I want to close my CD account at wamu. Do I have to pay fee for it? ?

Question

Yesterday , I opened CD account at WAMU.

Unfortunately, I need to use that money right now. I'm so worry about the fee if I withdraw money tomorrow. What should I do? I've tried to contact them by phone and internet for 3 hours. However, I have never gotten any answer from the bank.

Answer 1

You will be hit with an early withdrawal penalty.  This is typical something like 3 months interest and will be withheld from the proceeds.  

Answer 2

Get with them immediately.  Sometimes there is a 72 hour period where you can withdraw from a contract without penalty.  Good luck.

Answer 3

It's not a fee, it's a penalty. Read the paperwork that you signed. There will be a clause in there that states something like if the CD is cashed in before maturity, there will be a penalty of one months interest, earned or not.

So if you cash it in right away, you will owe the bank one months interest rather than them owing you interest. They will deduct the amount you owe from the principal, and you will get back less than your principal. If your CD is for $1000, you will probably only get back $990.

It's Saturday! Banks are closed. Contact them on Monday.