I hope this "grace period" I'm reading about in my CD paperwork is what I think it is! I was out of town when the CD renewed two days ago, and I meant to have the bank put the money back in my checking account so I could pay my taxes. Am I too late?
Quick! Get on the phone and call your bank! Many banks provide a grace period of ten days. During that time, you get to undo an automatic renewal, and withdraw your money (or any part of it) without penalty. You might have to forgo the little bit of interest you earned from the renewal date. For the future, it's always a good idea to let the bank know your plans before the renewal happens, but the grace period is there, just in case.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
Quick! Get on the phone and call your bank! Many banks provide a grace period of ten days. During that time, you get to undo an automatic renewal, and withdraw your money (or any part of it) without penalty. You might have to forgo the little bit of interest you earned from the renewal date. For the future, it's always a good idea to let the bank know your plans before the renewal happens, but the grace period is there, just in case.
