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Borrowing from My Own CD?

I am two payments behind on a note and I borrowed the money against a CD I have. Can I take the money out of the CD and catch up on the note?


That's very possible, but you will have to coordinate the request with the loan department, since it controls access to the CD account. Before you make the transfer, however, make sure you know whether the bank will charge you an early withdrawal penalty for pulling funds from the CD before maturity. That penalty may be more than it's worth. Talk to the bank and work out an arrangement that works for all concerned.

Published on BankingQuestions.com 10/29/09