Certificate of Deposit

Archive for May, 2007

Question: Can someone help with this accounting problem?

a Certificate Of Deposit will often result in a penalty for withdrawing fund before the maturity date. if the penalty involves 2 months of interest, what would be the amount for early withdrawal on a 20, 000.00, 6 percent CD?

Answer: Penalty would be 20,000 x .06 x 2/12 = $200

Investing & Money Management : Penalties on Certificates of Deposit

Question: How can a CD (Certificate Of Deposit) skip probate and payout within a few days of my grandmother’s passing?

She has 200k in a CD at Bank of america. She does not have it in a trust. She has it willed to me. Is that enough for the bank to give it to me when she dies?

Answer: This one is real easy. just have her go to the bank, and put you on the account as a beneficiary (payable on death). When she passes away all you would need to get the funds is a death certificate and 2 forms of ID.

Question: help with wills when one passes away?

I few weeks ago my father-in-law passed away. He had four children all adults in which each child is listed in the will. Some of the children think that this will is not the most current will.
One child said he went to the bank where one of the will is at in a safety deposit box. But the bank told him that they need a death certificate to get in the deposit box. An now they have but a freeze on all the bank assets for 40 days..
Question that I need help with are.
1. What can we do to find the most update will.
2. Can a bank freeze the assets for 40 days

any info would be great.

Thanks
Sandy
If there is another will we are not sure who the attorney is

Answer: try getting the lawyer that is handling the estate to get the bank to at least let the will go.

Death of a Retiree