Answers about CDs and Certificates of Deposit

My time certificate of deposit (CD) matured, but I didn't redeem it. What happened to my funds?

If your CD had an automatic renewal feature and you did not notify the bank of your plans, the bank rolled the funds into a new CD when any grace period expired. The interest rate on the new CD is at the current rate offered. Please contact your depository institution for more information.

Once the CD matures, you may have a grace period to decide whether to renew or withdraw the funds. The bank can continue to pay interest until you decide, but it’s entirely up to the bank. The institution must disclose on the maturity notice whether interest will be paid after maturity if the accountholder does not renew the account. Please review your Account Agreement.

July 2017