Chelsea State Bank

Went to the bank with both my children to withdraw their CD’s. They both had 5 year CD’s that had already auto renewed. The original CD had a 3 month interest penalty for early withdrawal. The bank charged them a one year withdrawal penalty based on the renewed CD interest. I showed the bank officer the renewal notice I got where the only thing they mentioned that changed was the interest rate not the early withdraw penalty. The bank officer showed me a ¼ slip of paper she said was attached to the notice I received that says the renewal would be at a one year penalty, this so called ¼ slip of paper was never attached to my renewal notice. I was told by the bank officer they had to enforce this because a federal regulation requires a 1 year penalty. My wife has 5 year CD’s in other banks that auto renewed at the same 3 month early withdrawal penalty so what she said was false. Research some info on line and found it’s up to the bank to determine this early withdrawal penalty not the federal government. My kids got taken advantage of by this bank by charging them 1 year’s interest instead of 3 months. .