In light of the current economic situation, can a bank refuse outright to allow me to cash out a CD before it comes to term?
Your deposit agreement with the bank should clearly state that if you cash in your CD early, you will have a penalty. Banks usually do not refuse to cash in a CD early. You will likely have a penalty and if you are requesting a large amount of cash, your bank may, and should, try to dissuade you. Wire transfer funds if you are moving them to another bank. Additionally, if it is a small branch and a large CD, they may have to wait for a cash shipment to meet your demand, but no, they shouldn't refuse to cash in the CD.
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