Does anyone know if certificates of deposit are exempt from this?
Thanks.
Answers
"In case you hold a Certificate of Deposit account with us, the same will be allowed to continue until maturity date after which the CD will be closed and proceeds sent to you as per instructions. In case you wish to close your CD account prematurely, it will be done without levying any penalty."
I would suggest that you contact the bank to provide instructions as to what should be done at maturity. Even if you previously provided instructions, it would be a good idea to make sure they have them on file.
ETA: On another note, they write: "due to the recently implemented California Consumer Privacy Act ... we have no other choice but to close the accounts of California residents with us." I suspect this is a total falsehood. I suspect they had a choice, and chose to close accounts. I've never had an account with State Bank of India, but I've considered it. Won't consider it again.
"We regret to inform you that due to the recently implemented California Consumer Privacy Act applicable to individuals residing in the State of California, we have no other choice but to close the accounts of California residents with us.
We understand the inconvenience this decision will cause you. We wish to inform you that the balance amount lying in the Checking/MMD accounts can be paid to you either by issuing a cashier's check in your name or remitting the same to any of your accounts. In case you hold a Certificate of Deposit account with us, the same will be allowed to continue until maturity date after which the CD will be closed and proceeds sent to you as per instructions. In case you wish to close your CD account prematurely, it will be done without levying any penalty.
You are requested to advise details on the Account Closure form attached with this letter, along with a copy of your valid ID. Kindly mail the documents to our office or submit the same through internet banking message service on or before 08/15/2020, failing which your account will be closed and a check will be sent to your registered address with us."
I guess it means my CD can remain. Do I need to notify them I don't want
to close it out now? Thanks.
" In case you hold a Certificate of Deposit account with us, the same will be allowed to continue until maturity date after which the CD will be closed and proceeds sent to you as per instructions."
When, for whatever reason, someone overlooks something or even misunderstands something (even if it's clear to me), I try to clarify the matter, rather than remarking on why the reader may have missed something.
I’m at a loss to understand anything else. :)
This action pretty well means they are and intend to continue doing some real privacy violations even if not against the law. I suggest any customers or potential customers give that serious consideration.
This thread indeed involves State Bank of India (California).
According to the Attorney General of the State of California:
"2. What if I am not a California resident?
"Only California residents have rights under the CCPA. A California resident is a natural person (as opposed to a corporation or other business entity) who resides in California, even if the person is temporarily outside of the state."
https://oag.ca.gov/privacy/ccpa
The law applies to individuals who are California residents. It does not protect non-residents or businesses, according to the Attorney General. State Bank of India is not required to cease business operations in California.
And it's very possible that State Bank of India (California) has not engaged in, and will not engage in "real privacy violations". There are financial costs connected to compliance with the California statute; those might be a reason for the bank's policy.
If they are committing privacy violations...how does that affect their customers?
