I needed to withdraw funds from a CD that I currently have. I understand that the bank will charge me a penalty. However, when I went to the bank, they made me close the entire CD (and pay a penalty on the entire amount) in order to withdraw only a portion of the funds. Then they said that I could reopen a CD for the remaining amount at the current rates. Why couldn't I simply withdraw the funds that I needed?
Whether or not the bank was obligated to allow a partial withdrawal as an option is really a matter of contract. If your CD contract didn't permit it, the bank is at liberty to refuse a partial withdrawal or any early withdrawal at all.
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Whether or not the bank was obligated to allow a partial withdrawal as an option is really a matter of contract. If your CD contract didn't permit it, the bank is at liberty to refuse a partial withdrawal or any early withdrawal at all.
