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.