No penalty to break cd’s
On Wednesday 4/26 program you talked about no penalty to move a cd. I am 84 and in November moved two IRA cds that were paying hardly anything to two new IRA cd paying 4%. I was charged as a penalty three months interest on each one. The bank was First Bank of Highland Park. Should I have been charged due to age?
Also, thank you for all your advice. Back in November, I started taking money out of banks and buying T bills. Am so very grateful to you and am now making money. It was easy.
Listen to you all the time and read all articles on your website.
Terry Says
There should have been no penalty if the CDs were INSIDE AN IRA! Once you reach RMD age, most banks do not charge a penalty. So if it was an IRA, yes, go back and ask. Tell them I said so!!!
