Finding a 'lost' CD

[Buckeye]

Interesting story. My Mom, also was "Wachovia" and now is a Wells Fargo customer.
You mentioned, you have 1099 Int Wachovia. (how do you know the int. was from the Cd?).

You mentioned 2008, Wells took over. The tax statement, would combined 1099/cap gains. You said, no 1099 int.

It appears, the CD was redeemed in 2007? Since it disappeared in 2008.

I would focus my efforts on the year 2007. Something happened that year. Would be great, if you were able to obtain, monthly statements, from Wachovia for the 2007 year. It would show the CD, and when or if it was redeemed.

If no redemption. Then in year 2008, when Well took over, it got lost.

Good luck.

There is a Wachovia 1099-INT for 2008 (as far back as I have her taxes) and 2009. The reason I know the INT refers to the burial CD is because 'BURIAL RESERVE' is right on the 1099-INT. Wells Fargo would have been responsible for the 2010 1099-INT.

I don't have her 2010 taxes to check for a Wells Fargo 1099-INT. Nothing from Wells Fargo in 2011 or beyond. I called the IRS and talked to a human about getting a transcript. Because they are short-staffed and behind, the IRS is only sending out transcripts for recent years for people trying to file their taxes and get their AGI. She said the limit is 10 years so I'm still under the wire. I also called her tax accountant to see if he did her 2010 taxes. I also need to check an older computer to see if I did her 2010 taxes.

 

[Buckeye]

I spoke to the Florida Office of Financial Regulation today but they can do nothing because Wells Fargo is a nationally chartered bank and they only regulate Florida chartered banks. I wrote a DM last night through Twitter and had a call from someone by mid day today. The gentleman I spoke to also suggested my friend cashed out her burial reserve CD's. No, she didn't!

So, I started going back through some of her papers and found a letter from the funeral home dated June 2015. In that letter (attached), the funeral home guy referenced a recent phone call between him and my friend. He's telling her she needs to contact Fidelity Bank if she wants to determine the current value of her burial reserve account. Fidelity Bank was Wells Fargo by then but why would she be asking about the value of her burial account if she had cashed out the CD's?

To me, this is proof of what I already knew, i.e. she never cashed out the CD's.

 

[Buckeye]

I was going through more of my deceased friend's papers and found this note, in her handwriting, on the back of the copy of her pre-paid burial contract,

"Copy of contract. CD @ XXX Funeral Home, value 1/23/2010 = $12,821.89"

The physical copies of the CD certificated were at the Funeral Home but the accounts were at Wachovia/Wells Fargo.

Still waiting to hear for the Office of the Comptroller of the Currency. Her son should be getting a letter from them very soon. The complaint was mailed two weeks ago and they take 5 business days to respond.

 

[CaliKid]

I'd forget about it. Will be a nightmare of paperwork and frustrations and odds of success close to zero. Sad reality.

 

[Buckeye]

I'd forget about it. Will be a nightmare of paperwork and frustrations and odds of success close to zero. Sad reality.

Paperwork doesn't bother me at all. I did (and re-did) all the paperwork required to get an Order of Summary Administration for her son to get his mom's Vanguard mutual fund transferred to him without full probate. And it only took a month!

Banks shouldn't be cheating little old ladies out of there money. Can't let the cheats and bullies get their way without at least challenging them.

 

[jazz4cash]

Paperwork doesn't bother me at all. I did (and re-did) all the paperwork required to get an Order of Summary Administration for her son to get his mom's Vanguard mutual fund transferred to him without full probate. And it only took a month!

Banks shouldn't be cheating little old ladies out of there money. Can't let the cheats and bullies get their way without at least challenging them.

+1000

 

[oldtrig]

Paperwork doesn't bother me at all. I did (and re-did) all the paperwork required to get an Order of Summary Administration for her son to get his mom's Vanguard mutual fund transferred to him without full probate. And it only took a month!

Banks shouldn't be cheating little old ladies out of there money. Can't let the cheats and bullies get their way without at least challenging them.

I am pulling for you. Love this story and hope it has a good ending.

 

[Sunset]

Paperwork doesn't bother me at all. I did (and re-did) all the paperwork required to get an Order of Summary Administration for her son to get his mom's Vanguard mutual fund transferred to him without full probate. And it only took a month!

Banks shouldn't be cheating little old ladies out of there money. Can't let the cheats and bullies get their way without at least challenging them.

+1
I'm rooting for you !!

 

[SALTedOut]

Any chance she cashed in the CD and used the proceeds to pay for a prepaid funeral? You say she kept telling you her funeral was prepaid. Maybe she did that? Its pretty common these days to have a prepaid funeral.

 

[aja8888]

Paperwork doesn't bother me at all. I did (and re-did) all the paperwork required to get an Order of Summary Administration for her son to get his mom's Vanguard mutual fund transferred to him without full probate. And it only took a month!

Banks shouldn't be cheating little old ladies out of there money. Can't let the cheats and bullies get their way without at least challenging them.

+1000!! I'd do the same. The banks are not your friend, ever.

 

[Buckeye]

Any chance she cashed in the CD and used the proceeds to pay for a prepaid funeral? You say she kept telling you her funeral was prepaid. Maybe she did that? Its pretty common these days to have a prepaid funeral.

These are special CD's specifically purchased to complete the funding of your funeral when you pass. From what I read online, they aren't redeemed until you pass and then by your heirs. She purchased the first one for $1,000 right when she set up the contract and then another one for $2000 a few months later. She sent the money to the funeral home and they purchased them in her name at the local bank in PA (she lived in FL). We know they did that because there are two certificates properly registered in her name and SSN.

 

[Buckeye]

+1000!! I'd do the same. The banks are not your friend, ever.

Ain't that the truth! And Wells Fargo is a the top of the 'not your friend' list.

 

[COcheesehead]

These are special CD's specifically purchased to complete the funding of your funeral when you pass. From what I read online, they aren't redeemed until you pass and then by your heirs. She purchased the first one for $1,000 right when she set up the contract and then another one for $2000 a few months later. She sent the money to the funeral home and they purchased them in her name at the local bank in PA (she lived in FL). We know they did that because there are two certificates properly registered in her name and SSN.

That's a little different twist. Did you see if the banks are holding them in the name of the funeral home? Stranger things have happened.

 

[Buckeye]

That's a little different twist. Did you see if the banks are holding them in the name of the funeral home? Stranger things have happened.

I attached a scan of one of the certificates to the initial post. The blacked out lines above and below the words Burial Reserve are her name and her address. Also, her SSN is on the certificate and I blacked it out, too. There is no reference to the funeral home anywhere on the certificate (thankfully!).

 

[Buckeye]

My deceased friend's son texted me today to tell me he had spoken with his contact at the funeral home. The gentleman has worked at this funeral home for years.

Funeral home guy says he has encountered multiple people who have had issues with burial reserve CD's getting 'lost' at Wells Fargo.

Well, isn't that interesting!

 

[Scrapr]

My deceased friend's son texted me today to tell me he had spoken with his contact at the funeral home. The gentleman has worked at this funeral home for years.

Funeral home guy says he has encountered multiple people who have had issues with burial reserve CD's getting 'lost' at Wells Fargo.

Well, isn't that interesting!

I'm shocked

https://youtu.be/P8cxRnz0G14

 

[Bryan Barnfellow]

This would make a great “Sixty Minutes” story about how Wells Fargo cheats little old ladies! Your story is a warning that we should keep good records as our own failsafe.

 

[sanfanciscotreat]

Doo not like to deal with Wells Fargo

 

[Buckeye]

I'm shocked

https://youtu.be/P8cxRnz0G14

I should have thought of checking with the funeral home to see whether others have had the same issues. That was a big miss. I'm really glad her son had this conversation. Looking forward to providing more info to the OCC once the case is opened. Only a summary of the issue and no documentation is submitted with the claim initially.

The evidence supporting my friend's claim:
1. The original certificates in hand.
2. 1099-INT's up to Wells Fargo takeover.
3. Handwritten note referencing the value of the CD's in 2010.
4. A letter acknowledging my friend asked about the value in 2015.
5. Other customers of the funeral home having the same problem with Wells Fargo.
6. Wells Fargo's pathetic reputation.

The evidence supporting Wells Fargo's position:
1. "We have no record of the CD's."

 

[pb4uski]

.... The evidence supporting Wells Fargo's position:
1. "We have no record of the CD's."

My position would be that I have evidence of the CD... unless you (Wells Fargo) have evidence that the CD has been paid then it it still in-force and you need to pay it.

 

[RobbieB]

Yup. The lack of 1099's is by far the most damning evidence as it's law.

 

[mystang52]

My DW has had great success, when having a problem with a company, sending an email to the CEO. Give some thought to having your friend's son send such an email stating 3 things:
numbers of the 2 CD's
Lack of cooperation from prior dealing with Wells Fargo employees
That complaint has already been filed with Comptroller of Currency

 

[Buckeye]

My position would be that I have evidence of the CD... unless you (Wells Fargo) have evidence that the CD has been paid then it it still in-force and you need to pay it.

I agree with you. We just have to find someone to force Wells Fargo to accept responsibility and pay up. We're hoping that's the OCC. If it's not the them, I will pursue small claims court as another poster suggested.

 

[Buckeye]

My DW has had great success, when having a problem with a company, sending an email to the CEO. Give some thought to having your friend's son send such an email stating 3 things:
numbers of the 2 CD's
Lack of cooperation from prior dealing with Wells Fargo employees
That complaint has already been filed with Comptroller of Currency

I'm sure the rot at Wells Fargo flows from the top. The CEO and the OCC can hash it out.

 

[Buckeye]

Yup. The lack of 1099's is by far the most damning evidence as it's law.

And if Wells Fargo lost track of her (which would be very hard to do), the money should be sitting in FL unclaimed funds.