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Chase imposes early withdrawal penalties on CD accounts for withdrawing principal before maturity; for personal CDs, penalties range from 90 to 365 days of interest depending on term length, while business CD penalties are a flat $25 plus 1% or 3% of the amount withdrawn depending on term.
This analysis describes what Chase's agreement states, permits, or reserves. It does not constitute a legal determination about enforceability. Regulatory applicability and practical outcomes may vary by jurisdiction, enforcement context, and individual circumstances. Read our methodology
The early withdrawal penalty structure for personal CDs caps penalties at the total interest earned during the current term, which limits but does not eliminate potential principal reduction in low-interest-rate environments or very early withdrawals. The business CD penalty structure is a fixed-dollar-plus-percentage formula rather than an interest-days model.
Under these terms, withdrawing CD principal before the maturity date results in an interest penalty calculated based on the CD term; for personal CDs with terms of 24 months or more, the penalty is 365 days of interest on the withdrawn amount. The agreement specifies limited circumstances under which penalties are waived, including owner death, disability, or court-determined incompetence.
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"Early withdrawal penalties: There is a penalty for withdrawing principal prior to the maturity date. For Personal CDs: If the term of the CD is less than 6 months, the early withdrawal penalty is 90 days of interest on the amount withdrawn, but not more than the total amount of interest earned during the current term of the CD. If the term of the CD is 6 months to less than 24 months, then the early withdrawal penalty is 180 days of interest on the amount withdrawn, but not more than the total amount of interest earned during the current term of the CD. For terms 24 months or more, the early withdrawal penalty is 365 days of interest on the amount withdrawn, but not more than the total amount of interest earned during the current term of the CD. For Business CDs: If the term of the CD is less than 12 months, the early withdrawal penalty is equal to $25 plus 1% of the amount withdrawn. For terms of 12 months or more, the early withdrawal penalty is equal to $25 plus 3% of the amount withdrawn.Excerpt from Chase's Deposit Account Agreement
1. REGULATORY LANDSCAPE: CD early withdrawal penalty disclosures are governed by Regulation DD (Truth in Savings Act), which requires clear disclosure of penalty terms at account opening. The CFPB administers Regulation DD. The agreement's disclosure of specific penalty formulas in the agreement text satisfies the general Regulation DD disclosure requirement. 2. GOVERNANCE EXPOSURE: Low. The early withdrawal penalty structure is a standard and clearly disclosed term. The business CD penalty formula ($25 plus percentage) differs structurally from the personal CD interest-days formula, which should be noted in product comparison and customer communications. 3. JURISDICTION FLAGS: No jurisdiction-specific heightened exposure has been identified for this provision. Waiver provisions for retirement CD owners aged 59.5 or older interact with IRS reporting requirements for taxable distributions. 4. CONTRACT AND VENDOR IMPLICATIONS: Business account holders using CDs for cash management or collateral should factor the $25 plus percentage penalty structure into liquidity modeling. The waiver provision for sole proprietorship business CDs mirrors the personal CD waiver structure. 5. COMPLIANCE CONSIDERATIONS: Compliance teams should confirm that account opening disclosures and renewal notices reproduce the specific penalty formulas as required by Regulation DD. Waiver procedures for death, disability, and incompetence should be reviewed for operational consistency with the disclosed criteria.
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The early withdrawal penalty structure for personal CDs caps penalties at the total interest earned during the current term, which limits but does not eliminate potential principal reduction in low-interest-rate environments or very early withdrawals. The business CD penalty structure is a fixed-dollar-plus-percentage formula rather than an interest-days model.
Under these terms, withdrawing CD principal before the maturity date results in an interest penalty calculated based on the CD term; for personal CDs with terms of 24 months or more, the penalty is 365 days of interest on the withdrawn amount. The agreement specifies limited circumstances under which penalties are waived, including owner death, disability, or court-determined incompetence.
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