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CD Question

August 28 2007 at 2:54 PM
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SouthEast22  (Login SouthEast22)

Can a Bank cancel a term CD before maturity?

If yes what are the reasons?

Do they have to pay for the full interest to the end of the term if they cancel before the date?

 
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(Login sapphirecapital)

yes

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August 28 2007, 2:57 PM 

beside the reference the answer is: yes but depends on......

Every financial instrument can be canceled or put on hold when

a. Government or Bank Regulator or Judge orders so

b. bank has good written proof of fraud.

c. the verbiage allows it. (look at the fine print)


 
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