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Anonymous Posted 9 years ago
Grammar

What Does This Mean?

This is from a bank disclosure document.

"Except for the Ally No Penalty CD, a withdrawal of the entire principal before maturity will be permitted only with Ally’s consent and an interest penalty that is described in More About Certificates of Deposit and IRA CDs, Section I.B.6, will apply."


There are different kinds of CDs. One is the No Penalty CD. All others are in other group.....NOT No Penalty CDS. For the latter group, the paragraph above seems to say Ally needs to consent to withdrawal of entire principal before maturity and that an interest penalty will be imposed.

What does paragraph above say about No Penalty CD? It suggest that they are treated differently but seems to be ambiguous about how it is different. Does withdrawal of entire principal for No Penalty CD require Ally consent? Is there an interest penalty? Can't be both because then it would be the same as the other group. Could it be neither applies? ........so 3 possibilities.

  

Top answer

The meaning is not clearly stated. If this relates to a real situation,, you need to talk to the financial institution and/or to a lawyer.

  • The meaning is not clearly stated.
  • If this relates to a real situation,, you need to talk to the financial institution and/or to a lawyer.
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1 Answers
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The meaning is not clearly stated. If this relates to a real situation,, you need to talk to the financial institution and/or to a lawyer.

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