Many banks have opted to have your certificate of deposit renew automatically upon maturity. Some banks, such as ING Direct, will even send you a notice in the mail to give you fair warning that your C.D. is maturing and that it is set to auto renew into the same term deposit. If you don’t want to reinvest your money in the same length certificate of deposit then make sure to log in to your online account and take the necessary steps to stop it.

Some banks may have a grace period (it can be a few days to as many as 10 days) to get your cash out of the new certificate of deposit. Make sure you check with your financial investment institution.

Tags: cd grace period, cd maturity, cd renewal

Investment Education