I have a CD Ira Retirement maturing in Oct. 2017 in NY. I need to take my RMD now and would like to take it from that account as it is the amount exactly to satisfy my 2017 RMD. I live in Florida. I almost had a heart attack at age 76 when they told me they would charge me a PENALTY OF $ 295.00 to remove it before the maturity date. The maturity date should have nothing to do with RMD withdrawals. I asked my Financial Consultant here in FL. and the Bank Mgr. and they both said 'IT IS AGAINST THE LAW TO CHARGE A PENALTY'. "That it is a FEDERAL LAW". They called me with a conference call and they KEEP INSISTING I WILL PAY $ 295.00 PENALTY TO TAKE MY MONEY NOW. I need the money now. Will file a formal complaint with the Federal Agency who oversees this NY. BANK, but what do you say about this? I am 76 and never had this problem before.
They FED EXed a bunch of old statements to me going back 6 years. don't know why. I mailed them filled out and signed the form they told me was pertinent and they never got it. I have a 50 year relationship with them, which has gone sour with them. HOW DO I GET MY MONEY?

Here's an article that explains it:

https://www.fool.com/knowledge-cente...a-certifi.aspx

Note this sentence: "However, if you begin taking required minimum distributions from your IRA at age 70.5, which the IRS mandates, and those distributions result in an early cash-out of a CD, some banks may waive the associated early withdrawal penalty." I infer this means that there's no law mandating the fee be waived, and so some banks don't waive it. Why not wait till the CD matures in October to cash it out? You have until December to take your RMD for calendar year 2017. Alternatively do you have other investments you can use for the RMD?