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Old 07-02-2020, 11:09 AM   #121
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Originally Posted by cathy63 View Post
As I piece together the story ...

2008 - Burial CDs were at Wachovia and were fine. Another CD was also at Wachovia and was fine. Wells Fargo bought Wachovia, completing the transaction on the last day of the year.
2009 - We now know that Friend moved Burial CD from Wells/Wach to Bank X. By then it had grown to $12K.
2010 - Friend did not receive a TY 2009 1099 from Wells/Wach for the Burial CD, which we now know was correct, because it was no longer at that bank. Apparently Friend did not get any interest in 2009 on that money because Wells/Wach didn't issue a 1099 and neither did Bank X. (That seems odd to me.) Friend did receive a 1099 for the other CD that remained at Wells/Wach, which is also now known because the unclaimed property office at Wells finally supplied that info.
2011 - Wells/Wach completed the name change and became Wells Fargo. Friend received a 2010 1099 from Wells for the non-burial CD.
....
2020 - Friend dies. Buckeye and Friend's Son ask Wells Fargo to cash out Burial CD and they say "we don't have it". That was true. They also said "we never heard of Friend". That was not true because they issued a TY 2010 1099 to her for the other CD.
Thanks Cathy63, this adds a lot of clarity. What ultimately happened to the $12k? I'm assuming the CD was liquidated and disbursed to the friend prior to death and no money is owed now? Do we know if and when the friend received it?
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Old 07-02-2020, 03:31 PM   #122
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Once again, Hanlon's razor.
So true.
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Old 07-02-2020, 03:39 PM   #123
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Originally Posted by rothlev View Post
I am interpreting this to mean the money was moved to a different bank account, and lost its charactor as a burial CD. Thus it was not lost.



Is this correct?
Yes, that is correct.

I'm sorry I didn't do a recap. The story has been told over a long series of posts I'm sure no one wants to read. It was all clear to me! I will do a summary post soon.

I felt obligated to post the conclusion Wells Fargo wasn't the bunch of crooks I thought they were. Just incompetent and lazy.
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Old 07-02-2020, 04:15 PM   #124
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Yes, that is correct.

I'm sorry I didn't do a recap. The story has been told over a long series of posts I'm sure no one wants to read. It was all clear to me! I will do a summary post soon.

I felt obligated to post the conclusion Wells Fargo wasn't the bunch of crooks I thought they were. Just incompetent and lazy.
actually, this was a very interesting story. They should have been able to look up what happened. something in their system is very broken. But I have had my share of banking snafu's , so not surprised. I had one where my son deposited his paycheck into the atm machine, and they refused to credit his account for his money, saying the envelope was empty, even when we provided them the cancelled check that they cashed !
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Old 07-02-2020, 04:24 PM   #125
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Thanks Cathy63, this adds a lot of clarity. What ultimately happened to the $12k? I'm assuming the CD was liquidated and disbursed to the friend prior to death and no money is owed now? Do we know if and when the friend received it?
The Burial Reserve CD that was at Wachovia (Wachovia wasn't renamed to Wells Fargo until 2011 even though Wells Fargo owned Wachovia as of 12/31/2008) was liquidated in early 2009 and the $12,000 was transferred to a small bank in Clearwater, FL near where my friend lived.

The $12,000 from Wachovia was placed in another CD at the local bank but the funds were no longer designated as a Burial Reserve CD. Apparently, she was never required to present the original Burial Reserve certificates to turn the CD to cash at Wachovia.

When my friend died in March 2020 at 99, all of her CD's at this local bank (which had also been bought and changed names!) were paid on death to her son (who is 78 years old). So, her son DID receive the monies which originally purchased the Burial Reserve CD's in 1991. He was set financially before his mom passed so he had funds available for her cremation, transport to PA, and small funeral (COVID rules) where her ashes were buried in a family plot.
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Old 07-02-2020, 04:36 PM   #126
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actually, this was a very interesting story. They should have been able to look up what happened. something in their system is very broken. But I have had my share of banking snafu's , so not surprised. I had one where my son deposited his paycheck into the atm machine, and they refused to credit his account for his money, saying the envelope was empty, even when we provided them the cancelled check that they cashed !
Apparently, Wells Fargo does its best to not keep records more than 7 years, the legal minimum. Or at least this is what we were told. But that was a lie because the document the email unclaimed property rep found was from 2010 which is 9 years ago (mailed to her in 2011). Even thinking about dealing with them makes me want to scream.

Dealing with the smaller, local bank was a breath of fresh air because the gal on the phone dived right in while on the phone with me and found information from 2009 that helped me finally piece together the puzzle.
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Old 07-02-2020, 04:46 PM   #127
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Originally Posted by Buckeye View Post
The Burial Reserve CD that was at Wachovia (Wachovia wasn't renamed to Wells Fargo until 2011 even though Wells Fargo owned Wachovia as of 12/31/2008) was liquidated in early 2009 and the $12,000 was transferred to a small bank in Clearwater, FL near where my friend lived.

The $12,000 from Wachovia was placed in another CD at the local bank but the funds were no longer designated as a Burial Reserve CD. Apparently, she was never required to present the original Burial Reserve certificates to turn the CD to cash at Wachovia.

When my friend died in March 2020 at 99, all of her CD's at this local bank (which had also been bought and changed names!) were paid on death to her son (who is 78 years old). So, her son DID receive the monies which originally purchased the Burial Reserve CD's in 1991. He was set financially before his mom passed so he had funds available for her cremation, transport to PA, and small funeral (COVID rules) where her ashes were buried in a family plot.
Thanks so much Buckeye for the summary. Interesting story and I'm glad everything was in order at the end. I'm sure your friend's family is grateful to you for sorting this out!
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Old 07-02-2020, 04:46 PM   #128
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Apparently, Wells Fargo does its best to not keep records more than 7 years, the legal minimum. Or at least this is what we were told. But that was a lie because the document the email unclaimed property rep found was from 2010 which is 9 years ago (mailed to her in 2011). Even thinking about dealing with them makes me want to scream.

Dealing with the smaller, local bank was a breath of fresh air because the gal on the phone dived right in while on the phone with me and found information from 2009 that helped me finally piece together the puzzle.
yes, I believe that -- my snafus were with large banks also. I think Bank of America or whomever owned them way back when.
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Old 07-02-2020, 05:05 PM   #129
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Thanks so much Buckeye for the summary. Interesting story and I'm glad everything was in order at the end. I'm sure your friend's family is grateful to you for sorting this out!
It has been my honor to help my friend's son untangle all this stuff. I also helped file all the paperwork to get an Order of Summary Administration Vanguard would transfer her mutual fund (Wellesley) to him since she neglected to title it as TOD. She died with $250k to her name but she had everything else titled properly to pass to him without probate on her death.

The paperwork and attention to detail drive him nuts but I enjoy it so we make a good pair. Hubby and I wanted to go up to PA to visit him but not now, of course. He is a lifelong smoker so we would probably be toast if he caught COVID. We are hoping to see him as soon as COVID calms down.
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Old 07-02-2020, 05:27 PM   #130
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You are a good egg @buckeye for helping sort this out

I've got some money due me from a Nigerian Prince. I'll send you details ;-))
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Old 07-02-2020, 05:29 PM   #131
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You are a good egg @buckeye for helping sort this out

I've got some money due me from a Nigerian Prince. I'll send you details ;-))
Send me the forms and I will get them filled out and submitted!
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Old 07-02-2020, 08:34 PM   #132
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Well Done, Buckeye. It’s fortunate that Mary (and her son) have a friend like you
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