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Irwin Law
Irwin Law, Attorney
Category: Business Law
Satisfied Customers: 6911
Experience:  30+ yrs. representing small business, real estate, probate
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can a name be added to a Certificate of Deposit when it is

Customer Question

can a name be added to a Certificate of Deposit when it is stamped non negotiable and nontransferable (except on the books of the bank). What does "except on the books of the bank mean???
Submitted: 3 years ago.
Category: Business Law
Expert:  Irwin Law replied 3 years ago.

Hello. It means that you will have to surrender the CD at the bank and have a new one issued in the names that you want on it. They will want information and signature card for the new co-owner. Just writing a name on it yourself would have no legal effect.

I hope that this information is helpful. If not, please send me a Reply without entering any rating and ask for additional information. If it is, I would appreciate your most favorable rating. Also, be sure to verify this information with a local attorney who is familiar with your local laws and procedures. Thanks again for using Just Answer. Your business is appreciated.

Customer: replied 3 years ago.


Can a bank just add a name on the CD with a signature card despite the CD stamped with non negotiable and non transferrable (except on the books of the bank)? Isn't that a legal document which cant be altered by the bank? That would be like me scratching out a name on a car title and typing another one in..... any recommendations

Expert:  Irwin Law replied 3 years ago.

Has this already been done by the bank? If so, there's no reason for you to question it. The bank can add a party to the document on its books. What that language on the CD means is that YOU can't transfer it or sell it to someone on your own without having the bank enter it on its books.

 

I hope that this information is helpful. If not, please send me a Reply without entering any rating and ask for additional information. If it is, I would appreciate your most favorable rating. Also, be sure to verify this information with a local
attorney who is familiar with your local laws and procedures. Thanks again
for using Just Answer. Your business is appreciated.

 



 



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