Questions and Answers

The answer depends on the term of the  certificate.  For certificates of deposit that do not automatically renew and have a term of more than one year (365 days or 366 days in a leap year), a notice must be sent to the depositor that states the maturity date and whether interest will be paid after maturity.  This notice must be sent at least ten calendar days before maturity of the existing account.  12 CFR 230.5(d).   If the certificate is renewed, a new account has been created and complete Truth in Savings account opening disclosures would need to be provided.  Commentary 12 CFR 230.4(a)(1)-1.i.

If the certificate of deposit does not automatically renew and has a term of one year or less, you need not send anything prior to the maturity date.  However, if the accountholder chooses to renew the certificate you should, again,  treat this as a new account and provide complete account opening disclosures.