My parents passed away in 2008. I am the executor of the estate. My lawyer advised me to cash in the CDs with my parents' names, even though they were not matured yet. I did this in Oct 2008, and lost approximately $3,000 dollars. Should the bank have penalized me for doing this?
The bank had the option of waiving a penalty fee for early withdrawal when any of the owners passes away. They are not required to do so.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
The bank had the option of waiving a penalty 