Submission of Orders and Product Terms
Order Date and Order Allocation Date: Wednesday
Order Date Cut-Off Time*: 1:00 PM ET
Proposed Placement List Time and Authorization Time: 3:00 Pm to 4:00 PM ET
Settlement and CD-Issuance Date: Next Business Day
Product Terms
The following terms may be available for a particular Order Date. Please check with your financial institution before selecting a Product Term and Interest Payment Frequency. For a CD that would otherwise be issued on or mature on a holiday, the issuance or maturity date will be the next business day following the holiday, and may increase or decrease the product term by one day. The Network's holidays are days on which banks in New York, NY are authorized or required by law or regulation to close.
4-week CD
13-week CD
26-week CD
52-week CD
2-year CD (104 weeks)
3-year CD (156 weeks)
Interest Basis - Interest Payment Frequency
Interest compounds daily. Interest basis is a 365 day year.
Interest Payment Frequency options differ by Product Term and include: month end, quarter end, semi annually, year end (annually), and at maturity. Please check with your financial institution for options corresponding to a Product Term. You should be aware that the amount of interest you receive on a CD that pays you interest at month end, at quarter end, semiannually, or at year end (and not credited to principal) will be less than the amount of interest you receive on a CD that pays you interest at maturity.
Early Withdrawal Penalties
If you withdraw a CD before the maturity date, the penalty as shown below will be imposed on you by the Issuing Institution. An early withdrawal penalty may invade principal. No penalty will be charged for early withdrawal of a CD upon the death of an individual who is the sole account holder or joint account holder of the CD. This penalty waiver applies to an individual who is the named account holder, as well as an individual who is the sole current mandatory or discretionary beneficiary of a trust, including the sole current beneficiary of a unitrust of annuity trust.
4-week CD: 28 days of simple interest withdrawal penalty
13-week CD: 90 days of simple interest withdrawal penalty
26-week CD: 90 days of simple interest withdrawal penalty
52-week CD: 180 days of simple interest withdrawal penalty
2-year CD: 360 days of simple interest withdrawal penalty
3-year CD: 540 days of simple interest withdrawal penalty
For any customer, minimum and maximum order amounts and maximum CD holdings through CDARS apply. Please check with your financial institution for applicable limits at the time you submit a request for placement of your funds.