I was about to close my IRA CD at Bank of America due to low rates. I was offered an especial term & rate by one representative. I could not find those terms on their web site. I contacted the bank again; it was confirmed by another representative. She assured me that the system will generate the disclosure after I opened the account.
Since then it is a nightmare to get the terms. Each time I call I get a new rule.
This is about a 10 year IRA CD for those who are 59 ½ years old.
First three representatives told me I can change the term of CD, withdraw, close, and transfer to another institution any time.
Fourth representatives told me; I can make changes once every 12 month. Then she explained if I choose to change the term in a month then I have to wait for 12 months to make any other change.
The 5th representatives who claimed to be an IRA specialist told me I was given the wrong information by other representatives. He told me that I cannot change the terms before 12 months & I will only be allowed to change the terms once. He also explained to me by following example.
“Suppose you change the CD term to a 3 year CD from a 10 year CD. You will not be allowed to make any changes before CD’s maturity”. He also said Bank of America will never send the disclosure in writing.
Can anyone help me to understand for my peace of mind?