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#52828 - 01/08/03 05:31 PM CD EARLY WITHDRAWAL PENALTIES-industry standard
Anonymous
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I am trying to find out what most banks charge as an early withdrawal penalty on CDs. Do most banks charge 3 months interest for CDs under six months and 6 months interest for 1 year and greater?

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#52829 - 01/08/03 05:53 PM Re: CD EARLY WITHDRAWAL PENALTIES-industry standard
Anonymous
Unregistered

Our ploicy is 1 month on < 1yr term
and 3 months on 1yr & >.

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#52830 - 01/08/03 06:08 PM Re: CD EARLY WITHDRAWAL PENALTIES-industry standard
AnnL Offline
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AnnL
Joined: Jan 2003
Posts: 334
Western PA
We charge 90 days on CD's 12 months or less and 180 days on 13 months and up.
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#52831 - 01/08/03 06:17 PM Re: CD EARLY WITHDRAWAL PENALTIES-industry standard
JMB Offline
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JMB
Joined: Mar 2002
Posts: 59
Michigan
I think that you will find that there is no real "standard" for these fees. (Though I have been on your end of the conversation when I was asked "what do other banks do?")

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#52832 - 01/08/03 07:09 PM Re: CD EARLY WITHDRAWAL PENALTIES-industry standard
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 79,617
Galveston, TX
I think Andy pointed this out in a previous post. Be careful what you are asking for from your competitors and how you use that for product pricing/penalties, you don't want to get into a price fixing, collusion, anti-trust situation.
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#52833 - 01/08/03 08:15 PM Re: CD EARLY WITHDRAWAL PENALTIES-industry standard
Andy_Z Offline
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Andy_Z
Joined: Oct 2000
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