However, your personal attorney can provide you with a General Power of Attorney form, which may cover many types of assets and transactions. As a convenience, Bank of America customers, in most states, may establish a Limited Power of Attorney for banking transactions by contacting your local financial center. You should not execute a power of attorney unless you have complete faith in your designated Attorney-in Fact (Agent). From a financial perspective, your designated Attorney-in-fact (also known as Agent) would be able to act on your behalf in situations such as filing taxes, selling property, refinancing a mortgage or cashing checks. See Deposit Agreement and Disclosures and Deposit Rate Sheet for more detail about the penalty calculation.Įxecuting a Power of Attorney (POA) document is important for a wide range of reasons. If your account has not earned enough interest to cover an early withdrawal penalty, we deduct any interest first and take the remainder of the penalty from your principal. For complete information about early withdrawals, please refer to page 10 of the Deposit Agreement and Disclosures document.įor the Flexible CD, a penalty of 7 days interest will be imposed for early withdrawals within the first 6 days of the account term (or within the first 6 days following any partial withdrawal during the initial or any renewal term). In addition to these penalties, you will also pay the amount of any cash bonuses you received when you opened or reinvested the account. For CDs with terms of 60 months or longer: 365 days of interest on the amount withdrawn. For CDs with terms of 12-60 months: 180 days of interest on the amount withdrawn.
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