Massachusetts Assignment of Certificate of Deposit Agreement

State:
Multi-State
Control #:
US-01008DR
Format:
Word; 
Rich Text
Instant download

Description

A certificate of deposit is a certificate or document issued by a bank acknowledging the receipt of money with a promise to pay to the depositor the amount of the deposit plus interest. This form is a collateral assignment of a certificate of deposit to secure a debt or some other obligation.

This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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How to fill out Assignment Of Certificate Of Deposit Agreement?

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FAQ

A certificate of deposit, or CD, is a type of savings account offered by banks and credit unions. You generally agree to keep your money in the CD without taking a withdrawal for a specified length of time. Withdrawing money early means paying a penalty fee to the bank.

When you open a CD, you enter into a contract involving a fixed amount of money (principal) for a predetermined period of time (the term) and an agreed-upon interest rate and yield. The bank is complying with the terms of [?]

How do CDs work? Definition and explanation. A certificate of deposit (CD) is a time deposit account that pays a fixed interest rate over a period of time (generally ranging from 30 days to 5 years). Any early withdrawals of funds before the set maturity date come with a penalty fee.

It is a type of agreement made between the depositors and the banks, wherein the bank pays an interest on your investment. Certificate of Deposit is a short-term investment that comes with fixed investment amounts and maturity tenure ranging between 1-3 years.

ASSIGNMENT OF CERTIFICATE OF DEPOSIT means a certain ASSIGNMENT OF CERTIFICATE OF DEPOSIT of even date hereof in which the BORROWER assigns the CERTIFICATE OF DEPOSIT to the BANK as COLLATERAL for the payment of the OBLIGATIONS.

The disclosure statement should outline the interest rate on the CD and say if the rate is fixed or variable. It also should state when the bank pays interest on the CD, for example, monthly or semi-annually, and whether the interest payment will be made by check or by an electronic transfer of funds.

CDs vs. Like a savings or money market account, they provide a way to put money away for a specific savings goal?such as the down payment on a house, a new vehicle, or a big trip?or to park funds that you simply don't need for day-to-day expenses, all while earning a certain return on your balance.

Financial institutions are required under Regulation DD to disclose information to consumers regarding annual percentage yield, interest rates, minimum balance requirements, account opening disclosures, and fee schedules.

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Massachusetts Assignment of Certificate of Deposit Agreement