Overview and Procedures
Clients may request to renew their Certificate of Deposit (CD) for a different term and/or rate. Closing of the current account is NOT required. Note: If you are adding or withdrawing funds from the CD at renewal, complete the CD maintenance below first.
When a client requests to renew his/her CD for a different term and/or rate, do the following:
- Obtain valid identification to verify the client is an authorized signer and owner of the account. Do one of the following:
- In Xperience > Silverlake > Time Deposit > Time Deposit Renewal Maintenance.
- Enter the CD account number.
- Click OK.
-
Note: If the CD account is not within its grace period, this message appears: "Account is out of date range for renewal." Note: If this message is received, you can NOT make changes to the rate or term of the CD without penalty.
-
Note: If the CD account is not within its grace period, this message appears: "Account is out of date range for renewal." Note: If this message is received, you can NOT make changes to the rate or term of the CD without penalty.
- On the Time Deposit Renewal Maintenance screen, select the new term and applicable rate by select the corresponding value from the Type Code for Renewal field.
- In the Interest Disposition field select the method the client wishes to receive their interest (for example: check, deposit to Demand Deposit Account (DDA) account, back into CD).
- The Fixed Interest Rate field auto-fills with the rate based on the term selected
- The Fixed Interest Rate field auto-fills with the rate based on the term selected
- If a client is receiving a preferred rate, change this field to reflect the approved rate.
- Click OK.
- If the Renewal Type Code is the same as the current code, this message appears: Renewal Type Code is equal to current type, press Shift+F1 to override.
- On the next screen, confirm the changes.
- Do one of the following:
- To use the values that correspond with the chosen renewal type, in the Value to Use field, type R
- To keep the current values, in the Value to Use field, type A
- To override both with a new value, in the Override Value column, enter the new information
- Click Process Renewal.
- The System Suggested Renewal Maintenance screen appears. Verify that the following fields contain the correct values:
- Renewal CD Term/Code
- Renewal Interest Term/Code
- Renewal Interest Disposition
- Interest Rate
- If all information is correct, in the Print Notice field, select Yes.
- Click Accept Renewal Maintenance.
- The Renewal Notice, outlining any changes and including the required Truth in Savings disclosures, is sent to the Reporting Dashboard.
- Provide the Renewal Notice and Truth in Savings disclosures to the client.
- The system gives the account a Renewal Pending status and the account is updated during overnight processing.
CD Renewal Maintenance Q & A
Click on the accordions below for frequent questions and answers pertaining to certificate of deposit renewal maintenance.
What is the purpose of the CD renewal maintenance process?
The process allows client to change CD terms and/or rates during their maturity period without closing and opening a new account.
What if a client requests to add a name to a current CD account?
Adding a name to an existing account can only be done during the maturity period by recalling the account. DO NOT CLOSE THE ACCOUNT.
What if a client requests to update the POD Beneficiary designations?
DO NOT CLOSE THE ACCOUNT. Do the following:
- Recall the existing CD account
- Update POD Beneficiary information
- Produce a new signature card
- Obtain all required signatures
- Submit for imaging
If a client request to add funds and change their renewal term, which step
do I do first?
Process the request to add funds at the teller line so the current balance updates and then continue with CD Renewal Maintenance.
What if a client request to make a partial withdrawal from their CD or
IRA account during the maturity period?
The current account should not be closed. Using the Partial Withdrawal screen within Silverlake, this request can be processed following established procedures for partial withdrawals. If term is being changed, CD Renewal Maintenance is then performed.
What will the client receive if they change their CD Account term during
the maturity period?
The client will receive a Confirmation of Certificate of Deposit Renewal Terms reflecting the term and renewal rate.
If a client is making a contribution or a partial withdrawal to/from their
IRA CD Account, is a contribution/distributions form still required?
Yes. IRA accounts required certain forms to be completed at account opening; makes annual contributions or makes partial withdrawals.
Can a client make a deposit to a current CD/IRA at the Teller line using
the new ticket?
No. The client must see a Personal Banker or Service Leader prior to making a deposit to a current CD/IRA.