Thursday, December 8, 2011

Can I take money out of my CD account?(wamu->Chase)?

From wamu site








In general, you can withdraw the interest earnings on a CD at any time without an interest penalty. Withdrawals of principal, or the original amount deposited, are permitted only during a 7-day grace period that occurs at the end of the CD term. Withdrawals of principal during the term of the account are subject to an early withdrawal penalty and may also cause the renewal interest rate/APY to vary during the grace period.





Retirement CDs held in an IRA permit some penalty free withdrawals for customers age 59 1/2 or older, however all distributions from an IRA are reportable to the Internal Revenue Service and may have tax implications. Contact your professional tax advisor before making a withdrawal from your IRA as IRS penalties may apply.





I opened a cd in 05 with a maturity date in 2010, need some extra cash and was wondering if chase was honoring wamu's policies and what would i tell the bank to just withdraw the interest and not the principal?|||Don't you think you could get the most reliable answer from Chase by simply asking them this question in an email?|||You can contact them to find out here.





https://www.chase.com/

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