- How is interest calculated on a Certificate of Deposit?
- Is there a penalty for early withdrawal?
- Can I receive interest disbursements from my Certificate of Deposit?
- Does Marlin accept personal CDs?
- What type of documents do I need to open a business CD account?
- What type of documents do I need to open a personal CD account?
- How do I open a CD?
- How do I submit my required documents?
- How do I fund my CD?
- Will my Marlin Business Bank CD be FDIC insured?
- Are there any fees to open or maintain an account?
- How do I know when my CD is open?
- Can I add money to my CD once it has been opened?
- What happens to my account when my CD matures?
- Will Marlin Business Bank remind me of the maturity date on my CD?
How is interest calculated on a Certificate of Deposit?
Interest on your CD is compounded daily. Interest will be paid by ACH credit to your checking account.
Is there a penalty for early withdrawal?
As with any CD, there is a penalty for withdrawal of principal prior to the maturity date.
The penalty will be the greater of half of the interest that would be earned for the term of the certificate of deposit on the amount withdrawn, or seven days’ interest.
What are the interest disbursements for my Certificate of Deposit?
Interest on CDs is paid at the earlier of renewal, annually or at account closing.
Does Marlin accept personal CDs?
Yes. Marlin Business Bank has recently started accepting personal CDs as well as business CDs.
What type of documents do I need to open a business CD account?
To open a business CD Account, you’ll need to provide us with certain documentation:
- Corporate Resolution (if applicable)
- Business W-9 Form with tax ID number
- Voided check with the business name preprinted on the check to setup funding and interest payments.
What type of documents do I need to open a personal CD account?
To open a personal CD Account, you’ll need to provide us with certain documentation:
- Government-issued identification
- Voided check with your name preprinted on the check to setup funding and interest payments.
How do I open a CD?
Opening a CD is quick, easy and convenient. Simply visit our website here, then click on the Open An Account Today button. Follow the instructions to open an account online and make sure to have the following documents on hand:
- Social Security Number (for identification purposes)
- Driver’s license or other valid state or military picture identification
- Your existing business checking account information and routing number to setup funding and interest payments
- Business Tax ID number (for business CDs)
How do I submit my required documents?
Once you have completed your deposit account online, you have 60 calendar days to provide us with a few required documents before your account can be approved. You must deliver the required documents via Fax (1-856-813-2879), email them to email@example.com or upload the documents as instructed during the application to complete the account opening process.
How do I fund my CD?
Funding your Marlin Business Bank CD is easy. Marlin prefers ACH, but check and wire information is included below if you cannot do an ACH. Please contact us with questions at (856-505-4116)
ACH Transfer – One of the easier ways to fund your CD. Electronically transfer your funds by supplying your bank’s routing number and your account number during the application process. Just have a bank check handy when signing up.
Check – You can fund your account by check, just mail it to:
Marlin Business Bank
ATTN: Deposit Services
2795 E. Cottonwood Pkwy
Salt Lake City, UT 84121
Wire – You can elect to wire money to fund your Marlin Business Bank CD. Just use the information below:
|Bank Name:||Wells Fargo, NA|
|Bank Address:||255 2nd Ave South
Minneapolis, MN 55479
Bank Tel: 800-745-2426
|Beneficiary Account #:||Credit: Marlin Business Bank
|Additional Instructions:||For the benefit of (credit to):
Will my Marlin Business Bank CD be FDIC insured?
You can have peace of mind knowing that your deposit is FDIC insured up to the maximum allowable limit. Generally, the coverage limit is $250,000 per depositor, per FDIC-insured bank, per ownership category. For further information on our FDIC insurance, visit www.fdic.gov.
Are there any fees to open or maintain an account?
No. Marlin Business Bank does not charge opening or maintenance fees. The only fee would be related to an early withdrawal penalty. See question above on penalty for early withdrawal.
How do I know when my CD is open?
You’ll receive an email with your Customer Number, which you will need to access your account, and the Account Number on the last page of the account opening process. Once we receive all required documentation from you and your account is funded, your CD will be officially opened.
Can I add money to my CD once it has been opened?
While you can’t add money to an existing CD, you can open additional CDs at any time.
What happens to my account when my CD matures?
Marlin Business Bank will notify you via email that your CD is scheduled to mature. For your convenience, your CD will automatically renew for the same term as the original term at Marlin Business Bank’s posted rates on the date of your renewal. If you do not want your Marlin Business Bank CD to renew automatically, you should notify us prior to the maturity date of the CD by calling us at 856-505-4116 or emailing us at firstname.lastname@example.org.
Will Marlin Business Bank remind me of the maturity date on my CD?
Yes, we will send you a notice prior to maturity.