine the identification for the expiration date, client’s date of birth, photograph, and signature of the client. Note: If the personal identification documentation is not provided, do not open the account. See Detecting Red Flags in ID Verification.

3. Query for existing personal CIF

   1. In Xperience > SilverLake >  CIF Menu > CIF Inquiry.
   2. Search by client Tax Identification Number (TIN). 
   3. In the Remarks section look for this phrase: Charged Off. If the client has a charged-off account, see Reopening Charged-off Accounts. 
   4. If you do not find an existing CIF, navigate to Building a Personal CIF.
   5. For each CIF found, click the client name or CIF. Note: Query the existing account and relationship Client Identification File CIF(s), and ensure the following information is up-to-date:  
      • Inquiry Identification Code -- required
      • Mailing address
      • IRS address
      • Phone number(s)
      • Email address
      • Primary and secondary identification information (for example: number, issue date, expiration date)
4. In Xperience > SilverLake >  StreamLine Platform Menu > Create New Accounts.
5. On the Inquiry/Website Selection page, determine if a ChexSystems inquiry is required.
   1. If an inquiry is required, check Inquire using ChexSystems
6. Click OK.
   • The StreamLine New Account Entry page displays
7. In the Branch field, enter Branch number. 
8. From the Application drop-down menu, choose T - Time Deposit.
9. In the Platform Type field click the ellipsis  to select the CD Type and Term.
10. In the Account Number field click the ellipsis  to populate an account number.
11. Click OK.
12. The first CIF pulled into an account must always be the primary account holder. Note: Be sure to double-check the relationship codes to ensure you are pulling in the correct person or entity.
13. Enter the client's name (LAST name FIRST name), CIF #, or TIN.
14. Click OK. Xperience displays the following message: Existing Customer found. 
15. Click Select.
16. Review the CIF information and update accordingly.
17. If the client is using an alternate mailing address, make the appropriate selection and enter information accordingly. For more information see the Alternate Address tab under Address Changes.
18. Click OK.
19. Delete the name in the Short name, CIF, or TIN number field. 
20. Click OK.
21. If required, on the Deposits Master screen click the ellipsis to add an Account Officer Code. 

22. Line 5 Is This A New Account?

    1. Click the ellipsis .
    2. Select Y Yes.

23. Line 30 Class

    Click the ellipsis  to select the appropriate class.

24. Line 50 Original Amount

    Enter the amount of the opening CD Deposit.

25. Line 54 Marketing Code

    1. Click the ellipsis .
    2. Select the appropriate code (for example: BB Billboard, CA Consumer Deposit Acquisition, RF Referral, Friend, Family, FB Facebook).

26. Line 55 Original Source of Funds

    1. Click the ellipsis .
    2. Choose one of the following:
       • G Existing Client - New $ Bank
       • G1 Existing Client - Existing $
       • 1N New Client 
    3. Click Select.
27. Click OK. Xperience displays a message indicating all fields have been verified. 
28. Click OK.

29. Line 10 Ownership of Account

    Click the ellipsis  and select from the list provided.

30. Line 260 Is This A Business Account Type?

    1. Click the ellipsis .
    2. Select Y YES or N NO accordingly.
    3. Click Select.

31. Line 265 Is This a Foreign Entity?

    1. Click the ellipsis .
    2. Select Y YES or N NO accordingly.
    3. Click Select.

32. Line 270 Is This A Fiduciary Account Type?

    1. Click the ellipsis .
    2. Select Y YES or N NO accordingly.
    3. Click Select.
33. Click OK. Xperience displays a message indicating all fields have been verified. 
34. Click OK.

35. Line 10 Rights At Death (FL/AL) / Revocable Trust or Pay on Death (GA)

    • In Georgia, leave this field blank or, if the client wishes to name beneficiaries, click the ellipsis to select P Pay on Death or R Revocable Trust.
    • In Florida or Alabama, click the ellipsis to select S - Single Party Account OR SP - Single Party Acct with Pay on Death.

36. Line 20 MSG: Name & Addr of Beneficiaries

    • If Rights at Death or Pay on Death is indicated on Line 10, click the ellipsis to select Y - Yes.
    • Click OK.
    • Enter beneficiary information as follows:
      • First name
      • Last name 
      • Date of birth 
      • At least the last 4 of SSN (optional)
      • Relationship for all beneficiaries
    • Click OK.
      

    Delete
37. Click OK. Xperience displays a message indicating all fields have been verified. 
38. Click OK.
39. On the Optional Record Items screen, select Messages if applicable.
40. Click OK.
41. On the StreamLine New Account Entry screen, from each drop-down menu choose: 
    1. View/Print/Email Documents? Select Y - Yes
    2. Upload Account? The system defaults to N-No
       1. Click View Documents  
       2. In the View Order box type 1 for the FL Signature Card to review the signature card for accuracy prior to uploading the account. 
    3. Another account for these customers?
       1. Select N - No 
       2. If there are no more accounts to be opened for the client click OK 
       3. If the client wishes to open another account (for example: Savings) select Y - Yes 
42. Click OK. 
43. From the Submit to eSign drop-down menu select B - Both eSign and Print for Print Selection items.
44. Click OK. A new window opens for eSign. See eSign for more information.
45. Give a copy of the signature card to the client.
46. Do one of the following as applicable:

    • Personal Account

      1. Have the client verify all information on the CD receipt, the Truth-In-Savings disclosure, and the signature card.
      2. Review the Consumer Purpose section of the signature card to verify account ownership and rights at death and if applicable, Payable on Death (POD) beneficiary information.
      3. Have all owners sign the signature card and verify the information in the Backup Withholding Certifications section, certifying the TIN of the primary owner.

    • Business Account

      
      

      1. Have the client verify all information on the CD Receipt, Truth-In-Savings Disclosure, and signature card.
      2. Review the Business Purpose section of the signature card to verify account ownership.
      3. Have all signers present sign the signature card and verify the information in the Backup Withholding Certifications section, certifying the EIN of the business.
      4. Have the client verify all information on the resolution.
      5. If a secretary if designated in the legal documentation provided, the secretary must sign the resolution in the fields indicated.
      6. Have the client complete the Powers Granted section indicating those designated within the legal documentation that has the authority to perform the specific acts as designated below: 
         • Note: Endorse checks and orders for the payment of money or otherwise withdraws or transfers funds on deposit with this financial institution
47. Review and verify the terms.
48. Explain to the client the following:
    1. 20 days prior to maturity, a notice is mailed as a reminder of the maturity date.
    2. The client has a 10 day grace period from the date of maturity to make changes to the certificate or pay it out without a premature withdrawal penalty.
    3. If the CD is auto-renewable and the client does not contact the bank, the certificate automatically renews for the same time period at the current rate.
    4. Preferred Rate Client (PRC) certificates auto-renew in different terms and rates which are disclosed in the Truth-In-Savings disclosure.
    5. If the CD is not auto-renewable and the client does not contact the bank, the CD remains in an unredeemed status not earning interest.
49. Place the documents not submitted via eSign with the daily work for imaging following the Document Imaging procedures.
50. Process the transaction as listed below:

    • Cash or Check

      1. Complete a CD Deposit – Regular and IRA ticket for the amount of the certificate with the following information:
         • Date
         • Client Name
         • Check box for specific transaction type
         • Tran. code for specific transaction type
         • CD account number in boxes above the MICR line
         • Amount of CD
      2. Take the CD Deposit – Regular and IRA ticket to the Teller line with the New CD deposit.
      3. The Teller completes the transaction and validates a receipt to provide to the client following applicable transaction processing procedures.

    • Transfer From Checking or Savings

      1. Complete a CD Deposit – Regular and IRA ticket for the amount of the certificate with the following information:
         • Date
         • Client name
         • Check box for specific transaction type
         • Tran. code for specific transaction type
         • CD account number in boxes above the MICR line
         • Amount of CD
      2. Complete a Checking/MMA Withdrawal or Savings Withdrawal ticket for the amount of the deposit.
      3. The client signs the withdrawal ticket.
      4. If the client is not present, complete a Checking/MMA Debit memo ticket for the amount of the deposit.
      5. Have two associates sign the debit memo (first initial/full last name and extension).
      6. Take the CD Deposit – Regular and IRA ticket to the Teller line with the withdrawal ticket or debit memo to the Teller line for processing.
      7. The Teller completes the transaction and validates a receipt to provide to the client following applicable transaction processing procedures.
      8. If the Teller line is unable to process this, place it with the work for processing in Office Capture.
51. If all information is correct, upload the account.