With so many other credit unions and banks today allowing CD owners to specify in advance (of maturity) how their funds are to be treated at maturity, I telephoned CCU (Consumer’s Credit Union, in Illinois) to request the same favor.
REQUEST DENIED!! was the response I received. You must wait until your CD actually matures, then you have ten days to specify what is to become of your funds.
So, asked I, what if I am incapacitated on day of maturity and physically unable to contact CCU? I could be in the hospital, or in a car accident, or could be facing an overwhelming family emergency.
Their response: Tough toenails. You can always get your money out after the ten days . . . . but of course we will charge you an early withdrawal penalty!!
I was not pleased, but my only option it appears is to cease doing business with CCU.
You know, at twenty-first century financial institutions, e.g., Ally Bank, you can log into your account and change your election at CD maturity online!! And you can do this at ANY TIME YOU WISH once the CD is open.
Then, OTOH, we have outfits like CCU which still are operating as if it were the 1950’s.