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I just opened a new CD today and it told me I have 10 days to fund the account. I think the specific wording said "within 10 days." I'd like to know how these days are counted as I am unsure if any of the following concerns apply:

1) Are these calendar days or business days so the weekend and holidays don't count.

2) Does today (5/22) count putting day 10, assuming 10 calendar days, at 5/31 or is tomorrow the first day with day 10 being 6/1?

3) By saying "within", could the account be funded on the final day?

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    What does it mean to "open a new CD" and then have ten days to fund it? If it is a one-year CD with today's date on it, does it mature a year from now yesterday? And if you have ten days to "fund the account" does the bank give you up to ten days of interest for free, and return your money plus interest a year from yesterday when the CD matures? Or is the maturity date fixed to be a year from yesterday, and you get interest from the day you funded the account till maturity?
    – Dilip Sarwate
    May 23 '12 at 1:44
  • All great additional questions! I'm starting to realize us laypeople are really at a disadvantage when it comes to the subtle nuances and intricacies of exactly how banking works.
    – Aaron
    May 23 '12 at 13:31
  • So what you did was not "open a CD account" but get a rate quote from your bank: "We will accept a deposit from you (and issue you a Certificate of Deposit) for a period of n months/years at interest rate x% compounded quarterly/monthly? if you send us at least $Y within the next 9 calendar days." So (say) a one-year CD will be issued on the day that your bank receives your deposit and will mature a year later, not as of the date you "opened a CD account" and to mature a year from then.
    – Dilip Sarwate
    May 24 '12 at 1:40
  • Yes I suppose that's exactly what happens from the bank's point of view. They just use simpler terminology for users since, with the exception of this case, we'll treat opening it and funding it as the same action and don't normally see or process the additional time bound quote phase.
    – Aaron
    May 24 '12 at 16:04
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If the wording is "within 10 days" then its 10 days. Calendar days. Otherwise they would put "10 business days", for example.

Usually, if you need to do something within 10 days from today, the first day to count is today.

I would expect "within" to mean that you can fund in any of the days up to the 10th. But that's me, trying to read English as English.

Why don't you call the bank and ask them?

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  • +1 for "ask the bank" as @JoeTaxpayer says, but -1 for not including "before 5/31" which would have been really sage advice!! :-) But I still don't understand the premise of "opening a CD" without funding it. Normally, a Certificate of Deposit used to be an actual piece of paper with curlicue borders in the good old days that said that Aaron Doe had $1000 on deposit at Third Fifth Bank earning interest at x% compounded quarterly etc. Nowadays it may be bits in the bank's computers, but how does one get the bank to issue a CD without actually depositing the funds with the bank?
    – Dilip Sarwate
    May 23 '12 at 11:30
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    I have experienced a delay when I can open the CD via the website on a weekend, but the bank/credit union doesn't move the funds from savings until the next business day. Another reason for the 10 day window is because when you open a CD at one institution, but the funds are at another institution. The 2nd bank needs an account number to execute the transfer. This can be very important when dealing with retirement funds.
    – mhoran_psprep
    May 23 '12 at 12:31
  • I sent an email to the bank this morning and will post the result as soon as I get it. I figured this would be a good question for stack exchange since it deals with specific information you just don't think about or know too much about in everyday banking. Only because I'm trying to determine where to move the funds from did this 10 days all of a sudden become important/interesting.
    – Aaron
    May 23 '12 at 13:33
  • This is what I just got back: The first 10 days, referred to as our best rate guarantee time frame, begins with the opening date and continues for 9 additional day. Not business days, but calendar days.
    – Aaron
    May 24 '12 at 0:29

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