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#2270757 - 05/22/22 05:59 PM CD withdrawals and penalty amount
Anonymous
Unregistered

New to banking, For customers that have CDs that want to do a partial W/D.

Example:

Balance of CD before W/D = 1000.00
W/D amount = 300.00
Penalty is 1.20

Do banks allow for the customer to receive the full amount requested (300.00) and subtract the penalty amount from the CD or does the penalty need to be subtracted from the net proceeds? I realize there would need to be enough money in the CD when taking the penalty from the CD.

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#2270759 - 05/23/22 10:43 AM Re: CD withdrawals and penalty amount Anonymous
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 78,965
Galveston, TX
Really up to you and your depositor's contract as to how the interest penalty is assessed.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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