Surrendering a Certificate of Deposit
- 1). Consult your CD paperwork or call your bank's customer service department to determine the maturity date for your CD and what the fees are for withdrawing your money early. The maturity date is the date at which you can withdraw funds without incurring a penalty and is usually some multiple of one year from the date you initially deposited the funds.
- 2). Visit your local bank branch with your certificate. Surrender your certificate to the representative and tell her you'd like to withdraw your funds.
- 3). Fill out any paperwork you're given. Usually, you will be required to acknowledge any fees you're going to incur for withdrawing your deposit if your CD has not yet reached maturity. In addition, you'll confirm that the amount of interest you're being paid is equal to the amount you agreed to at the beginning of your term (less any fees, if applicable) and certify that you would not like to keep the money invested any longer.
- 4). Collect your funds. You may be given a choice between cash or a deposit into other accounts you might have with your bank. You might want to invest the money in a new CD if interest rates have recently risen or if the bank is running a special promotion.
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