If you take money out of a CD early, what is the penalty?

ANSWER

The BIDaWIZ Team's Answer:

CD early withdrawal penalties are dictated by the bank contract that you

signed when you established the CD with the bank. Different banks

provide for different types of early withdrawal penalties, and for exceptions

to the penalties. Also, note that the early withdrawal penalty is a tax deductible

item, on your tax return, for the year in which the penalty is assessed.