Rates Current as of Friday February 10, 2012

Federal law stipulates that all time certificates of deposit (CD) that are cashed out early are subject to a minimum penalty. If you withdraw an amount within the first six days after deposit, the penalty consists of at least seven days’ simple interest. Other than that, national banks can set their own penalties; there is no maximum. Additionally, you may want to review the account agreement that the bank provided when you opened the account, as it explains the early withdrawal penalties.

This entry was posted on Saturday, October 11th, 2008 at 9:05 pm and is filed under FAQs. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

No user commented in " What are the penalties for withdrawing money early from a Time Certificate of Deposit (CD)? "

Follow-up comment rss or Leave a Trackback

Similiar Content You Might Enjoy

Money Market Funds – Different Mutual Fund Classes or Shares

Many mutual funds offer more than one class of shares. Fund companies can divide the type of shares they offer into different classes based on the types of sales charges. For example, a fund may offer Class A and Class B shares in the same mutual fund. Each class will have the same holdings or

Banking Online

The term online banking is generally used to describe two distinctly different banking operations. Online banking, including paying bills and making transfers, may be available through a traditional bank. Online banking, in this description, simply means having some level of access to your bank through the internet. An internet only bank or

Community Business Bank CD Rates California

Community Business Bank is a locally owned community business bank serving the greater Yolo, Solano, Sacramento, Placer, San Joaquin and contiguous counties of California. The bank was established on November 14, 2005. The bank is chartered as a Federal Reserve Non-member bank. The bank offers checking accounts, savings and money market accounts, certificates of deposits, and

Intervest National Bank

Intervest National Bank is owned by the financial holding company Intervest Bancshares Corporation. Intervest Bancshares primarily engages in banking and real estate lending businesses. Along with Intervest National Bank, Intervest Bancshares Corporation also owns Intervest Mortgage Corporation, a mortgage investment Company. The company was founded in 1993. The bank headquarters are located at One Rockefeller

Time Certificate of Deposit

A time deposit evidenced by a negotiable or nonnegotiable instrument specifying an amount and maturity.

Watertown Savings Bank, New York

On January 1, 1894, Watertown Savings Bank opened for business in Watertown, New York. The bank financial services promote thrift, home ownership, small business, employment, and economic needs in the region it serves. Watertown Savings Bank has been FDIC insured since July 1, 1943. Watertown Savings Bank is chartered as a FDIC Savings Bank. Therefore

Best D.C. CD Rates

Washington in the spotlight. While looking at the activities in Washington it is a good time to look at the action on bank CD rates in Washington. WashingtonFirst Bank is a locally owned and operated financial institution. WashingtonFirst Bank provides commercial and personal banking solutions in D.C. area. WashingtonFirst Bank was founded in 2004. The bank

What is the difference between a zero-coupon bond or zero coupon CD and a regular bond or CD?

The difference between a zero coupon bond or CD and a regular bond or CD is that a zero-coupon bond does not pay coupons, or interest payments, to the bondholder or CD holder while a typical bond and CD does make these interest payments. The holder of a zero-coupon bond or CD only receives the

CD Rates in Dupage County

First DuPage Bank is a state chartered, FDIC-insured commercial bank that has been open since June of 1999. The bank moved into its new quarters to Westmont, Illinois on November 2000. The bank offers personal and commercial banking services. As a community bank, the bank has several goals including the goal to provide loans to their

Is my bank permitted to charge me an overdraft fee as well as a fee for each day during the period my checking account is overdrawn?

Yes. Banks are allowed to charge fees for returned checks and overdrawn balances. The assessment of account fees is governed by the terms of your deposit account agreement, which you should have received when you opened the account. Review your account agreement and contact the bank for more information.

Omni National Bank

Founded in March 1976, Omni National Bank is headquartered in Atlanta, Georgia. Omni National Bank is a subsidiary of Omni Financial Services, Inc., a publicly traded bank holding company. Omni Financial Services, Inc.’s common stock trades via the Pink Sheets under the symbol “OFSI.PK”. Omni National Bank is a full-service, national bank with assets in excess

Vault Cash

Cash kept on hand in a depository institution’s vault to meet day-to-day business needs, such as cashing checks for customers. Vault cash is counted as a portion of the banks required reserves.

CD Rates with First Bank

The First National Bank of Carmi was established in 1893 and has been FDIC insured since 1934. First Bank is a nationally chartered bank serving six communities with seven locations in Southeastern Illinois and Southwestern Indiana. The primary regulator is the Office of the Comptroller of the Currency (OCC). First Bank offers a wide range of

Certified Check

A personal check drawn by an individual that is certified (guaranteed) to be good. The face of the check bears the words “certified” or “accepted,” and is signed by an official of the bank or thrift institution issuing the check. The signature signifies that the signature of the drawer is genuine, and sufficient

CD Rates at Torrington Savings Bank

In a continuing analysis of bank CDs being offered in Connecticut, the following is a review of Connecticut financial institution that offers some of the best CD rates in the state. The Torrington Savings Bank was established in 1868 and chartered as a mutual savings bank. The mutual savings bank charter allows the bank to manage

Low CD Interest Rates

In a low yield or low interest rate environment, extending the term or maturity of fixed interest rate investments becomes increasingly risky. Inflation is a permanent facet in modern finance. Low rate environments leave little room for rates to go lower and with inflation not likely to be eradicated, rising interest rates are generally only

Adjustable Rate Mortgages

Also known as variable-rate mortgages. Home mortgages that have an initial interest rate is usually below that of conventional fixed-rate loans. The interest rate may change over the life of the loan as market conditions change. There is typically a maximum or ceiling and a minimum or floor defined in the loan

GMAC Bank Profile

GMAC Bank is part of GMAC Financial Services. GMAC Financial Services was founded in 1919 as a wholly owned subsidiary of General Motors Corp. GMAC Bank was estabblished in 2001. GMAC Bank is an online bank. As of Dec. 31, 2007, GMAC Financial Services had $249 billion in assets and serviced 15 million customers. On Nov.

Central Bank Intervention

The buying or selling of currency, foreign or domestic, by central banks, in order to influence market conditions or exchange rate movements.

Testamentary Trust

A trust created through specific instructions in a person’s Will.

CD Rate Updates

CD Interest Rates Mildly Lower January 30, 2012

In the most recent survey of bank CD rates conducted by Selectcdrates.com, CD rates slumped slightly compounding last week’s similar dip. The average yield on the Selectcdrates.com CD rate index moved down to 1.081 percent from an average rate of 1.087 percent found in the previous rate survey. The Selectcdrates.com index covers the top ten [...]

CD Interest Rates Hold Steady January 23, 2012

CD rates remained relatively stable in the most recent survey of the top national CD rates. The average CD rate, as measured by the rates on the best three month, six month, one year, two year and five year CD rates, was unchanged from the previous week. The Selectcdrates.com weekly CD rate survey showed the [...]

CD Interest Rates Display Little Change January 16, 2012

The best CD interest rates available were little changed over the past week. Based on the most recent survey of bank CD rates performed by Selectcdrates.com, the average CD rate gave up less than one basis point or 1/100th of a percent week over week. The average CD rate on the highest three month CDs, [...]

Banking & CD FAQs

How many times will a bank allow an insufficient funds check to be redeposited?

Generally, a national bank will redeposit the check twice. However, there are no laws that determine how many times a check may be resubmitted.

If I have a check that is made out to me, but I would like to endorse it and send it to someone else so say they can deposit into their bank account and have the funds. Can I do this and how should I do this?

The proper way to make the check that is currently payable to you, payable to someone else, is to apply what is called a restrictive endorsement. You should sign the back of the check and write, “Pay to the order of … ” filling the persons name you wish to have the check paid

Is there a limit to the interest rate a bank can charge?

The rate of interest national banks may charge on credit cards and other types of loan accounts is not determined by Federal banking laws and regulations. The maximum interest rate is set by State law in the State where the bank is headquartered. Moreover, national banks can export the interest rates of that

What financial institutions are members of the Federal Reserve?

National banks chartered by the Office of the Comptroller of the Currency are members of the Federal Reserve System. The Office of the Comptroller of the Currency is part of the Department of the Treasury. State banks may apply for membership as well.

Best Rates on CDs
Best Interest Checking Account Rates

Discover Bank IRA CD Rates

Emigrant Direct
Sallie Mae Savings

Bank Deals
Checking Account Promotions
Chase Bank Promotions Bank of America Promotions
Capital One Promotions
Citibank Promotion

Second Chance Bank Account
Online Checking Accounts Roth IRA Accounts

Best Credit Card Rates Low Interest Credit Cards Business Credit Cards Credit Cards with Cash Back Credit Card Applications
Best Credit Card Offers
Low Interest Rate Credit Cards
Credit Cards for Bad Credit

Best Prepaid Cards
Chase Bank Credit Cards
Chase Credit Card Offer Chase Freedom Card
Chase Credit Card Interest Rates
Wells Credit Cards
Apply for Citibank Credit Card
Citicreditcard
Student Citi Card
Citibank Dividend Card Balance Transfer Credit Card HSBC Bank Household Bank Credit Card

Personal Checking Account
Bank Certificates of Deposit
Compare Savings Accounts
Setting Up a Bank Account Online Bank Services
Bank Information
Open a Bank Account
Bank Money Markets
Bank IRA Accounts

Mobile Banking Online Banking

CD Ladder
CD Loan

Best Checking Accounts

Senior Checking Account

Car Loan Rate

Business Checking

Online Brokers

----------Calculators ---------

Savings Account Calculator
Compound Interest Calculator
Mortgage Payment Calculator

About Us | Contact Us | Privacy Policy

What are the penalties for withdrawing money early from a Time Certificate of Deposit (CD)?

No user commented in " What are the penalties for withdrawing money early from a Time Certificate of Deposit (CD)? "

Leave A Reply

CD Rate Updates

Banking & CD FAQs

Bank & CD Tips