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-
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
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
If you find a solution, please post it here. I'd really like to
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