Missing Money

ALSARMY824 | Mar 26, 2017 | 1 posts since 2017

Mom has a CD in a local bank. The cd has just come up for renewal and she had it rolled over for another year.

She received a statement from the Bank yesterday and a withdrawal was made a few weeks ago without her knowledge in the amount of $16,000. She is upset and can't sleep, she is in her 90's and is sharp as a tack!

What do we do now?

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Answers

Bozo | Mar 26, 2017 | 1,375 posts since 2011

When you call the bank, make sure your Mom is on the line, as the bank will want verification you have authority to speak for her. When the bank is satisfied you have the authority to speak for your Mom, explain to them what you have explained to us. As you are well aware, withdrawals from CDs leave a paper trail. Have the bank provide it.

Practice pointer: Before my Mom died (age 98 1/2), I dealt with banks all the time over the phone on her behalf. We had a standard drill; I'd call the bank, briefly explain why I was calling, and then advise my Mom was listening in. The bank officer would go through the drill (my Mom's mother's maiden name, is this really your son, is he authorized to inquire on your behalf, etc.), and that was that.

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