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The document establishes tiered early withdrawal penalties for CDs based on term length: 90 days of interest for terms under 6 months, 180 days of interest for terms of 6 months to under 24 months, and 365 days of interest for terms of 24 months or more, with the penalty deducted from principal if insufficient interest has accrued. Early withdrawals within seven days of opening or a prior principal withdrawal carry a minimum penalty of seven days' interest.
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
This provision establishes that early CD withdrawals result in penalties that may reduce principal if accrued interest is insufficient to cover the penalty amount, with the penalty magnitude increasing based on CD term length up to 365 days of interest for long-term CDs.
Under this clause, consumers who withdraw CD principal before maturity are subject to penalties of up to 365 days of interest depending on the CD term, and if the account has not earned sufficient interest to cover the penalty, the shortfall will be deducted from the deposited principal. The document also specifies waiver conditions for death, disability, and certain legal determinations regarding CD owners.
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"There is a penalty for withdrawing principal prior to the maturity date. If the term of the CD is less than 6 months, the early withdrawal penalty is 90 days of interest on the amount withdrawn, but not more than the total amount of interest earned during the current term of the CD.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of the CD is 6 months to less than 24 months, then the early withdrawal penalty is 180 days of interest on the amount withdrawn, but not more than the total amount of interest earned during the current term of the CD. For terms 24 months or more, the early withdrawal penalty is 365 days of interest on the amount withdrawn, but not more than the total amount of interest earned during the current term of the CD. The amount of your penalty will be deducted from principal.Excerpt from Chase's Fee Schedule
1. REGULATORY LANDSCAPE: CD early withdrawal penalty disclosures are governed by Regulation DD (12 CFR Part 1030), which requires that institutions disclose penalty terms at account opening. The FDIC also requires that early withdrawal penalty disclosures be provided to depositors. The CFPB is the primary enforcement authority for Regulation DD at large institutions. 2. GOVERNANCE EXPOSURE: Low. Tiered early withdrawal penalties are standard for CD products and the disclosed structure (90/180/365 days of interest) is within commonly observed ranges. The document's cap tying penalties to total interest earned during the current term limits the maximum consumer exposure to accrued interest plus any principal shortfall when interest is insufficient. 3. JURISDICTION FLAGS: No jurisdiction-specific variations on CD early withdrawal penalties are identified in this document. Standard federal Regulation DD disclosure requirements apply nationally. 4. CONTRACT AND VENDOR IMPLICATIONS: The document states Chase may not permit withdrawals if funds have not been credited to the account, and reserves the right to close a CD with a zero or negative balance after a returned check deposit. These provisions create operational conditions relevant to estate planning, trust administration, and financial advisory contexts where CD liquidity assumptions may be relied upon. 5. COMPLIANCE CONSIDERATIONS: Compliance teams should verify that CD penalty disclosures provided at account opening, on maturity notices, and in online account management interfaces accurately reflect the tiered penalty structure disclosed in this document. The waiver provisions for death, disability, and legal incompetency determinations should be documented in internal procedures to ensure consistent application.
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This provision establishes that early CD withdrawals result in penalties that may reduce principal if accrued interest is insufficient to cover the penalty amount, with the penalty magnitude increasing based on CD term length up to 365 days of interest for long-term CDs.
Under this clause, consumers who withdraw CD principal before maturity are subject to penalties of up to 365 days of interest depending on the CD term, and if the account has not earned sufficient interest to cover the penalty, the shortfall will be deducted from the deposited principal. The document also specifies waiver conditions for death, disability, and certain legal …
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