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Will I have to pay a fee or penalty if I need to withdraw funds from my certificate of deposit to pay expenses related to COVID-19?

Contact your bank to explain your specific situation and to discuss possible waiver of fees or penalties for withdrawals related to COVID-19. The OCC is encouraging banks to take steps to meet the financial service needs of customers adversely affected by COVID-19-related issues, including waiving certain fees, such as early withdrawal penalties on time deposits. Banks, however, are not required to waive fees.

Last Reviewed: April 2021

Please note: The terms "bank" and "banks" used in these answers generally refer to national banks, federal savings associations, and federal branches or agencies of foreign banking organizations that are regulated by the Office of the Comptroller of the Currency (OCC). Find out if the OCC regulates your bank. Information provided on should not be construed as legal advice or a legal opinion of the OCC.

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