Certificates of Deposit FAQs
Find the answers to your most frequently asked questions about our online Certificates of Deposit accounts
What do I need to open an account?
To open an account, you will need:
- A valid form of ID (Driver’s license, state ID, passport)
- Your social security number
- Current residential address
- Your email address
- Your routing number & account number of funding source account OR
- Your online login credentials of the funding source account AND
- Must be at least 18 years of age
What is the minimum balance requirement to open an online CD account?
The minimum balance requirement to open an online CD account is $1,000.
How do I fund my CD account?
During account opening, you will be required to fund your account through 1 of 2 methods. Some banks can be accessed through Plaid, a data transfer network, by inputting your online banking login credentials. The other option is to provide the routing number & account number of the funding source account. This transfer will take place upon account approval. Please ensure sufficient funds are available in the funding account prior to submitting your application. There is no fee to transfer funds.
How long does it take to open my account?
Your completed application will be reviewed in 1 to 2 business days. We’ll send you an email to the email address you provide letting you know the status or if additional information is needed.
What is the penalty for early withdrawal?
If your account has an original maturity of less than 24 months, a penalty equal to three (3) months interest will be charged to your account.
If your account has an original maturity of 24 months or more, a penalty equal to six (6) months interest will be charged to your account.
Note: You can withdraw interest any time during the term after it is credited to your account without penalty. The APY on all certificates assumes that principal and interest will remain on deposit until maturity.
How do I receive my account opening documents?
As part of your online application, you will be asked to give consent to receive certain account opening documents and notices from us electronically. Upon account approval, the disclosures will be emailed to the email address you provide.
I entered incorrect information in my application (name, address, SSN, etc.). What should I do?
If you have applied and you believe you provided incorrect information, please call us at 888-855-7778 for assistance. Customer service hours are Monday-Friday 9:00am to 8:00pm ET.
Can I add a joint owner to my online CD account?
Yes. After you complete the account opening process in your name, you can add one joint owner by following the steps below.
- Visit http://open.forbrightbank.com
- Once you enter your email address, and enter the code that is sent for authentication, your accounts that have been previously opened online will appear. Click on the arrow at the right for the account you wish to add a joint owner.
- Click Set Up.
- In the Get More Out of Your Account section, select Add Joint Owner and provide the email address of the potential joint owner. Click Invite.
- Once the invite is sent, customers can see any pending invites from the Account page. Click the Edit button to cancel or resend the invitation.
- The joint owner will receive an email to submit their own application.
- Once the joint owner submits their information and the application is approved, the new joint owner will receive an email indicating that they’ve been added to the primary account owner’s account. The joint owner will receive a copy of the account disclosures by email.
The only way to add more than one joint owner to your online CD account is to visit one of our branches with proper identification along with the joint owner to be added.
Can I open an online CD account in the name of my trust?
Yes, an online CD account can be opened in the name of your trust if all the following applies:
- You are both the grantor and the trustee
- It is a revocable trust
- Your social security number is the tax ID for your trust
- The trust has no more than two trustees
- If two trustees, they have the authority to act independently
To begin, follow the steps to open the CD online in your name only. Once that CD is approved, if there is an additional trustee, add that person following the steps outlined in question 8 to add a joint owner. After both trustees have been added, please contact customer service at 888-855-7778 or email@example.com to request an update to the account.
Do not send your trust document via unsecure email. Instead, wait for customer service to reply to your request. Then, you’ll be able to securely email your documentation to us to support your request.
Once received, the title of the account will be updated to reflect the name and date of the trust and our system will be updated to change the owners to trustees. We will also send a trustee certification form to be e-signed via DocuSign. Customer service hours are Monday-Friday 9:00am to 8:00pm ET.
How do I add a beneficiary to my online CD account?
Once your online CD account has been opened successfully, you can request to add beneficiary information to your account by following the steps below:
- Visit our website at http://open.forbrightbank.com/login/
- Once you enter your email address, and input the code that is sent for authentication, your accounts that have been previously opened online will appear. Click on the arrow at the right for the account you wish to add a beneficiary.
- Click Set Up.
- In the Get More Out of Your Account section, select Beneficiary.
- Provide your beneficiary’s information, and then click Add Beneficiary.
- We will review the request from there and will confirm once the request is complete or contact you if additional information is needed.
How and when will the funds be transferred into my new online CD account?
Upon your completion of the online application, and our review and approval, the funds will be drafted by ACH transfer. This could happen as soon as the same business day. Therefore, please make sure the funds are available at the other institution prior to completing your application. There is no fee for the transfer.
How do I enroll in online banking?
You may either click here or click on the link within the Welcome email that you received after the account was successfully opened.
When enrolling please be sure to click the radio button for the account type of Certificate of Deposit and then follow the instructions.
What if I changed my mind and wish to close my online CD account?
Interest will begin to accrue on your new Forbright Bank account upon receipt of the initial deposit, however, the initial deposit will be held for 45 calendar days. Should you request to close your new Forbright Bank account within this timeframe, the initial deposit plus any accrued interest will not be returned until after 45 calendar days.
How do I withdraw or cancel my application?
If the account has not yet been completed and opened, follow these steps:
- Open the email you received asking you to finish opening the new account. Click the Finish Application button.
- Select your name in the top right-hand corner. Then select Applications.
- Click on the application you wish to cancel. You will be asked to confirm your request. Upon doing so, your application will be cancelled.
If I choose not to renew my online CD account at the end of the term, how will the funds be returned to me?
If you choose not to renew your online CD account, your funds will be returned to you via ACH. To receive your funds, you will be asked to provide us with the following information:
a) Bank Name,
b) Bank Routing and Transit Number,
c) Bank Account Number,
d) Account Type.
Once we are in receipt of this information an ACH payment will be transmitted to your bank within 2 business days. There is no fee for the transfer.
How do I change the account title after the account is opened?
Please contact customer service at 888-855-7778. Customer service hours are Monday-Friday 9:00am to 8:00pm ET. You will be asked to securely provide documentation to support the request.
Can I open an account for my business?
CDs can be opened only for individuals online. Business CDs may be opened by visiting a branch.
Can I open the CD as an Individual Retirement Account (IRA)?
IRAs cannot be opened online. IRAs may be opened by visiting a branch. Please note that interest rates for IRAs are not the same as CD rates. Please view our deposit rates here.
How is interest compounded and credited on online CDs?
Interest is compounded daily and credited to the account monthly. If you would like to have interest mailed by check or sent by ACH monthly, please contact customer service after the account is opened. The APY on all certificates assumes that principal and interest will remain on deposit until maturity.
Are there any fees on the 12-month CD?
No. For an account held to maturity, you will earn the full interest rate without any fees. No fee for a deposit transfer. No opening fee. No maintenance fee.
The only potential penalty associated with the 12-month CD occurs if you withdraw the deposit early, then a penalty equal to three (3) months interest will be charged to your account.
You can withdraw interest any time during the term after it is credited to your account without penalty. The APY assumes that principal and interest will remain on deposit until maturity.
Didn’t see what you’re looking for?
Our customer service team is here to help. Get in touch with our team, available Monday through Friday, 9am-8pm ET.