Proof Of Payment On CD Disbursement

Syderoo
Syderoo   |     |   1 posts since 2019

A family member found an original certificate of deposit recently. This person had no recollection of ever cashing in the certificate (original certificate in hand). Since the institution is still in business, they approached the bank for the payout. The local branch manager said they would research and then indicated the bank had no record of the certificate (issued in 1999). The state has no record of unclaimed assets. The certificate bears the family member's correct name and current address. Is the bank required to provide proof of disbursement since the original documentation was provided? Even if the bank paid out using a ‘lost documentation’ procedure, shouldn’t there be a record of payment? Does my family member have any recourse?



Answers
Ally6770
Ally6770   |     |   2,777 posts since 2010
I was cleaning out files and shredding for the last 2 days. When I opened the second drawer of the fireproof file in the basement I found 2 bags of old bank records. They were all IRA CD's that I had purchased for my husband and I dating back to the late 70's. I always put the CD and the renewed CD in the same bank envelope and kept track of them in ledgers. I cannot tell you how many CD's I shredded in the last 2 days. So even dating back to the 80's and 90's the banks and credit unions did not require to turn in the old CD. I would check IRS returns for the years just before and after the CD matured. You can get them from the IRS.
anzavista
anzavista   |     |   13 posts since 2012
Consult a knowledgeable attorney
Ally6770
Ally6770   |     |   2,777 posts since 2010
Check your income tax returns to see when the interest payments stopped. Also check Missing Money.
paoli2
paoli2   |     |   2,571 posts since 2011
1999 that was just 20 years ago. Your family member should check their bank deposits and see if they can find any deposits they made to any institution for about that same amount of the CD. I still have records of CDs I had over 20 years ago. So I am not the normal person but one never knows when they will need proof when it comes to money.

If this doesn't work, you may have to get an attorney who will have to insist they take the time to look further in their records for any trace of what happened to this CD. If your relative found the original CD and it showed them as owner now, I would think something has to exist showing a payout for it by this bank. However, without an attorney involved, the bank will probably give you the ole "we only keep records for 5 years etc" and brush your relative aside. It all depends upon how determined your relative is to find that money.


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