Bank's Rights regarding early withdrawal requests

Posted By: amberleigh

Bank's Rights regarding early withdrawal requests - 09/10/14 04:26 PM

Does the bank have the right to not "consent" to a request for an early withdrawal from a CD? Our terms state, "If we consent to a request for a withdral that is otherwise not permitted you may have to pay a penalty." Does this mean we could refuse a request for an early withdrawal and if so, does anyone know where in the regulations it says we can do this?
Posted By: rlcarey

Re: Bank's Rights regarding early withdrawal requests - 09/10/14 05:05 PM

Yes. It is not a regulation, it is based on your contract.