Closing / Redeeming a Certificate Account (1)

Screen ID:

Screen Title:

Panel ID:

TCCDTB-01

Certificate of Deposit Redemption

4803

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This screen appears when “Redeem Certificates” is selected in the Close Account Processing run sequence.

Screen Overview

This is the first of three screens used to redeem a CD. The certificate can be redeemed in full, thus closing the certificate, and the funds can be transferred to another account or even another CD. In addition, a partial redemption can be made, allowing the member to withdraw funds from the CD, with penalties calculated automatically. (For partial withdrawals, penalties are calculated on the withdrawal amount only.)

If Name ID is activated, you will need to enter the Name ID of the member. Learn more about Name ID configuration.

If performing a partial redemption, be sure to enter the Partial Withdrawal Amt to indicate the amount the member wishes to withdraw, then press Enter to proceed to the next screen.

Important: If a member's certificate has not yet reached its maturity date and the member does not want it to auto-renew, use Account Information Update to change the renewal code instead of redeeming it early.
If the CD has not reached maturity, a warning message will appear alerting the employee of this status. The employee can either use Bypass if they did not mean to redeem the certificate at this time, or Continue to advance to the next redemption screen.

Field Descriptions

Field Name	Description
CD account #	The CD base account number and suffix.
Redemption type	Choose one of the following: Full redemption The CD will be closed and funds transferred to a different account. Partial redemption Use this when the member wishes to withdraw only a portion of the CD. Be sure to enter an amount in the Partial withdrawal amount field when using this option.
Partial withdrawal amount	For a partial redemption only, enter an amount to be withdrawn. If a full redemption was selected in the Redemption type field, this field must be at zero or blank to proceed. If performing a partial withdrawal from a CD Type that uses multiple rate tiers, the product may be configured to automatically adjust the rate when funds are withdrawn from the CD account. Click here for more information about this optional re-pricing option.

Field Name

Description

CD account #

The CD base account number and suffix.

Redemption type

Choose one of the following:

Full redemption
The CD will be closed and funds transferred to a different account.

Partial redemption
Use this when the member wishes to withdraw only a portion of the CD. Be sure to enter an amount in the Partial withdrawal amount field when using this option.

Partial withdrawal amount

For a partial redemption only, enter an amount to be withdrawn. If a full redemption was selected in the Redemption type field, this field must be at zero or blank to proceed.

If performing a partial withdrawal from a CD Type that uses multiple rate tiers, the product may be configured to automatically adjust the rate when funds are withdrawn from the CD account. Click here for more information about this optional re-pricing option.

Related Resources

Learn how to redeem a certificate.