In an "automatically renewable account" the statement following the grace period specification ("You may prevent renewal if you withdraw the funds in the account at maturity (or within grace period, if any)") is sometimes followed by "If you prevent renewal, interest will continue to accrue after final maturity for up to ten calendar days" or "If you prevent renewal, interest will not continue to accrue after final maturity for up to ten calendar days."
If there is no qualifier following the "You may prevent..." covering either "will continue" or "will not continue" then what determines this aspect and how is the customer to know this status other than asking? A friend of mine renewed his CD and received interest and I didn't receive interest. It is not stated on the disclosure whether or not it is or is not paid. What actions should I take?
The disclosure regulations covering certificates of deposit do not require a statement concerning whether a depositor who closes out a time deposit during a renewal grace period will receive interest earned during the grace period through the date of withdrawal. Generally speaking, interest continues to accrue during a grace period, but the deposit contract may provide that any of that interest will be forfeited if the account is closed during that grace period. If you cannot find what will happen to that interest in your bank's deposit agreement, you should ask the bank how it handles such a situation.
In the case you've described, you have the option to contact the bank and explain that you feel you've been shortchanged. There's no guarantee that the bank will agree, but you won't know if you don't try.
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The disclosure regulations covering certificates of deposit do not require a statement concerning whether a depositor who closes out a time deposit during a renewal grace period will receive interest earned during the grace period through the date of withdrawal. Generally speaking, interest continues to accrue during a grace period, but the deposit contract may provide that any of that interest will be forfeited if the account is closed during that grace period. If you cannot find what will happen to that interest in your bank's deposit agreement, you should ask the bank how it handles such a situation.