Clients can make partial withdrawals from their certificates of deposit (CD) on the maturity date or during the grace period without penalty. Any other time requires the approval of an officer or Manager and incurs penalties. 

You can waive penalties after seven days from the date of the deposit due to the following reasons (do not waive them for any other reason):

• The client is deceased
• The client has been declared incompetent
• The CD is an IRA 
• The CD is closed during the 10-day grace period

Client can requests to change a CD term and/or rate, follow these procedures first, then process the partial withdrawal transaction as listed below:

1. Identify clients using one of the following:
   • Clients in Person
   • Identify Clients over the Phone
2. Verify that the client is an authorized signer and owner on the account.
3. In Xperience > Customer & Account Inquiry. 
4. Search for the client using account number, name, CIF, or Tax ID. 
5. View the current balance field in Xperience to assure funds are available for the partial withdrawal amount requested by the client.
6. If funds are not available, then stop processing the transaction. Otherwise, continue.
7. In Xperience > Silverlake > Time Deposit Menu > Enter/Update Time Deposit Partial Withdrawal.
8. Enter the client CIF, name, account number, or TIN.
9. Click OK.
10. In the Transaction Details section, enter your 4-digit associate number in the Batch Number field.
11. In the Settlement Details section:
    1. Click the ellipsis  to select the appropriate withdrawal reason code.
    2. Click Select.
    3. If the client wishes to deposit the partial withdrawal to an existing CCB account, enter the Deposit to Account Number and Deposit to Account Type accordingly.
12. In the Withdrawal Date field, enter the date of funds withdrawal.
13. In the Principal Amount field enter the amount of the partial withdrawal.
14. Clients can choose Fixed Federal Withholding and/or Fixed State Withholding.  Choose the appropriate check box and enter the withholding amount(s) accordingly.
15. From the Interestdrop-down menu, choose from the available options.
    1. Enter No if interest is in a pending interest payment status. This prevents the client from receiving the interest twice.
16. In the Penalty field, type P.
17. If the withdrawal is made within the first six days after the deposit, charge a penalty. You cannot waive this penalty. 
    1. Click Adjust Principal if the client wants the penalty charged against the remaining certificate balance. The net settlement changes to the amount of withdrawal requested by the client.
18. You can waive penalties after seven days from the date of the deposit due to the following reasons (do not waive them for any other reason):
    • The client is deceased
    • The client has been declared incompetent
    • The CD is an IRA 
    • The CD is closed during the 10-day grace period
19. If you waive the penalty or penalties, indicate the reason on the GL ticket and image the appropriate documentation (for example: death certificate) to the account.
20. The net settlement is the amount due to the client minus the penalty.
21. Before processing the transaction, verify the amount of the partial withdrawal. 
22. To pay the net settlement amount to the client, on the Partial Withdrawal screen, click Post Transaction.
23. If a partial withdrawal is processed in error, complete the corrections the same day that the original transaction was processed.
24. See Partial Withdrawal Payout Options.