I received this from SCOTTRADE regarding a callable CD - has anyone heard of this -

Sounds that if the rate is below market - your CD will not be called, but if the predetermined rate is above market, say goodbye to the CD.

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Dear Scottrade Customers:

Scottrade is pleased to announce the addition
of “Callable Step-Up CDs” to its offering of Bullet,
Secondary, Callable, and Zero-Coupon CDs!

Step-Up CDs offer investors a higher yield and more
protection in a rising interest rate environment than
fixed-rate CDs. Step-Ups have a predetermined
schedule of coupon rates that increase over a
specified period of time. In return for a higher
yield, issuers have the right to call the CD
according to a predetermined call schedule. This
could subject the investor to reinvestment risk.

All CDs at Scottrade carry FDIC insurance and contain
an “Estate Feature”. This allows the estate of the
beneficial holder to return the CD to the issuer at
par in the event of the beneficial owner's death.