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I have a certificate of deposit that matured and I decided to end it, to just return all the money to my account. I tried to do it through the phone system but I couldn't reach a real person so I drove to the bank branch. I was able to do it there, and they asked for IDs and the debit card first.
Why is there so much security for doing that, when you don't have to do that when you transfer large amounts? I guess they just want more security and they couldn't make it so hard to do transfers because it would annoy people.
When I got the letter about the maturity happening they should have told me I have to go in person.
It’s not crazy to ask for both your id and debit card. Chase does it when you go into the branch, it gives them the account information and verifies you are who you say you are.
I would think they need proof of who is taking the money. I always deal with my CDs in person, have for decades.
I would rather have security than deal with someone taking my money. I am sure you would feel the same, right?
I would think they need proof of who is taking the money. I always deal with my CDs in person, have for decades.
I would rather have security than deal with someone taking my money. I am sure you would feel the same, right?
You sure complain about banks a lot...
Have to agree. There are worse problems you could be facing OP! This is small potatoes. What's the big deal presenting more than one ID and/or a bank-issued card at some moment in time? Multiple-tier verification, right? Especially with all the whining about how easily scammers can skim cards or get hold of someone's account numbers these days! A wannabe thief could come up with one fake ID in an attempt to claim the money but two, including a card issued by that particular bank? Increases the odds that the person requesting the $ is actually entitled to it considerably. I'd much rather a bank that's responsible for protecting my money err on the higher security/minor inconvenience side instead of the opposite!
Should have warned you about showing up in person? They want to put a face to the name/number on a card. The requirement to make such transactions in person has been around forever. It's probably stated in the CD's terms. That requirement is probably included in the CD information on the bank's website too. You could have reviewed the terms before cashing out.
Last edited by Parnassia; 03-11-2024 at 03:15 PM..
I have a certificate of deposit that matured and I decided to end it, to just return all the money to my account. I tried to do it through the phone system but I couldn't reach a real person so I drove to the bank branch. I was able to do it there, and they asked for IDs and the debit card first.
Why is there so much security for doing that, when you don't have to do that when you transfer large amounts? I guess they just want more security and they couldn't make it so hard to do transfers because it would annoy people.
When I got the letter about the maturity happening they should have told me I have to go in person.
You may have called in during peak hours. Two IDs to cash out a CD has been around since the dark ages. You may want to look at it from a different angle - someone walked with your CD because the bank did not insist on ID.
Are you transferring online? What kind of accounts? What figures?
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.
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.
Was the CD with the same institution that you were sending money to?
Interesting. The only bank CD that I did not renew at maturity, was simply rolled into my bank account - without me having to do anything other than check a box. Definitely did not have to go into a branch.
Really doesn't make much sense to me as there are many banks that are online only.
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.
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