Has anyone ever had luck with a bank waving the penalty fee on breaking/reinvesting a CD? I have a $100k CD at a local bank at 2.75% with 8 months remaining. They'll currently offering 4.75% for a 12 month CD now.
If I paid the 6 month penalty I'll be underwater around $100. bucks so it's currently not worth it for me. BUT, and this is a big but, if I offer to drop another $100k into this CD would they more likely to work with me? It's a smaller community bank so I guess you never know.
I plan to call and ask tomorrow. I guess all they can say is no.
* And before you jump all over me for maybe having to much cash tied up in CD's, I also have plenty of other non-cash investments.
Called today and the bank was all for it until they contacted the head office for approval. Turns out it's not allowed due to federal banking regulations. I was that close! So much for getting out of penalties.