Is there a fee for closing my account early?
You have two ways to close your credit builder account before the end of the 12-month term. The first option is to pay the full remainder of the loan balance. Please note that the certificate deposit (“CD”) account funds will mature and be available 12-months after the original credit builder account start date. In order to withdraw the funds early from the CD, you will need to pay an “early withdrawal fee” equivalent to 90 days of CD interest.
- $550 credit builder account will incur a fee of $0.14
- $1,100 credit builder account will incur a fee of $0.27
- $2,200 credit builder account will incur a fee of $0.45.
If you have successfully paid at least one full loan payment (as listed in your loan repayment schedule), then there is a second option to close the credit builder account: liquidate the CD, pay an early withdrawal fee, and then use the CD proceeds to pay off the remainder of the loan balance. This option will incur a fee equal to 90 days of CD interest. Therefore, this second option will have the credit builder account “paid out of collateral.”