How/when are you measuring the termination voltage? This must be done while it is discharging, not after it has finished (since the cell voltage quickly rebounds immediately after the discharge ends).
I kept an eye on the charger the last few times. When the mA dropped to 0 for li-ion, the voltage would be about 3.4-3.5. Within a few hours, it would rise up to 3.5-3.6. But this is no where near the 2.8v spec of the charger (unprotected 14500). I do not have any unprotected 18650's to try this with, but I see a similar pattern with NiMH cells as well.