Monday, July 30, 2012 - 7:42 PM

Penalty For Early Withdrawl

Capital One Direct Banking (0 stars) - Details

I opened a cd a few years ago and have had the acrewed intrest rolled back into the cd.My question is can I get to that intrest penalty free,I dont want to touch my original amount or break the cd.just need a few bucks.Thanks

plowking9 posts since
Aug 19, 2010
Rep Points: 27

1. Tuesday, July 31, 2012 - 4:12 AM

It is common to be able to withdraw accrued interest from a CD without an early withdrawal penalty.

If it is allowed, it should be specified in your CD disclosure.

KenBDG5,147 posts since
Nov 29, 2009
Rep Points: 117,067

2. Tuesday, July 31, 2012 - 6:14 PM

Thank You, You are correct and Capitol One was Great about it.They gave me my balance and told me how much I had accrued and transferd it to my checking.Its a pleasure to deal with them as always. Thanks Ken !

plowking9 posts since
Aug 19, 2010
Rep Points: 27

3. Tuesday, July 31, 2012 - 6:43 PM

plowking: You are fortunate that Capitol One decided to cooperate with you. I have had banks tell me that I have to tell them at the purchase of the CD whether or not I want the interest to accrue or to get interest checks. They won't change my choice after the fact. I usually always withdraw all interest so I don't have a problem with this.

paoli2456 posts since
Aug 10, 2011
Rep Points: 1,802