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What is the Penalty for cancelling Certificate of Deposit (CD)?
It's been in there for a few years and auto renewed late last year.
Alright, No definite answer except check contract which I will do. I hope its the 2-3months interest over 10% which would cut out quite a hefty some.
4 Answers
- justbeingherLv 71 decade agoFavorite Answer
Well you need to look at the statement of investment policy that you signed. They are not all the same.
- Jeanne RLv 71 decade ago
I don't know the answer to your question but Bank of America has a No-Penalty for Early Withdrawl CD available. The interest is a little less than a regular CD but if you should need the money for some emergency, you do not pay any penalty.
- David MLv 71 decade ago
Look at your contract. Typically 2-3 months interest is the penalty. Although if it renewed automatically, the bank may cut you a break if you appeal.
