Is there a penalty for early withdrawal?
Yes, as with any CD, there is a penalty for withdrawal prior to the maturity date. The early withdrawal penalty for an AmTrust Direct CD is as follows, depending on the term:
- 11 months or less is three (3) months of interest
- 12 – 23 months is six (6) months of interest
- 24 – 47 months is nine (9) months of interest
- 48 months or more is twelve (12) months of interest
The early withdrawal penalty is assessed regardless of when, prior to maturity, you make a withdrawal. Depending on how early you redeem an AmTrust Direct CD, the resulting penalty may be greater than the interest that has been earned on the deposit.
Back to Top How is interest accrued on an AmTrustDirect.com CD?
Interest Compounding/Payment Frequency:
- 3 - 5 month term: Compounds daily / paid at maturity
- 6 - 120 month term: Compounds daily / paid semi-annually
Interest begins to accrue on the business day the CD is opened. If the CD request is received after 8:00 p.m. Eastern Time on a business day, Saturday, Sunday or Federal holiday the CD will be opened and interest will accrue as of the next business day. Our business days are Monday through Friday, excluding Federal holidays.
If a check is sent to open the CD, the CD will be opened and interest will accrue on the business day the check is received. Note: If you choose to mail us a check to provide the funds to open your CD, the opening could be delayed up to 10 business days or more due to mailing delays beyond our control.
You will not receive a statement. If you chose to have the interest accrue to the CD, information for the CD will be provided when we mail a pre-renewal notice approximately 30 days prior to the CD maturity date. You may obtain CD information over the phone by calling our Customer Contact Center 24/7 at (888) 696-4444 or en español at (888) 696-4443.
Whenever you like, you can view your CD information online at
www.AmTrustDirect.com. Just login directly from our homepage to view your account. If you forgot your user ID or password, call our Customer Contact Center 24/7 at (888) 696-4444 or en español at (888) 696-4443.
Yes, we will send you a notice approximately 30 days prior to maturity, including information on how to renew. Then, as owner of the CD, you can do nothing and your CD will rollover at the same term into our current high rate. Or, to change your term, visit us online at
www.AmTrustDirect.com. Click on the Renew Your CD button on our homepage and follow the instructions..
If you do not provide instructions before the grace period ends, your AmTrust Direct CD (including accrued interest) will rollover at the same term into our current high rate. You may still redeem your CD, or change the amount or term, within 7 calendar days after the maturity date without penalty. After the 7 day grace period, a penalty will be assessed for early withdrawal. If the 7th day of the grace period falls on a weekend or holiday, you will be required to provide maturity instructions by 8:00 p.m. Eastern Time on the immediately preceding business day. Our business days are Monday through Friday, excluding Federal holidays.
Back to TopWhat are my options if I want to close my CD during the grace period?
To close your CD during the grace period you must mail a request in writing that is postmarked by the last day of the grace period that includes your name, account number, current term, amount of the CD, and your instructions for closing the CD to: AmTrust Bank, P.O. Box 94647, Cleveland, Ohio 44101-4647. The bank will then mail you an official check in the amount of your CD.
Back to TopCan I add money to my CD once it has been opened?
Yes, you may add money or change the term or rate of your CD account for up to seven (7) days after maturity without penalty. We mail a CD pre-renewal notice to you with instructions for renewal, about 30 days before your CD maturity date. If you do not take action by the last day of the grace period, your CD will automatically renew, at the standard rate that applies to the term of your CD.
When renewing your CD online, your new CD will renew with the same interest disbursement frequency and method as your expiring CD. Any addition to or withdrawal from a CD must be done by submitting a written request postmarked by the last day of the grace period, that includes your name, account number, current term, amount of the CD, and your instructions for either re-investing full or partial funds to: AmTrust Bank, P.O. Box 94647, Cleveland, Ohio 44101-4647. For additions to your CD account, please enclose a check made payable to AmTrust Bank in the amount you would like added to your account. You may not see the additional funds reflected in the CD balance for up to 10 business days, due to mailing delays that are beyond our control. However, the interest earned on the CD will assume the additional funds were deposited on the first day of the new term for the renewed CD, so there will be no loss of earned interest if additional funds are mailed to us.
Online renewals made on a non-business day or after 8:00 p.m. Eastern Time on a business day, Saturday, Sunday or Federal holiday will be effective on the next business day. If a grace period ends on a Saturday, Sunday or holiday, renewals, deposits or withdrawals must be made on or by the business day immediately preceding the end of the grace period. Our business days are Monday through Friday, excluding holidays.
Back to TopCan I receive interest disbursements from my AmTrust Direct CD?
Yes, for CD balances over $5,000, you can choose to receive interest disbursements on a monthly or semi-annual basis (on the anniversary date of the account opening). Interest disbursements can be posted to an AmTrust Bank checking or savings account, or mailed to you by check (there is a $2.50 fee to receive interest disbursements by check).
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