Every bank I have worked at charged a penalty for CDs broken in the first seven days (regulation D), even for business accounts. We have a major multinational firm that wants to open CDs with us for 2 -4 days. When we told them that a penalty would apply for early withdrawal, they said none of their other banks charge a penalty. I called a colleague of mine at another bank, and she told me that they also charge a penalty to businesses and has been told the same by her customers.
Is there an exception for CD/TDs opened by a business to the minimum 7 day early withdrawal penalty rule (Regulation D)?