If I purchase a bank CD for 12 months and decide to cancel within 72 hours, will I be penalized?

Question

I consider a bank CD a retail contract just like purchasing a car or life insurance policy. I should have 72 hours to cancel without penalty. Yes?

Answer 1

nope you will incure a small penalty if the bank wishes to impose one since you did not purchase it from home

Answer 2

The terms of your CD will dictate your rights with regard to cancellation.  That aside, if you've recently purchased one, even if the terms of that agreement say you can't cancel without a penalty , an understanding banker might let you off the hook if you have a good reason.  So go to your bank ASAP and ask.  Conversation is usually free.  I was in just such a situation a number of years ago and the bank official didn't even blink an eye after I explained that my situation had changed.  They canceled the CD with no penalty.

Answer 3

Not unless the paperwork you signed says that.  Laws give cancellation rights on particular items - laws differ from place to place, so there is no general rule.

Answer 4

Read the agreement you signed when you opened the account.

Answer 5

No, sorry.  It sounded good but it doesn't work that way.  Also that 72 hour right of recission you are referring to varies greatly from state to state.