From a bank portfolio print-out, I see a CD listed:
5 Year CD Opened: 3/24/2015 Term: 120 Months Matures: 3/24/2025
What does it mean for a "5 Year CD" have a Term of "120 Months" and to mature after 10 years?
Is this normal? Or is this some kind of typo/error? Why call it a 5 Year CD, if its term is actually 120 Months?
When exactly does this CD actually mature from the owner's perspective? That is, when is the owner expected/allowed to liquify/take his principal + interest with no penalties (assuming no extension/rollover is desired)?