Withdraw CD funds early

What you will learn

✅ How to request early withdrawal

✅ How to etermine how much to withdraw from the account after the penalty fee is deducted

This tutorial assumes you have a knowledge of APIs and how they work. For more information on sending API calls, see API basics.

Learn more about CDs.

The tutorial uses these endpoints:

API	Description
POST /core/v1/dda/accounts/{accountNumber}/time-deposit/early-withdraw	This endpoint requests early withdrawal from a time deposit account
GET /core/v1/accounts/{accountNumber}	This endpoint queries a specific account for information about it

Before you begin

Make sure you have:

API credentials

Account number

Registered for the following webhook event:

Webhook	Description
Core.TimeDeposit.Withdrawn	Shows information about the account the early withdrawal request was made to

Request time deposit early withdrawal

Before an account holder can actually withdraw funds from a time account that hasn't reached maturity, you have to make a request (for the account holder) to make that early withdrawal.

In the request you also indicate if the withdrawal will trigger a penalty fee or not. Cross River charges a penalty fee for early withdrawal, although in some cases it can be waived. For example, Cross River time deposit accounts have no provisions for partial withdrawals. However, in certain circumstances, an account holder can be allowed to make an early withdrawal of the money in the account without penalty, which is similar to a partial withdrawal.

Note that a request for early withdrawal does not remove funds from the account. That is a separate call.

In this tutorial, you will request an early withdrawal with a penalty fee.

To request early withdrawal

Call POST /v1/dda/accounts/{accountNumber}/time-deposit/early-withdraw. For this call, some/all attributes are required. Set the waivePenaltyFee attribute to false.

): https://sandbox.crbcos.com/core/v1/dda/accounts/2434508988/time-deposit/early-withdraw
{
  "waivePenaltyFee": false
}

A successful API call returns a JSON response with the details of account, including the total funds to be withdrawn and the amount of penalty fee charged. In our example, the total deposit amount is 1,000,000.00. The penalty fee amount is 4,109.59.

{
  "timeDeposit": {
    "masterAccountNumber": "2434508988",
    "status": "EarlyWithdrawal",
    "minFundingAmount": 50000000,
    "maxFundingAmount": 1000000000,
    "autoClose": true,
    "allowBumpUp": true,
    "waivePenaltyFee": false,
    "fundingDays": 2,
    "gracePeriodDays": 2,
    "currentRate": 0,
    "maturityMonths": 12,
    "rates": [
      {
        "months": 6,
        "rate": 5
      },
      {
        "months": 6,
        "rate": 2.5
      }
    ],
    "penalties": [
      {
        "months": 3,
        "feeDays": 30
      },
      {
        "months": 9,
        "feeDays": 90
      }
    ],
    "fundingExpDate": "2023-01-17T00:00:00-05:00",
    "fundingDate": "2023-01-12T00:00:00-05:00",
    "startDate": "2023-01-12T00:00:00-05:00",
    "depositAmount": 100000000,
    "depositCurrency": "usd",
    "maturityDate": "2024-01-11T00:00:00-05:00",
    "earlyWithdrawnAt": "2023-03-08T09:57:00.005123-05:00",
    "rolloverDate": "2024-01-16T00:00:00-05:00",
    "createdAt": "2023-01-12T16:45:45.96-05:00",
    "productId": "3c4e1c34-3544-4236-93a5-af110157167c",
    "partnerId": "1e5d3f04-ae24-4af6-9e30-aecf012b99dd",
    "lastModifiedAt": "2023-03-08T09:57:00.0208451-05:00"
  },
  "penaltyAccountNumber": "20020020028",
  "penaltyFeeAmount": 410959
}

To see amount available

Call GET /core/v1/accounts/{accountNumber} to see the balance that remains in the account after deducting the penalty. This is the sum you will withdraw. You must transfer the entire amount. Transfer the funds as you would any money transfer.

Withdrawal of the funds triggers the Core.TimeDeposit.Withdrawn webhook event.

{
  "id": "90cef2a8-f3e1-41ff-9394-afbf00f8a406",
  "eventName": "Core.TimeDeposit.Withdrawn",
  "status": "Pending",
  "partnerId": "1e5d3f04-ae24-4af6-9e30-aecf012b99dd",
  "createdAt": "2023-03-08T10:05:16.423-05:00",
  "resources": [
    "core/v1/dda/accounts/2434508988/time-deposit"
  ],
  "details": [
    {
      "masterAccountNumber": "2434508988",
      "status": "EarlyWithdrawal",
      "depositAmount": "100023362",
      "maturityDate": "3/14/2023",
      "rolloverDate": "3/19/2023",
      "currentRate": "0.0"
    }
  ]
}