We are not aware of any rules requiring signatures from all co-owners when opening a joint certificate of deposit (CD) account. The FDIC expressly excludes CDs from the general rule in its deposit insurance regulations that requires all co-owners of a joint deposit account to sign a signature card.

Nonetheless, we do recommend obtaining all co-owners’ signatures for a CD whenever practicable, as that would remove any question that all co-owners have agreed to your bank’s terms and conditions for the CD. We are not suggesting this is necessary, as one owner’s signature should be sufficient to bind all co-owners to the terms of the CD. However, in our view, it would be prudent to simply eliminate potential questions of this nature when it is not a problem to do so

Additionally, it may be necessary to obtain all co-owners’ signatures to establish a joint tenancy in the CD, when that is desired.

For resources related to our guidance, please see:

• Joint Tenancy Act, 765 ILCS 1005/2(a) (“When a deposit in any bank or trust company transacting business in this State has been made or shall hereafter be made in the names of 2 or more persons payable to them when the account is opened or thereafter, the deposit or any part thereof or any interest or dividend thereon may be paid to any one of those persons whether the other or others be living or not, and when an agreement permitting such payment is signed by all those persons at the time the account is opened or thereafter the receipt or acquittance of the person so paid shall be valid and sufficient discharge from all parties to the bank for any payments so made.”)
   
• FDIC Deposit Insurance Rules, 12 CFR 330.9 (“(1) A joint deposit account shall be deemed to be a qualifying joint account, for purposes of this section, only if: (i) All co-owners of the funds in the account are ‘natural persons’ (as defined in §330.1(l)); and (ii) Each co-owner has personally signed a deposit account signature card; and (iii) Each co-owner possesses withdrawal rights on the same basis. (2) The signature-card requirement of paragraph (c)(1)(ii) of this section shall not apply to certificates of deposit, to any deposit obligation evidenced by a negotiable instrument, or to any account maintained by an agent, nominee, guardian, custodian or conservator on behalf of two or more persons.”)