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Can a Bank Close a CD Soon After It's Opened? [FW]

Saturday, January 16, 2010 - 5:53 AM
Fatwallet member posts about an unsettling experience he had with a bank:
I recently opened a new certificate and after less than two weeks I received a notice from the bank that they are closing my certificate because they've decided my mailing address is beyond their marketing area. Totally bogus excuse just to not honor the contract.
If you are outside the bank's market area, the bank will typically reject you in the application. I haven't seen a case like this.
Ken TuminKen Tumin5,472 posts since
Nov 29, 2009
Rep Points: 125,708
1. Saturday, January 16, 2010 - 6:26 AM
I've seen cases when a bank refused to honor an add-on feature of a CD. It was having financial difficulties so that may have played a part in the decision. Maybe with this case also.
AnonymousAnonymous2,282 posts since
May 9, 2010
Rep Points: 3,957