Answer:
Yes you can according to your depositor's contract. The fact that the administrator chose to invest in a CD is their problem.
First published on BankersOnline.com 6/4/12
Withdrawal Penalty for CD in Court Blocked Account
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Question:
An account owner is an administrator of an estate in a probate matter. The account is a CD in a court-ordered blocked account. Recently, the court ordered the accounts to be unblocked and the administrator wants to withdraw the funds and distribute them to the heirs. May we charge an early withdrawal penalty on the CD, even though the court controlled access to the assets and determined when the account owner could make a withdrawal?
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