- 1). Review your CD contracts to see whether any of your CDs allow for penalty-free withdrawals. Each CD contract must show a maturity date, and generally speaking you must wait until the day after the CD matures before you can actually access your money without paying a penalty. If you decide to withdraw money from one or more of your CDs prior to the maturity date, read the CD contract terms and conditions to find out exactly how much you must pay in terms of penalty fees.
- 2). Go to your bank and provide a customer service representative with the account numbers of the CDs that you wish to redeem. If you cannot locate your CD contracts and do not remember the account numbers, you can verbally provide the customer service representative with your Social Security number and the employee can use that information to locate your accounts. Verify the amount of any applicable penalties before the representative actually closes the account.
- 3). Sign the CD withdrawal slips and instruct the customer service representative to give you a check or cash or to electronically transfer the account proceeds into one of your other accounts. Take a copy of the account closure form and retain your copy of the CD agreement so that you have all of the necessary account information to file your taxes. If you have more CDs held at other banks, go to each bank and repeat the same steps to close those accounts.
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