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What does early withdrawal penalty on a Certificate of Deposit mean?

April 26, 2017Certificate of Deposit mean

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What does early withdrawal penalty on a Certificate of Deposit mean?

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Federal law requires a minimum of seven days’ interest for early withdrawal on any account classified as a time deposit. Since the law doesn’t set a maximum penalty, banks are free to, and usually do, charge much more. Before opening a CD account, find out all the details about early withdrawal penalties. Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:”Table Normal”; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:””; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin-top:0in; mso-para-margin-right:0in; mso-para-margin-bottom:10.0pt; mso-para-margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.