Featured Savings Rates

Closing A Trust CD Account At Keydirect

Teacher   |     |   2 posts since 2011

I have a couple of CD's at Key Direct in my living trust.  They do not mature for several years.  I received letters last year stating that I would have to provide a certified copy of the entire trust in order to get my money out of the bank.  They said if not it would be put in another CD at same time but current interest (vertually nothing).  I said well I guess if you weren't satisfied with what I send you could put it in a savings account until we settle the trust issue.  CSR-no we can't do that we just keep the money in CDS.  If you can't give it to us, we don't give you the money back... But she said what they really want is a notarized copy.  She said it didn't matter where the notary notarized it.  And the notary did not have to make any statement saying it is a true copy.  Also, that the notarized copy has shelf lives of one year. So I can't do this for a couple of years.  And I will have do it twice for two CD's maturing a few years apart.  Wondered if anyone has closed any CD's with Key Direct in trust and how they did it?

I think this may be a trick to keep large sums of money in their bank, paying low  interest, by making it diffiicult to get it out.