Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts
Back to General Questions/Other

Bank Of America Seriously Increases CD Early Withdrawal Penalty. Is It Retroactive?

Friday, May 6, 2011 - 4:31 PMBank of America - Details
Column in today's Los Angeles Times says Bank of America has increased its early withdrawal penalty on CDs by a huge amount. It does not say anything one way of the other about whether the move is retroactive. But the example of the new penalty it gave would boost the penalty by 1,700%!

The column is here.

While I don't know if this is retroactive, this makes the highly controversial change by Fort Knox FCU (which was retroactive) look like a pittance, like mere child's play! This makes the robber barons of old look like our friends!
2
me1004me1004346 posts since
Jan 16, 2010
Rep Points: 2,371
1. Friday, May 6, 2011 - 5:48 PM
Thanks for posting this. I just did a blog post on it here.

I called BofA, and I was told it doesn't affect existing CDs.
1
Ken TuminKen Tumin5,442 posts since
Nov 29, 2009
Rep Points: 123,743
Reply