No Paper Cd;S

Ratesaver | Jun 29, 2020 | 187 posts since 2013

I just reopened an acc. with a past credit union that used a while back... I opened a large cd. and asked some type of paperwork and was told they no longer issue paper cd's .... Ok now where is the truth and savings papjer I asked and she then gave me something that was not called a truth and savings document... Anyone know if this is the norm now or what.... It's a first for me... I have quite a few cd.s and getting older I am concerned as if it will be found after yrs go by... I did tell her to doposit it into my savings after the 5YR term..Anyway she seamed taken back so to speak that I did'nt trust them... She mentioned the 7day notice and I said I may hope to be alive ... I do have my sons on as benificarys Help

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Answers

Kaight | Jun 30, 2020 | 1,192 posts since 2011

It is commonplace today not to receive paperwork documenting a new CD opening. If you're nervous I suggest you take and save a screenshot of your online account rendering showing the CD therein. Also, your monthly statement, once received, should indicate presence of the CD in your account. Try for paper statements if allowed at no cost, or else be certain to print out your online statement, showing the CD, and retain it.

Your dilemma regarding disposition of funds at maturity is all too commonplace. Some financial institutions are sensitive to this issue, too many others are not! Obviously for anyone, but for older persons in particular, a seven or ten day grace or notice period is not reassuring or helpful in the least when it's only going to happen five years hence. Clearly it should be possible everywhere to provide maturity instructions at time the CD is opened. But it is not possible in every instance.

My only suggestion, which might not work, would be for you to issue the financial institution a formal, written, letter of instruction, specifying your wishes for disposition of your CD funds at maturity, and snail mail it to them. You should mail a copy of that letter to yourself and retain it, postmarked and unopened, with your personal records.

Ratesaver | Jun 30, 2020 | 187 posts since 2013

Thank's so much for your answer as I was trying to get people talking about this issue... I like your idea of the letter to express your wishes... I will certainly keep that in my tool basket... I don't think they should be allowed to not give a person a real cd... I makes it appear of more going on in saving institutions that we should have law's .... I have many cd's over the yrs. and with the recent problems within our country it is time to protect our funds...I believe their is some legislation that is trying to take apart the Truth and savings laws...Thank's again Knight for your thoughts...

Ally6770 | Jul 1, 2020 | 4,295 posts since 2010

Ratesaver
I also print out a statement twice a year. I usually do it the first of July and the first of Jan. I put it in the file. I also am elderly and make a list of all my account numbers, the institution names, and phone number on a paper and give each of the kids a copy so they will have that. I update it once a year and they can just put the new one on top of the old sheet in the sheet protector in the notebook. I have a notebook for each of the boys they have with copies of the car title signed so they can sell it after I pass, copies of the RMD and Roth conversion papers for each traditional IRA I may still have so they will be able to decide if they want to convert it all and I will pay the taxes on the conversion. They also have copies of the Lady Bird Deed, copies of all the policies of free insurance through the credit unions showing they are the beneficiaries. I have one notebook for the POA and they papers they may need and another notebook for end of life along with after the end of life. Even have the Credit card telephone numbers so they will be closed. I also have which checking account has the credit card debited from it to be paid in full each month and it has $1 debited from it each year so I am not charged any fees on two of the other credit unions I have accounts at.

Also you can require that your regular CD when it matures to be automatically deposited into an account at your regular bank or credit unions account or even have a check mailed to your home. If you move when you change your address at the post office they will have access to that. But you can just remember to change the address with each bank or credit union also.
I will be printing out the statements tomorrow on my accounts and getting the interest posted for the first 6 months so I can figure out my income for the year and get the Roth conversion papers filled out for Dec. I do have an Roth IRA though that I can add to that CD anytime and not just the first 3 months of the year so I can do it now.
If you were asking about their disclosure you can ask that they print it out for you and mail it to you, then put it in your file folder with each of your banks or credit unions. Just tell them you do not have a printer and save your ink.

Ratesaver | Jul 1, 2020 | 187 posts since 2013

Wow, it seems like your reading my mind... Good luck Ally

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