My CD term ended on November 3rd.
I didn't get any notice. On November 15th I went to roll it over to my money market.
I was told that it has passed 7 days and according to FDIC rules it will be automatically rolled over for another term, which is 12 months. Nice I thought...
I asked the rate it was rolled at 0.2% I was told if I encash the CD I will be asked to pay the fine. Both are according to FDIC. I didn't see the "fine" part in FDIC book or site.
Then I had to encash the CD as I was buying house. I had 55K in the CD. they charged me $1.65K. I was shocked. I pleaded with the manager who told me if your partner had died we will waiver the fee!
Ironically, I saw a senior lady opening a CD and the bank officer was giving a spill about if she puts 10K she will get a better deal of 1.65% instead of 1.01%
I'm planning to lodge a complaint I don't know how and where. Please be careful with Chase. Its NOT the same as WAMU!!!
You can reach me at [email protected] to confirm!!