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Brokered CD Settlement Date

betaguy
  |     |   180 posts since 2022

Anyone know if banks are obligated to close a Brokered CD ?

Or, on settlement day, can they simply walk away?

Thanks

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2


Answers
Confused1
  |     |   87 posts since 2018
I don't know, that's an interesting question. I do know I can cancel my purchase before the settlement date and have when a better deal popped up.
Did it happen to you?
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2
betaguy
  |     |   180 posts since 2022
No, hasn't happened to me. I've just been wondering.
The way I figure it, since the buyer can cancel, then the bank can too.
I can't imagine the bank getting the short end of the stick.
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1
w00d00w
  |     |   360 posts since 2012
perhaps best to ask the broker directly whether the offering bank is obligated to fill an order for a brokered CD. my suspicion is that the bank becomes obligated, once the 3rd party order is placed.
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