The bank also has the right to delay withdrawals from the bank for security reasons. Remember to ask you bank for their reasons, and more often than not, they will oblige these types of questions. More often than not, they delay withdrawals depending on the type of withdrawal and if it would risk them a bank run. This all depends on their definition of what is a certificate of deposit and what their conditions are.
Different types of withdrawals will have different restrictions and terms, like withdrawal of if principal deposit, withdrawal of interest and early withdrawal. Usually, the withdrawal of principal deposit would entail the closure of your certificate of deposit while the withdrawal of interest will have to be calculated which months are inclusive for the withdrawal from the account. However, premature withdrawal from your certificate of deposit will cost you a penalty form the bank, which can be a deduction of interest or the bank’s cost of having the money, replaced.
It is the bank’s obligation, however, to inform the holder of the certificate of deposit account about the automatic rollover at the maturity of your certificate of deposit. However, some banks don’t do this so it’s best that you more of what is a certificate of deposit automatic rollover so you know what to expect at maturity date.