How do I cash in a recently purcashed CD? How long will it take, and what kind of penalty am I looking at?
Whether or not you will be able to redeem the CD at all will depend on the deposit contract. Some banks do not permit early withdrawals at all. If your bank will permit an early withdrawal, and if it has been at least seven days since the account was opened, the imposition of an early withdrawal penalty is at the bank's discretion, within the limits in your deposit contract. Since the size of the penalty and the length of time during which it will be imposed is a matter of bank contract, you should check your deposit contract for the answers to your questions, and then follow up directly with the bank to determine if the bank is willing to waive all or any part of the penalties, given your particular circumstances.
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Whether or not you will be able to redeem the CD at all will depend on the 