Can a bank make changes to a CDaccount disclosure before maturity? I opened the CD and the disclosure said there's a 90 day early withdrawal penalty. Can the bank change that to 180 days before the CD matures, or could the bank even refuse an early withdrawal? Are there federal regulations that cover this?
In most cases the terms of an CD agreement can't be changed during the contract period unless you agree to the changes. Ongoing accounts such as checking or savings accounts include a provision whereby you may be given adequate notice (30 days) before a change occurs. If you don't agree to the change, such as a fee increase, you are free to close the account.
Increasing the penalty for closing a CD early is not a normal change. Call the bank and ask to speak to a bank officer about this. They shouldn't be able to do it any more than you could tell them you have reduced the penalty to 45 days. Again, an allowance to modify the CD contract unilaterally would be very unusual.
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In most cases the terms of an CD agreement can't be changed during the contract period unless you agree to the changes. Ongoing accounts such as checking or savings accounts include a provision whereby you may be given adequate notice (30 days) before a change occurs. If you don't agree to the change, such as a 