Finding a 'lost' CD

[lewp56]

If Cash

The first thing that occurred to me was that they were cashed out at some point. That is why no record exists.

At whatever institution a record must exist I’d say thieves at Wells need to be investigated Comptroller best bet Let us know and good luck

 

[COcheesehead]

The above post started page 7 and I can go there.

I only show this thread having 4 pages.

 

[pb4uski]

The number of pages varies depending on what you have elected in terms of the number of posts to show per page under Your Control Panel/Edit Options/Thread Display Options/Number of Posts to Show Per Page

 

[RetiredAndLovingIt]

I only show this thread having 4 pages.

Me to, I'm using linear display mode

 

[Buckeye]

The OCC does not do much more than pass the complaint along. I filed a complaint last year on Synchrony bank lying to me and taking more than three weeks to transfer IRA funds to another institution. Customer service insisted the finds were transferred the day after my request and must be lost but they would not reissue the check for a full month. When the other institution finally got the funds, I requested a copy of the envelope and sure the postmark date was three weeks after my request. After my complaint Synchrony called me once and left a voice mail. I called back within a few minutes and three times after that with no return phone call. They sent me a small check for my loss of interest along with a letter that they had attempted to contact me multiple times which was a lie and reported to OCC that case was resolved. OCC then closed my complaint without communicating with me to see if I was satisfied.

Thanks for the heads up. It sounds like you received the money you were owed though which is good to know. I have started to investigate small claims court. Her son would have to give me power of attorney (I'm assuming) to be his representative in court. He lives in PA. The max amount I can sue for is $8,000 so I might have to do 2 cases, one for each CD (originally $1,000 and $2,000). The last known value is $12,800 so it would be one case for $8,000 and one for about $4.300.

I have to file in the county she lived (and we used to live) which is a 100 mile drive to the courthouse but I'm fine with that. All sorts of stuff can be done online nowadays. I learned a lot about the system when I processed the Order for Summary Administration. I will have evidence to present and all Wells Fargo will tell the judge is, "Can't find nothin'."

 

[Buckeye]

Another suggestion: Your local Congressman

Yes, though of that, too. That would be after Small Claims Court, I think. She has a different Congress critter than I do. Mine is really good. Don't know who hers is. Will have to check that out.

 

[Buckeye]

ordinarily i’d have agreed with this but Wells Fargo has demonstrated enough unethical behavior to warrant an investigation.

Yes, I definitely agree with you. They don't get the benefit of the doubt based on past behavior.

 

[meierlde]

Did you check the PA unclaimed property office too? The original bank was located there, so maybe there was an error when they escheated the funds and they sent them to PA instead of FL.

I also wonder if, at some point, one of the banks did away with this type of CD and when hers matured they just deposited the funds into her existing cash accounts. The IRS can provide 10 years of tax transcripts (form 4506-T), so you might be able to see when the last 1099 was issued if you (or her son) request those. No idea if that'll help, but it's free.

I might add North Carolina for Wachovia, and both Deleware and South Dakota for Wells Fargo (Wells Fargo Bank Na is headquartered in Souix Falls SD, since SD does not have a usury statute.)

 

[Buckeye]

My first thought is Wells Fargo - they suck. They have run so many scams that hurt people.

As for your friend, it seems like she would not have cashed it out since it was for burial. Did you check PA unclaimed property (I think you had mentioned FL)? Otherwise, you need to push WF to do the research. You must have an acocunt number. They should be able to track it. Ten years is a short time period when it comes to finances.

The only account number is the account number on the 2008 and 2009 1099-INT's from Wachovia. Nothing from Wells Fargo. Wachovia and Wells Fargo merged Dec 31, 2008.

She wouldn't have cashed out the burial reserve CD's. She had plenty of money (she died at 99 with $250,000) and this was for her funeral, something important to her. If she had done anything related to her funeral, she would have talked about it with her son (only child) because he was the one who would (and did) handle everything funeral related after her death. I hooked him up with a very reasonable cremation company close to where she lived but he took care of everything else or had the PA funeral home do it.

There is no evidence or logical reason why these burial CD's would have been redeemed prior to her death.

 

[Buckeye]

I might add North Carolina for Wachovia, and both Deleware and South Dakota for Wells Fargo (Wells Fargo Bank Na is headquartered in Souix Falls SD, since SD does not have a usury statute.)

I have now searched in PA, FL, SD, NC, CA and DE.

Nothing. She has an uncommon last name so zero results came up for any of these states.

Thanks for the suggestion of SD and DE.

 

[Buckeye]

I only show this thread having 4 pages.

It's finally working now.

 

[Buckeye]

Worked at large credit union in senior management for a number of years and this issue came up several times. Family looking at an old statement and wanted to know where all the money went. I was always able to explain the differences. A lot of manual work, not much fun. That’s probably why Wells is telling you no records, they are thinking the work and time involved.

Your best bet is to search old statements and see if you can find a statement with the CD listed and then moving forward, a statement without the cd listed. Then you narrow the timeframe. If you do not have the statements, you can ask Wells to provide you the statements.

Wells will likely want $$$$$ to retrieve the old statements. That’s were the COC can be your friend. Ask the COC for some help with reduced statement fees.

Good Luck.

Wells Fargo says they have NO record of her, period! Searching on her name and/or SSN brings up no information for them.

The last record is the 2009 1099-INT from Wachovia. Wells Fargo merged/took over Wachovia Dec 31, 2008. She should have received a 2010 1099-INT from Wells Fargo because they now owned Wachovia's assets. I don't have her 2010 taxes but if Wells Fargo had sent her a 1099-INT in 2010, she would pop up in their system. But she doesn't.

 

[Buckeye]

How long would you expect a bank to be able to provide such documentation? I really hope that OP is able to get satisfaction, but I'm afraid the Comptroller is going to say something like "sorry, but it's been 10 years during which the owner made no effort to inquire about the missing funds or report the lack of a 1099, and banks are only required to retain docs for 7 years, so you're out of luck". What if it had been 20 or 30 years instead of 10? There's got to be some limit. I don't know what it is, and I'm just guessing at 7 since that's how long statements are available online.

Even if she lost track of the money or the money lost track of her, the money (by law) should be in Florida unclaimed funds. But it's not. She might not have earned any interest for the last ten years because the money was sitting in unclaimed funds, but the money should be sitting in unclaimed funds. And it sits there forever, from what I understand.

 

[Buckeye]

irs would have tax transcripts also -- you could get those and look thru all of them to see what was reported

The IRS is so short-staffed right now you can't get a transcript unless it is required to file current taxes. I called and talked to a human. 2010 taxes would have been filed in 2011 and apparently one has 10 years to get a copy so there is still time. I'm guessing they won't be getting back to normal for a few more months. When I told her I really only wanted a 1099-INT, it seemed like that was going to be even easier but I can't remember exactly what she said.

I have to get her son on the call though because I have no standing. I'll do the long wait and then conference him in. I might do that next week.

 

[Jim in PA]

Please let us know how this works out - or not.
I’m posting this note so that the system will inform me when additional comments are posted. Thanks

 

[RetiredAndLovingIt]

Florida
https://wsvn.com/news/help-me-howard/bank-lost-a-cd/

 

[pb4uski]

Wells Fargo says they have NO record of her, period! Searching on her name and/or SSN brings up no information for them.

The last record is the 2009 1099-INT from Wachovia. Wells Fargo merged/took over Wachovia Dec 31, 2008. She should have received a 2010 1099-INT from Wells Fargo because they now owned Wachovia's assets. I don't have her 2010 taxes but if Wells Fargo had sent her a 1099-INT in 2010, she would pop up in their system. But she doesn't.

Have you told Wells that she received a 2009 1099-INT from Wachovia?

And that she had plenty of money and no earthly reason cash in those CDs? Insinuating that they (Wells/Wachovia) lost them?

 

[Buckeye]

Florida
https://wsvn.com/news/help-me-howard/bank-lost-a-cd/

OMG, this is the exact same story as my friend but my friend had one more bank in the chain of horrors. Add Fidelity Bank in PA before First Union and it's the same story.

 

[Buckeye]

Have you told Wells that she received a 2009 1099-INT from Wachovia?

And that she had plenty of money and no earthly reason cash in those CDs? Insinuating that they (Wells/Wachovia) lost them?

Yes, her son took the Wachovia 1099-INT with him when he had the meeting with the bank manager.

Take at the post with the link in it which links to a Help Me Howard story. It's the EXACT same story, including the banks, for my friend. Well, actually you have to add Fidelity Bank before First Union in the chain of bank ownership but otherwise it is exactly my friends story. Even the BS from Wells Fargo.

 

[Buckeye]

Florida
https://wsvn.com/news/help-me-howard/bank-lost-a-cd/

You are a search genius!!!

 

[Boose]

@Buckeye, I'm sorry for the loss of your good friend - she sounded like a sharp lady. And I'm rooting for you! It's a shame this has happened, but very interesting to read about.

 

[Buckeye]

https://www.nbcbayarea.com/news/loc...ose-widow-it-doesnt-have-her-30000-cd/183885/


https://www.nbcbayarea.com/news/local/man-finds-32k-cd-bank-wont-cash-it/2003595/


Apparently, at least according to one of these reports, WF has lost at least 500 CDs over the past several years, with the excuse that they only are "required" to keep records for seven years.



There are some additional agencies listed as being recommended to contact for these types of issues

Thank you for these links. It looks like more and more like I'm going to have to go to small claims court. I will include copies of these articles in my info collection.

 

[Buckeye]

@Buckeye, I'm sorry for the loss of your good friend - she sounded like a sharp lady. And I'm rooting for you! It's a shame this has happened, but very interesting to read about.

She was a very sharp lady and one of the nicest people I've ever met. She was 40 years my senior but it's like we were best girlfriends. I knew her for 11 years but that wasn't enough. I attached a picture of her that was taken about 2 weeks before her 99th birthday and about 3 months before she died. Her name is Mary.

 

[angelfly55]

Since your friend was in ALF, is there a chance they might know something about the CDs. When my mom was in ALF, they wanted to know all of her to list all of her assets to make sure they were paid.

 

[Buckeye]

Since your friend was in ALF, is there a chance they might know something about the CDs. When my mom was in ALF, they wanted to know all of her to list all of her assets to make sure they were paid.

No, they never inquired deeply into her finances as far as I know. When she was still living in her apartment, we did a tour of the area ALF's to find the best one for her. I helped her fill out the initial paperwork but I don't remember them asking too many questions. I think her starting rent was about $2,300 and 6 years later is was $3,400 which included showers and med management. Very reasonable. The facility was brand new and she was resident #2 in 2014.

I monitored her accounts online and made sure there was enough money in her checking account for the rent autopay every month. I think she would just have been evicted if she didn't pay her rent.

She did let them know she had a pre-planned funeral though. And, of course, they had contact information for both me and her son.