Banking Question

[OhYouSuck]

I have a family member who has money for me in a CD, it's in a 3 month loop and just rolled over a few weeks ago. I really need this money now, but it's not in the 10-day window they give my uncle to take it out of the bank. i'm sure i could still get it out, but i am also pretty sure there is a fine, i was wondering if anybody has any idea what the fine would be? A % of the whole? A set fee? I would call the bank myself and ask, but I don't know what bank he put it in, anyways, any help would be appreciated. Thanks.

 

[OrangeBlooded]

can't you just call your uncle and ask him what bank it's in?

 

[NickDanger]

They don't like to call them fines. It's a "substantial penalty for early withdrawal" and if your bank is anything like First National Mrs. Danger, it's just a little short of the death penalty.

 

[OhYouSuck]

i can, when i get off work. jesus that sucks. what a bunch of ********

 

[WooHorn]

I hope that this is not some long lost "uncle" from Nigeria who you just found out about from an e-mail.

 

[OhYouSuck]

no, but that happened to me last year...HOW'D YOU KNOW BOUT MY UNCLE NBOKWE?

 

[RiceHorn04]

I believe its possible you may just lose any interest that has accrued since the CD rolled over. At least that's how I seem to remember it working.

 

[JohnnyM]

is this for that scion?

 

[Bobbs40]

Why don't you just wait another three months to get a car?

 

[OhYouSuck]

yes its for the scion. and i dont wanna wait, cuz i'm impatient.

 

[txtxyeha]

My guess is you would get 90% of the face amount of the CD.

 

[hullabelew]

How much money are you talking about? Generally, like mentioned above, you just lose the accrued interest from the last rollover. With CD rates at their current levels, and on a 3 month timeframe, I doubt it will amount to anything really.

Still would make more sense to wait.

 

[BoogityBoy]

Early withdrawal penalties:
Original maturity of 365 calendar days or less could have a fee equal to 31 calendar days interest on the amount withdrawn.
More than 365 can have up to 92 calendar days interest taken.

BS them, tell them you were out of the country over the last ten days. A clerk won't want to do any leg work to see if you're bs-ing them and waive it.

 

[JohnnyM]

maybe this is a sign that you need to look at used cars?

 

[OhYouSuck]

i would still need a down payment for a used car.

 

[OhYouSuck]

 

[JohnnyM]

well, you are the one with the junk 3-month cd, no other funds, yet buying a new car....but a scion at that. so i'd watch the name-calling

oh, and the word you're looking for....it's touche