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#1974967 - 11/06/14 10:21 PM CD - Principal W/D Before Maturity
lisa Offline
Gold Star
Joined: Aug 2001
Posts: 264
Gainesville, TX USA
I have been asked if it is permissible to state in our disclosures and then charge this:

"If you withdraw any of the principal before the maturity date, we may impose a penalty of 90 days of interest."

If so, I would assume there is some type of document we would get the customer to sign?


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#1975168 - 11/07/14 04:55 PM Re: CD - Principal W/D Before Maturity lisa
Milby Offline
Platinum Poster
Joined: Apr 2007
Posts: 953
You would put that in your TISA disclosure when the account is opened/renewed. Customer signs the time deposit agreement or accepts renewal which gives you their acceptance of that withdrawal penalty.

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