How to prevent CD's from auto-renewing?

Buy brokered CDs from your stock broker. The CDs are issued by a bank so they are insured.

-- Ron

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

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

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

On Dec 18, 9:15 pm, bo peep wrote: 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.