Archive for December, 2007
Certificate Of Deposit Maturity Date
December 31st, 2007
Question: Can someone help with this accounting problem?
a certificate of deposit will often result in a penalty for withdrawing fund before the maturity date. if the penalty involves 2 months of interest, what would be the amount for early withdrawal on a 20, 000.00, 6 percent CD?
Answer: Penalty would be 20,000 x .06 x 2/12 = $200
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Certificate Of Deposit Limits
December 10th, 2007
Question: HELP! Can certificate of deposit be garnished?!?!?
hello, i am being sued for a car accident that is more than my policy limits.
I was wondering if the insurance company fails to settle it within limits, can they take away the CD?
it’s under me and my parents’ name. Since it’s joint, can they still claim it??
Please advice!
That’s the only savings I have since i just started working1
Answer: If they win they can come after any of your assets and garnish your wages. I don’t know how much limits you carry, but most Americans do not carry enough. Personally I carry $250,000 per person $500,000 per accident plus a $2,000,000 umbrella on top of that. Anybody who doesn’t carry at least $500,000 in total limits per person is setting themselves up to be in a situation you are in. All one needs to do is watch the news and see some of these silly jury awards for millions for what appears to be minor injuries. Carry more limits, not the state mandated minimum. The extra cost is minimal.
By the way, what K.C. is suggesting (hiding your money) can be considered fraud. Be careful with that.
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