Can CDs be used for medical purposes without penalty?
Once six days have elapsed following a deposit to or withdrawal from the CD, a bank can waive all or any part of its normal early withdrawal penalty for any reason, including a need for the funds to pay for medical needs. The bank cannot waive the penalty that must be imposed if a withdrawal is made within the six days following a deposit to or partial withdrawal from a CD, if the withdrawal is requested to make medical payments. The minimum penalty that the bank would have to impose is seven days' interest on the amount to be withdrawn.
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
Once six days have elapsed following a 