Changing CD Account Type
When I set up my CD Account 6 months ago, I chose the Account Type as "Other Investments." Is there a way to reclassify it as "Checking"? Thanks for your help!
Best Answer
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There isn't any possible way to move investment account transactions to a checking account. I would also point out that some financial institutions treat a CD as a savings account. Basically, banks treat them as individual savings accounts, and brokers treat them as a security in an investment account. I have two CDs at Synchrony, and they are treated as a savings account, and I can even download the transactions, which are basically the original deposit (which I changed to a transfer from the funding account) and the month interest payments.
And there isn't any possible way to change an investment account to a checking account.
You will have to recreate the account from scratch and put in whatever transactions you need (manually, which it what I assume is how they got into the investment account). Given that all you are going to have in there is the original deposit and then 6 interest payments, that shouldn't be hard to do.
I would suggest Savings instead of Checking as the account type though.
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Answers
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Why? A CD isn't a checking account …. it's an investment.
And, there' no way to change account type. You'd need to create a new account and move all of the transactions to the new account.
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There isn't any possible way to move investment account transactions to a checking account. I would also point out that some financial institutions treat a CD as a savings account. Basically, banks treat them as individual savings accounts, and brokers treat them as a security in an investment account. I have two CDs at Synchrony, and they are treated as a savings account, and I can even download the transactions, which are basically the original deposit (which I changed to a transfer from the funding account) and the month interest payments.
And there isn't any possible way to change an investment account to a checking account.
You will have to recreate the account from scratch and put in whatever transactions you need (manually, which it what I assume is how they got into the investment account). Given that all you are going to have in there is the original deposit and then 6 interest payments, that shouldn't be hard to do.
I would suggest Savings instead of Checking as the account type though.
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Thanks to both of you for your help!!
—Jerry
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