I went to my bank to cash out a one-year certificate of deposit 14 days after it matured, and I was penalized because I showed up late to request the money. Unfortunately, it happens all the time.
Banks typically roll over certificates of deposit into new ones on the day they mature.
If you cash in the CD more than 10 days later, you're charged a penalty for early withdrawal unless you wait until the new certificate matures. For example, 1st Source Bank sends out renewal notices for each CD about two weeks before it matures. To cash it in, you must sign the certificate and deliver or mail it to the bank. If it's postmarked within 10 days of maturity, you'll get the full principal and interest on the CD as if it hadn't rolled over. The Kiplinger Washington Editors, Inc.