Scenario: Auto renewal CD with a 10 day grace period for withdrawals without penalty. It is disclosed that if the account is closed before interest is credited, the customer will be paid the accrued interest. If the customer redeems the CD any day during the grace period, is the customer owed the interest that is accruing for those days? Or if the CD is redeemed anytime during the grace period, does this mean that technically the CD didn't auto renew, so they aren't really earning interest for the new term?
Thanks in advance.
_________________________
Always learning something new...