Rates Current as of Thursday February 09, 2012

A time deposit, FDIC-insured to $100,000 per person ($250,000 on retirement accounts), with a fixed maturity date, usually from three months to five years. It usually pays higher interest than a savings account and cannot be withdrawn before a specified maturity date without being subject to an interest penalty for early withdrawal.

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Banking & CD FAQs

Are money market mutual funds guaranteed by any agency?

No. Unlike bank money-market funds, which tend to have lower yields, money-market mutual funds do not carry FDIC insurance.

Does the bank have to continue to pay interest on my Time Certificate of Deposit (CD) after it matures?

Not necessarily. If you choose to roll over/renew the time certificate of deposit (CD) for another term at the bank, the bank can continue to pay the interest. Let’s say you haven’t decided in advance. Once the CD matures, you have 10 days to decide whether to renew or withdraw the funds.

I want to know what kind of supervisory action was taken against the bank as a result of my complaint.

Federal law prohibits this information from being made public. The OCC cannot release any information relating to any supervisory actions or whether a violation of law or regulation occurred in connection with your complaint.

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