Bank account and CDs

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Member since 07 June 2021

AlisagarNew member09 July 2023 18:10:51

Hi. My temporary residence visa is expiring this month and don’t plan on renewing as my stay usually is less then 3 months. I have a bank account and investment in CD. Will I be able to access my account and withdraw my CD when it matures using my passport or expired cédula.

Regards

cccmedia Ecuador / Colombia Expert

Member since 13 March 2014

cccmediaEcuador / Colombia Expert18 July 2023 03:59:34

10281

Dear Ali,

It's difficult to predict your CD cashout plan

because we don't know when the CD term ends

and we don't know if you will be in Ecuador

at that time.

Your bank or cooperativa is more reliable to

answer your question than us layman Expats.

If I had to guess, I'd say the expired document

you mentioned is unlikely to be honored,

whereas your passport may be helpful in

closing out your account. And I'd say you

may lose accruing interest if you are cashing out

before the scheduled termination date.

If you post again, consider enlightening our

members by stating the name of ther institution

and the rate you are receiving for the CD investment.

Advise the bank well before termination date so they

don't automatically roll over the investment for

an additional term.

If at all possible, plan to withdraw the money while

you are still in Ecuador unless the bank has the

capability to forward or wire the money to you.

cccmedia

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