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I find the phrase "ended the CD" odd. Every CD "ends" in that it has a maturity date. At that point, you roll it over into another CD (or it's done automatically for you if you make no change) or you withdraw it. If you withdraw it early, you pay a penalty. I've had many CDs; sometimes I roll them over, sometimes I move the money to another CD or account, sometimes I withdraw it and move it to another bank or credit union. Of course I have to identify myself and would HOPE that any financial institution would insist on this requirement.
I rarely buy CDs. I am more of an individual bond guy, but the few CDs I have purchased were through a brokerage and the cash is in my core account the day of maturity. I don’t have to do anything.
Today, I buy all CDs through my Fidelity brokerage account. In the past, I've held CDs in online banks and a phone call was usually all that was needed to redeem the CD at maturity. Some use efts and others mail checks. I haven't had a CD with a local bank in ages. The rates are higher online.
I bought the CD online so I thought I'd be able to end it online.
Why would a criminal take money from my CD and put into my own account?
They sent me a letter right before maturity. It should have said that if you don't want to renew it, go to the branch. Instead it just said to contact them.
Why would a criminal put YOUR CD into YOUR account?
The notice gave you the pertinent information.
I find the phrase "ended the CD" odd. Every CD "ends" in that it has a maturity date. At that point, you roll it over into another CD (or it's done automatically for you if you make no change) or you withdraw it. If you withdraw it early, you pay a penalty. I've had many CDs; sometimes I roll them over, sometimes I move the money to another CD or account, sometimes I withdraw it and move it to another bank or credit union. Of course I have to identify myself and would HOPE that any financial institution would insist on this requirement.
Yeah me too. I was kind of scratching my head on that.
Yes; I said that. If you have one come due (mature) and auto-roll is an option, just call and check on term and rates. You may not have to do anything.
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