This information was included in the letter that Chase sent to me a few weeks before the maturity date. If you don't close the CD during the grace period, the CD will automatically renew for the same term at the standard interest rate (which is likely to be very low).
The grace period is 10 days after the CD matures.
So if you plan on closing the CD, it's best to close it on the day it matures. The money was deposited into my Ally savings account on the next day.ĭon't forget that no interest will be be paid during the grace period after the Chase CD matures if you redeem the CD. I then logged into my Ally Bank account, and initiated an ACH transfer to withdraw the money from the Chase checking account. I called in the morning, and when I logged into my Chase checking account in the early afternoon, the CD money was available in the checking. My WaMu CD was converted to a Chase CD at end if July so the Chase CSR was able to access it. My 5% WaMu CD matured last week, and I was able to close the CD by calling when it matured and instructing the CSR to transfer the money into my Chase checking account.
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