Boa WILL NOT CASH CD

WHEREISMYMONEY | Jun 28, 2020 | 1 posts since 2020

A relative bought two CDS (1983 & 1995). She found them in a safe deposit box, and we have been trying to cash them for two years. BoA will not give her her money. They say she cashed them in. She would never have tried to cash the CDs without taking the original with her. They say she cashed the CD WITH 11 CENTS IN INTEREST (after years of automatic renewals). My aunt has her interest statements.

Any suggestions???????

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Answers

deplorable_1 | Jun 28, 2020 | 34 posts since 2020

I would first ask BoA to provide proof that the CD's were cashed. Most likely they won't be able to and they will say they only keep records going back 7 years as per the law. If the CD's didn't auto renew and went dormant you could check for "unclaimed funds" for your state. If all that fails I would pressure BoA to honor the terms of the CD projecting auto renewal and compound interest at the prevailing rate at each renewal period. If they refuse I would contact a attorney to see what options may be available. Depending on the initial deposit amount interest rate and compounding those CD's could be worth quite a bit by now. I also googled this and Wells Fargo and BoA seem to be notorious for this behavior see link:
https://www.nbcbayarea.com/news/local/it-disappeared-bank-tells-san-jose-widow-it-doesnt-have-her-30000-cd/183885/

Confused1 | Jun 28, 2020 | 29 posts since 2018

I have never had to turn in the original certificate when I cashed in a CD. Back then the interest rates were very high but if automatically renewed the rates would have changed. Maybe at that time she cashed in the CD's and moved them to another bank for a better rate. If she has the interest statements then she should know exactly when the CD's were supposedly cashed in, when was that?

taker52 | Jun 28, 2020 | 9 posts since 2020

Financial lawyer I'd rather pay them then pay the bank

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