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#673896 - 01/26/07 09:50 PM cashing in time deposit accounts
small town girl Offline
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Joined: Dec 2005
Posts: 153
I thought that you had to allow customers to cash in their time deposits as long as a penalty was paid. We have a local bank that won't allow customers to cash in a time deposit(CD) before maturity unless they can prove hardship or death of an owner. What have you heard on this?

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#674008 - 01/26/07 10:43 PM Re: cashing in time deposit accounts small town girl
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
Unless there is a state law that requires the bank to permit an early withdrawal, you'd need to look at the CD contract. It may not permit such a withdrawal, and the bank is entitled to enforce its contract.
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