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How To Track Down A CD From A Bank That Closed Many Years Ago?

Andy5000   |     |   2 posts since 2012

Hello Everyone - I hope this the correct place to ask this question. 

I recently came across a photocopy of a CD Certificate that was opened for me by my grandmother when I was very young.  The CD matured in 1979.  Nobody in my family can recall if this CD was ever redeemed.  I do not have the original CD certificate, only a photocopy of the front and back.

The CD was issued by Dade Federal Savings and Loan Association of Miami Florida.  This bank no longer exists.

How would I even begin to go about finding out if this CD was ever redeemed?  If it was not redeemed, is it possible that it has been renewing all these years?

Any clues on how to pursue this would be greatly appreciated!

Thank you,


Wil   |     |   242 posts since 2010
After so many years, if the CD was never redeemed, the money may have been escheated by the state. So I would think that you would start by contacting the State of Florida. Another possibility might be to check with the FDIC to find out whether Dade Federal SLA was taken over by another bank, or if it failed and the FDIC sent out a check (and, if the latter, whether the check was ever presented for payment).
Shorebreak   |     |   4,060 posts since 2010
If the CD was never redeemed the State of Florida most probably took control of the funds:

Florida Regulations for Dormant Bank Accounts

Florida Regulations for Dormant Bank Accounts | eHow.com
Bankerdude   |     |   13 posts since 2011
Well Mr Andy5000, nothing is imposible with this internet thing on your side! Here's what I found out for you, in a nutshell, with my own twisted attempt of humor:

Dade Federal Savigs and Loan association actually enjoyed quite a long life in the banking arena. That is, until their young 50 year old CEO took over, and had an affinity for spending his customers money on yachts, vacations, and a $30 million artwork collection. So in 1990, the fed came in and seized their assets thankfully. After the assets were divied up, and the deposits were assumed, Washingtom Mutual took over for the Dade Federal Customers. Welllllll, WaMu also has an affinity for spending customers deposits, and JP Morgan Chase is now the owner of the original dade deposits.

But here's where your situation  MAY get tricky: When a CD matures with an institution, you obviously have a 7 day grace period to roll it into another CD, or in some cases, it will automatically roll over for you at the lowest most pitiful rate available. In SOME cases, the money is placed in something liquid like a savings account. Banks also have a stipulation of something called a "dormant Fee". A dormant fee is assessed if no customer initiated activity is ever done with the account. So even though your interest may still be posting, you, the customer, are not initiating any transactions. Those doormancy fees can eat up a hefty deposit quickly!!

So my advice to you Mr Andy5000, is call JP Morgan chase, speak with them about the CD, and see if they have any recollection. At this point, you have nothing to lose, and possibly 5 figures to gain. Best of luck, and please keep us posted! 
Andy5000   |     |   2 posts since 2012
Thanks to everyone who responded to my posting!  I am going to follow up on these leads and see if they go anywhere.  As Bankerdude said, I have nothing to lose.  I will let you know how it all turns out.


Thanks again!
Bankerdude   |     |   13 posts since 2011

I'm dying to find out, how did you make out?