Posted By: Anonymous
CD EARLY WITHDRAWAL PENALTIES-industry standard - 01/08/03 05:31 PM
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?
Posted By: Anonymous
Re: CD EARLY WITHDRAWAL PENALTIES-industry standard - 01/08/03 05:53 PM
Our ploicy is 1 month on < 1yr term
and 3 months on 1yr & >.
Posted By: AnnL
Re: CD EARLY WITHDRAWAL PENALTIES-industry standard - 01/08/03 06:08 PM
We charge 90 days on CD's 12 months or less and 180 days on 13 months and up.
Posted By: JMB
Re: CD EARLY WITHDRAWAL PENALTIES-industry standard - 01/08/03 06:17 PM
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?")
Posted By: rlcarey
Re: CD EARLY WITHDRAWAL PENALTIES-industry standard - 01/08/03 07:09 PM
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.