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CDs Mailed At Maturity A Law?

Monday, July 9, 2012 - 3:40 PMAlly Bank - Details
I have one CD per month at Ally Bank and they told me that it is the law to mail out postal mail correspondence on maturity dates. Do all other banks do this too?
1
julieann009julieann0091 posts since
Jul 9, 2012
Rep Points: 1
1. Tuesday, July 10, 2012 - 5:11 AM
I don't know if it's part of a regulation, but all banks and credit unions that I had CDs with have always sent out maturity notices a few weeks before the CDs matured.
2
Ken TuminKen Tumin5,442 posts since
Nov 29, 2009
Rep Points: 123,743
2. Tuesday, July 10, 2012 - 10:45 AM
I have always received the Maturity notices too but I make sure I note my calendar for "just in case" I don't.  I would not want to forget about one and have it rollover into these sunken interest rates.  It's best to keep one's own notice.
4
paoli2paoli21,148 posts since
Aug 10, 2011
Rep Points: 5,122
3. Tuesday, July 10, 2012 - 10:53 AM
I checked "About.com"  http://banking.about.com/gi/o.htm?zi=1/ and an article did state it was required under Regulation DD.  You can link on the Regulation from their article if you want to read it or google Regulation DD.  It seems they don't have a choice about doing it.
5
paoli2paoli21,148 posts since
Aug 10, 2011
Rep Points: 5,122
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