What happens with a certificate account when the term is up?

[MB82x]

Basically, I have about $1050 in a certificate account, and the term ends today.

 

I have not been contacted by the CU in regards to this account... I don't want it to get put back into another 18 month term or anything like that... I want to move it to my main CU and use about half to pay off the last of my credit card debt and put the rest into savings.

[bullthistle]

Banks, CU's leave it up to the individual on what to do so if you don't move it, it could be locked up again. I beleive you have 20 days.

[Nummerkins]

It is your responsibility to tell the bank what to do with the certificate. Usually you have a grace period of 10-20 days to move the money penalty-free. Otherwise, it will roll over into another CD at the current interest rate. Call them or go into the branch ASAP, some require written notification on what to due upon maturity.

[hegemony]

most of the one's I've had include the details of what happens in the terms you agree to when you take out the CD. e.g., NASA states the CD will renew at the current APY of a particular term CD UNLESS you tell them to do something else with the funds. I almost always have the funds put into regular savings so I can open a new CD at the rate and term of my choice.