I have a CD that actually says the bank must approve early withdrawal. Do they actually have the option even if you pay the early withdrawal fee?
Your contract requires the imposition of a fee for early withdrawal. The law that the bank has to follow tells them it has to be there. In most cases, they have the option of waiving that fee at their discretion. They have almost no discretion in the first week, however. They cannot tell you that you can't cash your CD, but the fee is meant to be a deterrent.
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Your contract requires the imposition of a fee for early withdrawal. The law that the bank has to follow tells them it has to be there. In most cases, they have the option of waiving that fee at their discretion. They have almost no discretion in the first week, however. They cannot tell you that you can't cash your CD, but the fee is meant to be a deterrent.
