Certificates of deposit are time deposit accounts and when a CD matures it enters a grace period during which you can close the account. In the past, CD account holders received an actual certificate when they opened the account and you had to present the certificate when you redeemed the CD. However, banks no longer issues certificates; you just need a valid form of identification to redeem your CD. You can take your CD proceeds in the form of a check or cash or have the funds electronically deposited into another account.
Review your CD time deposit agreement to see when your account matures and the length of the grace period. Typically, the grace period lasts for up to 10 days, but some banks have shorter grace periods. If you cannot find your agreement, call the bank to find out when the CD matures and the redemption deadline. If you do not redeem it within the grace period, a new CD term begins.
Go to the bank and show an account representative your time deposit agreement and a form of government issued ID, such as your driver's license or passport. Instruct the account representative to close the CD. Tell the banker whether you want the proceeds as cash, in a check or transferred to another account.
Check your withdrawal receipt and compare your cash or official check with the receipt to ensure that the banker gave you the correct amount of money. Keep your copy of the time deposit agreement for your records along with the withdrawal receipt.
