You've made a smart choice by investing in a Certificate of Deposit (CD) with Chase Bank! CDs are a fantastic way to grow your money with a guaranteed return, but knowing how to access those funds when the time comes is crucial. Whether your CD is maturing or you need to access funds sooner, navigating the withdrawal process effectively can save you time, hassle, and potentially, money.
Let's dive into a comprehensive guide on how to withdraw a CD from Chase Bank, ensuring you're well-equipped for every scenario.
How to Withdraw a CD from Chase Bank: Your Complete Guide
Step 1: Understand Your CD's Maturity and Grace Period - Are You Ready to Reclaim Your Funds?
Before you do anything, the absolute first thing you need to do is understand the specifics of your Chase CD. This is the most critical step, as it dictates your entire withdrawal strategy and potential costs.
Sub-heading: What is the Maturity Date?
Every CD has a maturity date. This is the exact date your CD term ends. On this date, your initial deposit (principal) plus all the accumulated interest becomes fully available to you without any penalties.
Sub-heading: The All-Important Grace Period
Chase Bank, like most financial institutions, offers a grace period after your CD matures. This is a crucial window, typically 7 to 10 calendar days, immediately following the maturity date. During this grace period, you can withdraw your funds without incurring any early withdrawal penalties. If you don't take any action within this period, Chase will usually automatically renew your CD for the same or a similar term at the current interest rate, which might not be what you want.
Sub-heading: How to Find Your CD's Maturity Date
Online Banking: Log in to your Chase online account at chase.com or use the Chase Mobile® app. Your CD details, including the maturity date, should be readily accessible.
Account Statements: Check your physical or electronic CD statements. The maturity date will be clearly listed.
Contact Chase Directly: If you're unsure or can't find the information, call Chase customer service or visit a branch. We'll cover contact methods later.
Step 2: Decide Your Withdrawal Strategy - Full Withdrawal, Partial Withdrawal, or Reinvestment?
Once you know your maturity date and grace period, it's time to decide how you want to handle your CD funds.
Sub-heading: Full Withdrawal at Maturity (No Penalty)
This is the simplest and most recommended option if you no longer need your funds to be locked in a CD. During the grace period, you can withdraw the entire principal and all earned interest without any fees.
Sub-heading: Partial Withdrawal at Maturity (No Penalty)
While less common with CDs, Chase may allow partial withdrawals during the grace period. This is something you'd need to confirm directly with a Chase banker. If you only need a portion of the funds, this could be an option to consider.
Sub-heading: Early Withdrawal (With Penalties)
Life happens, and sometimes you need access to your money before your CD matures. While Chase does allow early withdrawals, be prepared to pay a penalty. This penalty is typically a forfeiture of a certain amount of interest, and in some cases, it could even dip into your principal if you haven't earned enough interest yet.
Understanding Early Withdrawal Penalties:
For CDs with a term less than 6 months: The penalty is typically 90 days of interest on the amount withdrawn.
For CDs with a term 6 months to less than 24 months: The penalty is typically 180 days of interest on the amount withdrawn.
For CDs with a term 24 months or more: The penalty is typically 365 days of interest (one year) on the amount withdrawn.
Important Note: The penalty will never be more than the total amount of interest earned during the current term of the CD. Always refer to your specific CD agreement for the exact terms.
Sub-heading: Reinvestment Options (Renewal)
If you're happy with your CD and want to continue earning interest, you can choose to renew it for another term. You might be able to change the term length or even add more funds during the grace period (for non-retirement CDs). If you do nothing, Chase will likely automatically renew it.
Step 3: Initiate the Withdrawal Process - Choosing Your Method
Chase offers a few convenient ways to withdraw your CD funds, depending on whether you're within the grace period or require an early withdrawal.
Sub-heading: For Withdrawals During the Grace Period (Matured CDs)
This is the ideal scenario for a penalty-free withdrawal.
Option A: Visit a Chase Branch (Recommended for First-Timers or Complex Situations)
Schedule an Appointment: While you can often walk in, scheduling an appointment with a Chase banker ensures dedicated time and a smoother process. You can do this online via the Chase website or app.
What to Bring:
Government-issued photo ID (e.g., driver's license, passport).
Your CD account number (found on statements or online).
Details of where you want the funds to go (e.g., linked Chase checking/savings account, external bank account details for transfer, or if you prefer a cashier's check).
Process: A banker will guide you through the necessary paperwork to close the CD and transfer the funds to your desired account or issue a check. This is often the quickest way to get immediate access to your funds if you want cash or a cashier's check.
Option B: Call Chase Customer Service
For Personal CDs: Call 1-800-935-9935.
For Business CDs: Call 1-800-242-7338.
Be Prepared: Have your account details and personal identification information ready to verify your identity.
Process: Inform the representative that your CD has matured and you wish to withdraw the funds. They will walk you through the options for transferring the money. It might take a few business days for the funds to appear in your linked account.
Option C: Online (Limited Functionality for Direct Withdrawal)
While you can view your CD details online and see its maturity status, directly initiating a withdrawal to an external account might require a phone call or branch visit. Chase's online portal primarily facilitates transfers to linked Chase accounts or renewal instructions during the grace period. It's best to confirm this specific functionality with Chase if you intend to solely withdraw online.
Sub-heading: For Early Withdrawals (Before Maturity)
This process will almost certainly involve a penalty.
Option A: Visit a Chase Branch (Highly Recommended)
Best for Discussion: A branch visit allows you to speak directly with a banker about the implications of an early withdrawal, understand the exact penalty amount, and explore any potential alternatives.
Documentation: Bring your ID and CD account information.
Process: The banker will calculate the penalty and process the withdrawal. They will ensure you understand the amount you will receive after the penalty is applied.
Option B: Call Chase Customer Service
Personal CDs: Call 1-800-935-9935.
Business CDs: Call 1-800-242-7338.
Be Clear: State that you wish to make an early withdrawal from your CD. They will explain the penalty and guide you through the process.
Be prepared for questions about why you need the funds early, as they might try to offer alternatives if possible.
Step 4: Confirm and Track Your Withdrawal - Ensuring Your Funds Arrive Safely
Once you've initiated the withdrawal, don't just forget about it!
Sub-heading: Get Confirmation
In-Branch: Request a receipt or confirmation of the CD closure and fund transfer.
Phone Call: Ask the representative for a confirmation number or details of when to expect the funds to be deposited. They may also send you an email confirmation.
Sub-heading: Monitor Your Account
Linked Chase Account: If you transferred the funds to a linked Chase checking or savings account, check your online banking or mobile app regularly to see when the funds post. This is usually very quick, often same-day or next business day.
External Account: If you transferred to an external bank account, it might take 1-3 business days for the funds to appear due to interbank transfer times. Keep an eye on your external account.
Cashier's Check: If you opted for a cashier's check, confirm when it will be ready for pickup or mailed to you.
Important Considerations and Tips
Review Your CD Agreement Thoroughly: Before doing anything, especially if considering an early withdrawal, always read the terms and conditions of your specific Chase CD agreement. This document outlines the precise penalties and procedures.
Automatic Renewal: If you do nothing during the grace period, Chase will automatically renew your CD. The new interest rate may be lower than your previous rate, so be proactive if you don't want it to renew.
Partial Withdrawals Are Rare Before Maturity: Most CDs are "all or nothing" when it comes to early withdrawals. You generally can't withdraw a portion of the principal before maturity without closing the entire CD and incurring a penalty on the full withdrawn amount.
Tax Implications: Interest earned on your CD is taxable income. If you withdraw, you'll receive a tax form (like Form 1099-INT) at the end of the year detailing your earnings.
Alternatives to Early Withdrawal: If you need funds urgently, consider other options before breaking your CD:
Personal Loan: The interest on a personal loan might be less than the early withdrawal penalty.
Line of Credit: If you have an existing line of credit, it could be a cheaper option for short-term needs.
Emergency Fund: This highlights the importance of having a separate emergency fund so you don't have to touch your CD.
By following these steps, you can confidently navigate the process of withdrawing your CD from Chase Bank, ensuring you get your money back on your terms.
10 Related FAQ Questions
How to check my Chase CD maturity date?
You can easily check your Chase CD maturity date by logging into your Chase online banking account at chase.com, using the Chase Mobile® app, or by reviewing your mailed CD account statements.
How to avoid early withdrawal penalties on a Chase CD?
To avoid early withdrawal penalties, you must wait until your CD reaches its maturity date and then withdraw the funds during the subsequent 7 to 10-day grace period.
How to renew my Chase CD at maturity?
If you want to renew your Chase CD, you can inform a Chase banker during the grace period at a branch or over the phone. If you take no action during the grace period, Chase will typically automatically renew your CD for a similar term.
How to transfer funds from a matured Chase CD to another bank?
During the grace period of your matured CD, you can visit a Chase branch or call Chase customer service to request a transfer of funds to an external bank account. You will need the routing and account number of the receiving bank.
How to calculate the early withdrawal penalty for a Chase CD?
Chase's early withdrawal penalty is typically calculated as a forfeiture of a certain number of days' worth of interest based on the CD's original term (e.g., 90, 180, or 365 days of interest). Refer to your specific CD agreement or contact Chase for an exact calculation.
How to find the best time to withdraw a Chase CD?
The best time to withdraw a Chase CD is on its maturity date or within the 7 to 10-day grace period that follows, as this allows you to access your full principal and earned interest without any penalties.
How to contact Chase Bank for CD inquiries?
For personal CD inquiries, you can call Chase Customer Service at 1-800-935-9935. For business CDs, call 1-800-242-7338. You can also visit any Chase branch.
How to get a cashier's check for my Chase CD withdrawal?
You can request a cashier's check for your CD withdrawal by visiting a Chase branch during the grace period or for an early withdrawal. They will process the withdrawal and issue the check to you.
How to check Chase CD interest rates?
You can find current Chase CD interest rates on the Chase Bank website (
How to close a Chase CD account without penalty?
You can close a Chase CD account without penalty only if you do so within the 7 to 10-day grace period immediately following its maturity date. Any closure before maturity will incur an early withdrawal penalty.