A new study by Bankrate Inc. the Florida research firm, is finding banks and credit unions are charging consumers a steep price for early withdrawal of CDs.
In a report issued Wednesday, Bankrate of North Palm Beach said consumers are being given "little wiggle room" on early withdrawal of CDs as consumers turning away from risky investments.
On CDs of six months to five years, Bankrate said 92% of the institutions it surveyed not only levied a penalty but also reached into principal to cover necessary fees.
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