1030.4(b)(6)(i) - 1. “Callable” time accounts. In addition to the maturity date, an institution must state the date or the circumstances under which it may redeem a time account at the institution's option (a “callable” time account).
I came a across an IRA CD that was marked as callable when notification is given in writing. That explanation does not seem to meet the requirement above.
So my question is, what are circumstances that an FI would call a time account? Is there any specific reason this option would be needed for IRAs where a CD is the investment tool?
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