At least 30 calendar days prior to a CD maturing, the bank will mail you a CD maturity notice. Once the CD matures, there is a 10-day grace period where funds can be added or removed. If no specific customer action or notification is provided at the end of the grace period, the CD will renew into the same term at the offered rate. If you do not wish to renew a CD, a request to close out a Certificate of Deposit (CD) can be sent via secure message within Online or Mobile Banking or forwarded in writing via standard or express mail.
Will I be notified as my CD nears maturity?
Additional Product Features FAQ
- How does early direct deposit work?
- How do I activate a new ATM/Debit card?
- What is the minimum balance to keep in my savings account?
- What is a CD and how does it work?
- What happens when my CD matures?
- How do I earn interest on my savings account?
- Can I withdraw my money early from my CD and are there penalties?
- Can I add additional funds to my CD?
- Are they any fees for my savings account?
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Related FAQ's
When you set up direct deposit into your LendingClub bank savings account, we make your funds available as soon as we receive notification from the depositor when funds will be available.
Dec 31, 1969
There are no monthly maintenance, overdraft, or NSF fees for your account.
Dec 31, 1969
No. Additional deposits cannot be made to a CD following the initial deposit until the CD matures.
Dec 31, 1969
The goal of a CD is to lock in a fixed rate at the time of purchase for a fixed time horizon, and therefore, to get the most benefit from the CD purchase, you are going to want to remain in the product for the entire term, whether it is a 6 month, 1 year or 5 year CD.
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There is no minimum balance required to earn interest in your savings account. At the end of each month, the interest payment will be deposited into your account.
Dec 31, 1969
Related Glossary
{noun} A type of credit that allows the borrower to make charges and payments against a set borrowing limit, paying interest only on outstanding balances.
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{noun} The amount of unpaid interest that has accumulated as of a specific date, either on a loan or an interest-bearing account or investment.
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A debt that is written off as a loss because the financial institution or creditor believes it is no longer collectible due to a substantial period of nonpayment.
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{noun} An interest rate that remains the same for a set time, usually for the life of the loan.
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