I thought calendar meant business days!

[HowMayIHelpYouToday]

Note: Even if it HAD said business days, she called at around 11:55p of the last business day.

SC: I hope I'm on time to close my CD before it auto-renews.
Me: I show the expiration date is in December. It already renewed.
SC: Oh but I got the renewal notice and I thought you meant I had X business days to renew.
Me: No, it's calendar days.
SC: Oh but I thought you meant business days.
Me: If it's business days it will specifically note it's business days, but call the CD dept in the morning to see what they can do.
SC: I have the paper right here. See, it says "Your CD will expire in X" ... oh, it says calendar days. ...
Me: ...
SC: ...
Me: ...
SC: But I thought calendar days meant business days.
Me: Try the CD dept in the morning.
SC: But I may be stuck with the CD?
Me: You may. Try the CD dept in the morning.
SC: But I thought calendar days meant business days.

[PepperElf]

damn.

so what does she think they'd use if they didn't mean business days... "calendar calendar days"?

[sirwired]

Gee, I guess it may vary bank to bank, but I always thought that if your CD rolled over and you needed to cancel it, all you lost was all of the interest that accrued since the rollerover as a penalty. (After six months the penalty becomes six months interest.)

I could be wrong, of course... (and likely am wrong, for all I know about finance)

SirWired

[Hobbs]

Compact...disk...?

[Stormraven]

Certificate of Deposit, AIR.

[technical.angel]

A certificate of deposit or CD is a time deposit, a financial product commonly offered to consumers by banks, thrift institutions, and credit unions.

CDs are similar to savings accounts in that they are insured and thus virtually risk-free; they are "money in the bank" (CDs are insured by the FDIC for banks or by the NCUA for credit unions). They are different from savings accounts in that the CD has a specific, fixed term (often three months, six months, or one to five years), and, usually, a fixed interest rate. It is intended that the CD be held until maturity, at which time the money may be withdrawn together with the accrued interest.

In exchange for keeping the money on deposit for the agreed-on term, institutions usually grant higher interest rates than they do on accounts from which money may be withdrawn on demand, although this may not be the case in an inverted yield curve situation. Fixed rates are common, but some institutions offer CDs with various forms of variable rates. For example, in mid-2004, with interest rates expected to rise, many banks and credit unions began to offer CDs with a "bump-up" feature. These allow for a single readjustment of the interest rate, at a time of the consumer's choosing, during the term of the CD. Sometimes, CDs that are indexed to the stock market, the bond market, or other indices are introduced.

Thank you Wiki

[Hobbs]

Certificate of Deposit, AIR.

oh...

well, don't i feel dumb ^///^

[Geek King]

oh...

well, don't i feel dumb ^///^

Naw, just ignorant. Ignorance can be reversed, dumb is forever.

[HowMayIHelpYouToday]

Gee, I guess it may vary bank to bank, but I always thought that if your CD rolled over and you needed to cancel it, all you lost was all of the interest that accrued since the rollerover as a penalty. (After six months the penalty becomes six months interest.)

I could be wrong, of course... (and likely am wrong, for all I know about finance)

SirWired

That's probably true, I remember now reading about it.

Which is why we suggest they call the experts I work after hours, and we know a little bit about a bunch of different departments. When the departments are open during the day, you get people that know a whole lot about one thing So we suggest they try the departments themselves.

[raine_naoe]

oh...

well, don't i feel dumb ^///^

don't, I saw someone top that.

In High School discrete math course we were discussing financial math, calculating interest and the like. We've spent the entire class period working with CDs and part of the last class period, but close to when class lets out one student asks "Why would a bank sell CDs?"
I think a better question would be what would they have to do with discrete math.

[HowMayIHelpYouToday]

I had a customer call me in once:

(in Spanish):

I have a CD... DVD... one of those.

[Aethian]

Kinda off topic but I have an Aunt who has a CD renewing every two weeks and is currently trying to get that to every week. It's her 'retirement'....

[Sandman]

I can't believe nobody has stated on this. If your closure date falls on a holiday in which the bank is closed, you can withdraw on the next business day without any penalty (well at least at my bank I had a CD at)

[Pagan]

Naw, just ignorant. Ignorance can be reversed, dumb is forever.

"Ya can't fix stupid!"

[MadMike]

oh...

well, don't i feel dumb ^///^

Remember, there are no stupid questions. Only stupid people.

Back on topic, my ex once had a meltdown over business days vs. calender days. It was when she opened her first bank account, complete with an ATM card. They told her it would be x business days, which of course to her meant calender days.

I was with her when she tried to use the card, and it wouldn't work. She was raising holy hell about it, it had been that many days, one more day than that, in fact, and she should be able to get her money, the bank's ripping her off, blah blah fucking blah.

We had crossed over a weekend since she opened the account, and I pointed out to her what business days were, and that if she tried it tomorrow it would probably work. I thought that would calm her down, but it had the opposite effect. Now she's screaming at me for "taking the bank's side", I don't know what the hell I'm talking about, etc.

Of course, when she tried it the next day, it worked just like I said it would. I'm not sure if I was able to resist the temptation to say "Told you so."