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#2260535 - 09/30/21 06:59 PM Early withdrawal penalty
Paul Offline
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Joined: Jan 2019
Posts: 23
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)?

Thank you

Paul

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#2260539 - 09/30/21 07:15 PM Re: Early withdrawal penalty Paul
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 77,255
Galveston, TX
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#2260545 - 09/30/21 07:40 PM Re: Early withdrawal penalty rlcarey
Paul Offline
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Joined: Jan 2019
Posts: 23
Sorry, was not sure where I should post it.

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