A Missing CD That BBVA Told Me Was 'Old' And Must Have Been Cashed

VictoriaR | Oct 30, 2016 | 3 posts since 2016

My 99-year old mother has never cashed any of her CD's with this bank. It is for $10,000 and I was told that it is old and that they couldn't help me. My financial advisor in another state said banks have to provide documentation of all financial

transactions. I have no idea when this CD was purchased or what happened to it.

Can anyone suggest how I should proceed?

Thanks.

Vicki

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Answers

Ricochet | Oct 30, 2016 | 522 posts since 2010

The first ? the forum needs to know is mom still living and is she well enough to provide at least a
( maybe i got in 19xx.) answer.

Ally6770 | Oct 30, 2016 | 4,292 posts since 2010

I would look into IRS statement that she has looking for her interest statement from that bank. Look for what year that form no longer was sent and then go from there.

RickZ | Oct 31, 2016 | 218 posts since 2010

I am glad to hear that your mother is well. As you of course know, every day you have with her is a blessing.

Contrary to what your financial advisor told you, it is my understanding that banks only need to keep records for 5 years. Unfortunately, without any documentation on your part, I think you will have no chance of forcing the bank to acknowledge this CD. If a CD matures and the bank does not hear from the owner for a certain period of time they may declare the account to be abandoned; after a period of time these abandoned or unclaimed funds are supposed to escheat to the state. Escheatment laws were intended to create a giant “lost and found”, but with budgetary shortfalls some states are now quietly emptying these lost and found funds into their general accounts after some time. That being said, you should do an online unclaimed property search with your state – perhaps you will get lucky with this.

VictoriaR | Oct 31, 2016 | 3 posts since 2016

My mother doesn't remember anything about the CD (and yes, she is alive and well) in assisted living. Unfortunately, due to a mild stroke, she isn't able to provide any information about financial issues. Her house was recently sold and tax documents, etc. were cleared out.

Ricochet | Oct 31, 2016 | 522 posts since 2010

Start your search at
missingmoney.com

VictoriaR | Oct 31, 2016 | 3 posts since 2016

My mother still has her account with that bank; in fact, I learned about the CD when the banker gave me a printout of her investments. I was told to contact the investment dept. (which I did) and they told me that the CD must have been cashed and they couldn't help me. I wonder if going to the FDIC would help. Any suggestions? Thanks.

RickZ | Oct 31, 2016 | 218 posts since 2010

The FDIC deals with deposit insurance which only comes into play when a financial institution fails. The appropriate agency for your complaint is the Consumer Financial Protection Bureau. You can file a complaint at http://www.consumerfinance.gov/complaint/ The bank is required to have records if the CD matured or was redeemed within the last 5 years.

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