wells fargo will not redeem our old CDs

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Jul 2, 2018
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#1
greetings
we have 2 20+ year old CDs that were purchased in the 90's by our kids grandma. the original bank has since been taken over by 3 other banks, the last one being wells fargo.

our first attempt to redeem one of them was refused by wells as they stated we have no record of it anywhere. we have the original CDs that had been stored in a safe deposit box since their purchase. we did not redeem them. they were both automatically renewed after five years and that is that last paper trace we have.

a google search has revealed that this issue has arisen before with varying results: some folks succeed in getting the CD redeemed and some did not.

we have looked on the unclaimed property websites and some consumer advocates as well. none of these have given any tangible results.

any ideas out there?
 
Sep 19, 2015
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#2
This is really tough. Most states have laws that require a bank to turn over accounts to the state if there has been no activity or contact with the account holder after a certain period of time — what does your state require (escheatment laws).

How were the accounts named? Is there any chance they were redeemed at any point?
 
Likes: Neil Maley

AMA

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Dec 11, 2014
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#3
Try looking on your State's website for "Unclaimed Property." Sometimes this will be under the secretary of state's office. Search by the grandmother's name as well as your child's name. I know Massachusetts publishes a list once or twice a year for all the abandoned bank accounts and unclaimed tax refunds. If the assets are on that list, you should be able to fill out a claim form of some kind.
 
Feb 17, 2018
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#4
I'm thinking this is something you will need to consult an attorney to find out if the current bank is liable for the CDs, assuming the funds were not turned over to the state.
 
Likes: Neil Maley

Neil Maley

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Dec 27, 2014
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#5
They have most likely been turned over to your states unclaimed property office as abandoned propert IF your parents didn’t redeem them. Most states have to turn these funds over after so much time of non use.

They could have been redeemed without having the original certificates. My wife used to take care of unclaimed property for a bank and said she’s seen more instances where the bank accounts were closed out by the customer. The worst case she saw was a son that came in with an 5 year old bank statement showing money in account. The son said he paid for him Moms funeral and needed that money to reimburse himself. After they researched they found the Mol had withdrawn all the money two years before and there was no money left. The son started hyperventilating and passed out in the bank. He had borrowed money from people to pay for the funeral and was relying on the bank statement to reimburse him.


If you have done thorough search on your states unclaimed property division and found nothing it’s quite possible the CDs were redeemed. You can write to your state banking authority for help but if they can’t do anything, you will need to hits an attorney - they may have to do a forensic accounting with banks involved that can be very expensive.
 
Jul 2, 2018
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#6
these are custodial CDs not accounts. they needed to be kept at least until the child was 21, so why do they talk about 7 years? and how much do they supposedly notify you that the funds will escheat (more like CHEAT) to the state or go to unclaimed property? we have not moved and receive/read the mail.
 

Neil Maley

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Dec 27, 2014
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#7
these are custodial CDs not accounts. they needed to be kept at least until the child was 21, so why do they talk about 7 years? and how much do they supposedly notify you that the funds will escheat (more like CHEAT) to the state or go to unclaimed property? we have not moved and receive/read the mail.
It’s not cheating- it’s the law. If there is no activity after the CDs roll that’s what happens.

It is meant to hold that money for you in cases like this - where banks get sold and there are no records that far back.
 
Likes: jsn55
Sep 19, 2015
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#8
7 years is usually the minimum amount of time that a bank has to keep records. The escheat laws have been on the books for a long time part of our common law. I consult for a small business that has money in a CD; there is also a business checking which is used monthly. We got a notice this year that we had to make contact about the CD as it had just been rolling over. This is the law. A notice came in the postal mail.

It is a mutual responsibility—why after 20 plus years and several changes of ownership of the bank is this only being addressed now?
 
Likes: Neil Maley