If the Certificate of Deposit (CD) is an Investment Retirement Account (IRA), advise clients that a fee must be assessed for closing the account. 

CD accounts closed six days or less after opening must have penalties applied. You can waive penalties for CD accounts closed seven 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

To close an IRA do the following:

1. To verify the client is an authorized signer and owner on the account, obtain valid identification by using one of the following: 
   1. Clients in Person
   2. Identify Clients over the Phone
2. In Xperience > Customer & Account Inquiry. 
3. Enter the client's name (LAST name FIRST name), CIF # or TIN.
4. Click Search.
5. Click Hold Inquiry to determine if any holds are present.
6. If holds are present, determine the reason for the hold(s) and proceed accordingly.
7. 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.
8. In Xperience > Silverlake > Time Deposits Menu > Enter/Update Time Deposit Closing Transactions.
9. Enter the client's name (LAST name FIRST name), CIF # or TIN. 
10. Click OK.
11. In the Closing Transactions Details fields do the following:
    1. In the Payoff Date field, enter the CD closing date.
    2. In the Batch Number field, enter your 4-digit associate number.
    3. In the IRA Transaction Code field, click the ellipsis  to choose the appropriate transaction code.
12. If the client has a pending interest payment, the system automatically deducts the pending payment from the closing balance.
13. The system lists the amount of the pending interest payment next to the pending interest field.
14. From the Pay Accrued Interest drop-down menu, select Y-Yes.
15. Determine if the funds are available before the CD is closed and proceeds are paid to the client.
16. From the Depositor Owes Penalty Of drop-down menu select N-No.
17. In the Depositor Owes Fee Of field, enter the appropriate fee. See Other Services & Fees.
18. In the Closing Reason Code field, click the ellipsis  to choose the appropriate closing reason code.
19. If the client is moving CD funds to a CCB Deposit account, in the Deposit to Account Number field, enter the DDA account number.
20. In the Deposit to Account Type field, enter D for deposit accounts or S for savings account.
21. Click OK.
22. View the net settlement to ensure the amount is correct.
23. Click Post Transaction.
24. 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. 
25. See Payout Options and IRA Distributions for additional information.

Note: If you issue a money order, be sure that the payee exactly matches the names on the certificate.