Adjust Text Size

Closing an Ally CD Early (Revisited)

Written by Nickel - Leave a Comment

As a followup to my recent post about Ally Bank having modified their deposit agreement to change their CD withdrawal policy

This afternoon I had an opportunity to try out the process of closing a CD early (again), and guess what? It was much like before.

I started by hitting up their online chat. I explained what I wanted to do — close a certain CD and have the funds deposited into our online savings account — and the rep set to work.

A few minutes later, after confirming that I was aware of the 60 day interest penalty, I was told that the request had been submitted and that it would be processed shortly:

Rep: Please allow 1-2 business days for the account to be closed and the funds transferred.

This was about two hours ago, and guess what? The request has already been processed and the funds are sitting in our savings account as we speak.

So… At least thus far, this change in the wording of their deposit agreement (“if we consent to the redemption…”) has been much ado about nothing. It remains to be seen what will happen if/when rates climb and they see a wave of redemption requests.

But for now, all seems to be well.

Published on November 7th, 2012 - Leave a Comment
Filed under: Banking

About the author: is the founder and editor-in-chief of this site. He's a thirty-something family man who has been writing about personal finance since 2005, and guess what? He's on Twitter!

Related articles...

» Ally Bank Changes CD Withdrawal Policy
» Can Banks or Credit Unions Change the Terms of Existing CDs?
» Closing Our HSBC Advance (HSBC Direct) Savings Account
» Barclays Bank Online Savings and CDs
» How to Close an Ally CD Early
» Ally Bank 0.25% CD Renewal Bonus
» Ally Bank to Buy ING Direct?
» How to Make Money in the Stock Market (Revisited)

Was this article useful? Please sign up to receive our content via e-mail:

You will receive only the daily updates, and can unsubscribe at anytime.

Leave a Reply

Disclaimer...
Because rates and offers from advertisers shown on this website change frequently, please visit referenced sites for current information. This website may be compensated by companies mentioned through advertising, affiliate programs or otherwise.

FiveCentNickel User Survey