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How to prevent CD's from auto-renewing?


It is such a nuisance to keep track of CD maturity dates and send banks a letter a week before to say I do not want them to auto-renew.
I open most CD's online. Is is acceptable if I send a letter with my paperwork when opening the CD saying I do not want for it to auto- renew?
Reply to
Mr. Nonsense

Andy comments;
I have been trying to accomplish that for 20 years without success. Having dealt with CDs with dozens of banks, NONE of them allow a person to deviate from the policy of automatic renewal unless they receive a "request" to the contrary in a certain "grace period"....
It is a windfall for them, since , based on the renewals that week, they can adjust their interest rates to maximize their profits, and lots and lots of people don't bother to contact them, whether it be due to oversight or to death.
Furthermore, the "grace period" is for CALENDAR days and not business days, usually about seven of them..... Consequently, they can actually issue the CD on a banking holiday preceeding a weekend, and a person may only have 3 or 4 days in the grace period instead of 7....
If you find a solution, please post it here. I'd really like to find out how it could be done..... For instance, when one buys a CD, have a box checked that says "do not renew". It may sit in the bank interest free for a while, but one could redeem it without forfeiting up to a year's interest in penalties......
..... but I don't think any bank will do it.....
Andy in Eureka, Texas
Reply to
AndyS

While we are at it, someone please find a way to stop auto-renewal of book club memberships and access to anti-virus software.
Reply to
Don

I just checked one of my credit union CDs, and it does have just such a box labeled "non renewable".
Reply to
bo peep

nk will do it.....
Andy comments: Thanks for the info. Perhaps enough people have complained about this for change to happen. I'll keep on the lookout for this on my next financial transaction.
Reply to
AndyS

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