News & Stories

July 2026

What Happens When Your CD Matures?

A time deposit, often referred to as a certificate of deposit (CD), is designed to help customers save with a set term and a stated interest rate. When the account reaches its maturity date, the original term ends and customers have an opportunity to decide what to do next.

What maturity means

A CD matures when it reaches the end of the agreed-upon term. At that point, the funds may become available for renewal, withdrawal, or other account instructions, depending on the account terms.

Approaching Renewal Advice

Hanmi Bank sends customers a notice by mail one month before their CD matures. The notice includes important details such as the maturity date, account balance, and branch contact information, helping customers review their options before the maturity date.

Your 7-day grace period

After maturity, customers have a seven (7) calendar day grace period during which a withdrawal can be made without penalty. This short window is a good time to review savings goals, compare current rates, and decide whether to keep the funds in a time deposit or use them for another purpose.

Automatic renewal may apply

At maturity, certain time deposit accounts automatically renew for a new term at the rate then in effect for accounts of the same type, amount, and duration. The renewal rate may be different from the original rate because rates can change at each renewal period.

What customers can do during the grace period

As your maturity date approaches, you may have several options, including renewal, withdrawal, or moving the fund to another type of deposit account. Speaking with a banker before or during the 7-day grace period can help you review current rates, available terms, and the renewal option that best fits your savings goals. Terms, rates, and renewal options are subject to the account agreement and may vary by account type.

You can withdraw all or part of the available funds without an early withdrawal penalty during the grace period. Unless specifically stated otherwise, any bonus or special promotion being offered will not apply to automatically renewing time deposits.