Answer:
Answer by Randy Carey: I doubt that you can. A CD is a contract in which the terms were set at the time the CD was issued. I have not seen CD contracts that provide a change in terms provision. You can change them at renewal or enlist the help of legal counsel.
Answer:
Answer by Ken Golliher: My time deposit matures in February, Randy's in March, and John's in April and you want to do a single mass mailing to all of us? No.
Even though they may have disclosed the same penalty, they were individual contracts and you can amend their terms at maturity one at a time following the steps in Regulation DD.
If your management is thinking about trying it please let me know if my Mom is one of your customers! I'm thinking class action lawsuit with a UDAAP cherry on top.
First published on BankersOnline.com 2/11/13
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