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Man Finds $32,000 CD, But Bank Won't Cash It
NBC Bay Area ^ | 7/27/16 | Chrs Chmura, Christine Roher, Joe Rojas and Carrie McParland

Posted on 07/27/2016 9:33:25 PM PDT by nickcarraway

Craig Haskell says his grandmother saved everything.

So, even though she died in 1998, he just recently found something of hers in a safe deposit box: a certificate of deposit from 1997.

"I just took it out and I looked at it and said, 'Oh my god. That’s $32,000,'" he explained. The paper reads $32,308.97, to be exact, with Haskell's name on it.

But when he tried to cash the CD, Wells Fargo denied him.

"She’s gone now; I have the death certificate to prove it," Haskell said. "My name’s on the check. And Wells Fargo can’t tell me what happened to the money."

To find out why, Haskell contacted us. And we contacted Wells Fargo on his behalf. The bank said it would investigate and send him a letter. Haskell later shared it with us.

One sentence reads, "A review of Wells Fargo’s records show the CD is no longer open." The very next sentence says, "Wells Fargo cannot find any record regarding the closure of the CD." Haskell is confused.

Perhaps Grandma Norma cashed the $32,000. Or, maybe she let it roll over.

Either way, he believes Wells Fargo should prove it.

"There’s got to be accountability for where the money went," he said.

To Wells Fargo, the piece of paper in Haskell’s hands that reads "certificate of deposit" is a receipt, not a CD.

"The fact that a family member may find an old paper receipt showing a person had a certificate of deposit with Wells Fargo does not mean the certificate of deposit is still open," a bank spokesman said in a statement.

Haskell still has questions.

"There’s got to be something, somewhere that ties to this number," he said, pointing to the information printed on the CD.

Actually, Wells Fargo says no.

It’s not required to keep a paper trail for a 19-year old CD because state law requires banks to keep records for only seven years.

A spokesman told us that dormant or abandoned CDs are supposed to be transferred to the state’s unclaimed property repository, and Wells Fargo found "no record" that it shifted Norma's money. Therefore, Haskell can't cash his CD.

So, where did Norma Ivanovich’s $32,000 go? It’s a mystery.

Haskell says the puzzle of his grandma’s savings is a call for better bank records.

"It’s the principle," he said. "There’s something written out on an official document from Wells Fargo with my name on it, with my grandmother’s name on it. And they have no record of it."

If you put money into a CD, keep the paperwork. And remember that banks might only keep records seven years. \ Also, ask your bank what they’ll do if you forget about a CD or leave it dormant.


TOPICS: Business/Economy; Local News
KEYWORDS: banking; banks; wellsfargo
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To: reaganaut
WF is one of the worst.

Right you are. I've read that Wells Fargo will freeze your accounts based on bogus out-of-state claims. For example, suppose California claims that you owe $500 in traffic tickets, even though you've never been near that state. WF is very happy to freeze your accounts at CA's request.

Avoid them.

21 posted on 07/27/2016 9:59:26 PM PDT by Leaning Right (Why am I holding this lantern? I am looking for the next Reagan.)
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To: nickcarraway

It there is no IRS records of her claiming this on her taxes and the bank has no record of issuing the proper IRS form (which the IRS should have a copy of) then the account should still be active.


22 posted on 07/27/2016 10:01:45 PM PDT by LukeL
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To: LukeL

Neither the bank nor IRS keeps records beyond 7 years. The IRS will have the 1040 summary for a few years beyond that, but not any detail, i.e., how much was earned in interest beyond the 7 years.


23 posted on 07/27/2016 10:05:18 PM PDT by EDINVA
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To: Kartographer

This is NBC Bay Area reporting this. Giants station. They have lots of clout. Go Giants!

It’s a matter of $32,000. Wells Fargo would spend that for a couple of full-page newspaper ads. They’ll give the guy his money. Probably make a big deal out of giving him the check, smiling for the cameras.


24 posted on 07/27/2016 10:08:01 PM PDT by JennysCool (My hypocrisy only goes so far)
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To: nickcarraway

If it was one of your elderly relatives, they’d suspect foul play.

Not everyone here knows your background like I do!!


25 posted on 07/27/2016 10:08:33 PM PDT by dp0622 (The only thing an upper crust conservative hates more than a liberal is a middle class conservative)
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To: nickcarraway

I can tell you what they’ll probably do no matter the deceased has been dead since the 90’s. They’ll ask him if she had a will and if so, if it went through probate and if not, deny family members access to it, hold or freeze it, it and make the family have to sue the bank to be able to cash it out. Some bank officers try to play lawyer even though they don’t know the laws. Some even skim from these “dormant” accounts if interest is still bring paid on them.


26 posted on 07/27/2016 10:15:53 PM PDT by jsanders2001
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To: JennysCool

Actually I would guess WF keeps saying no.


27 posted on 07/27/2016 10:16:36 PM PDT by Secret Agent Man (Gone Galt; Not averse to Going Bronson.)
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To: nickcarraway
< So, where did Norma Ivanovich’s $32,000 go? It’s a mystery.

Look at the bank officer who's always dressed immaculately, drives new cars, and lives in a big house beyond what would normally be his means. One that is a narcissistic a-hole with a chip on his soldier that treats people like crap. There you will find your thief. Hmm sort of reminds me of someone else.

28 posted on 07/27/2016 10:19:53 PM PDT by jsanders2001
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To: Secret Agent Man

Dumb if they do. Getting $32,000 worth of publicity for being “The Bank With A Heart” ... Priceless.


29 posted on 07/27/2016 10:23:36 PM PDT by JennysCool (My hypocrisy only goes so far)
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To: Swede Girl
< I think this is more common than we know.

It is. One of the crimes I investigate is financial fraud and it is pretty common in the banking industry. One case I worked on involved a VP of a bank who received a $200K Commisiion on one mortgage loan he approved that he knew would never be repaid. All the financials, including the tax returns and collateral were a sham.

30 posted on 07/27/2016 10:24:22 PM PDT by jsanders2001
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To: nickcarraway

Sounds like a good reason to have a will. I dont understand how this was just recently found. Who was paying for the safety deposit box all these years.


31 posted on 07/27/2016 10:25:25 PM PDT by lacrew
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To: JennysCool

I refer you to Target.

Dumb happens.


32 posted on 07/27/2016 10:30:00 PM PDT by Secret Agent Man (Gone Galt; Not averse to Going Bronson.)
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To: nickcarraway

Stand in front of the bank with a sandwich sign on that says “Wells Fargo stole my money!” and you will soon have your cash.


33 posted on 07/27/2016 10:32:41 PM PDT by Bobalu (Democrats use guns to shoot the innocent. Republicans use them for self-defense.)
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To: Secret Agent Man

Target ain’t a bank.


34 posted on 07/27/2016 10:34:38 PM PDT by JennysCool (My hypocrisy only goes so far)
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To: JennysCool

I does my heart good to know that there are still some ‘the glass is half full’ people even when the glass is crack dirty with arsenic laced water in it.

He will never see the money.

This horror story isn’t nothing compared to what the big banks have down to Mortgages, deeds and real estate law over the last few years.


35 posted on 07/27/2016 10:35:12 PM PDT by Kartographer ("We mutually pledge to each other our lives, our fortunes and our sacred honor.")
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To: Swede Girl; nickcarraway
I think this is more common than we know.

It happened to my grandparents. They had a CD for a term and didn't tell the bank to convert it or cash it when it reached its term, so they lost it. That is, by the time they checked on it their right to cash it had expired.

36 posted on 07/27/2016 10:36:56 PM PDT by higgmeister ( In the Shadow of The Big Chicken! - vote Trump 2016)
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To: JennysCool

Not the point. Businesses of all stripes do dumb things and stubbornly defend dumb their dumb things even when it’s hurting them.


37 posted on 07/27/2016 10:38:55 PM PDT by Secret Agent Man (Gone Galt; Not averse to Going Bronson.)
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To: Kartographer

You just don’t get it. I’m in marketing. Thirty-two grand is a couple of full-page newspaper ads to WF. Giving the guy his money on NBC Bay Area with him smiling with hand-picked all-American cute-as-a-button tellers in a two-minute feel-good story at the end of the newscast is FREAKING PRICELESS!


38 posted on 07/27/2016 10:39:09 PM PDT by JennysCool (My hypocrisy only goes so far)
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To: bkopto
So, where did Norma Ivanovich’s $32,000 go? It’s a mystery.

It went to Wells Fargo's bottom line.

WE HAVE A WINNER! GIVE THAT MAN A CIIIIGAAAR!

39 posted on 07/27/2016 10:39:55 PM PDT by Kartographer ("We mutually pledge to each other our lives, our fortunes and our sacred honor.")
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To: Secret Agent Man

See #38.


40 posted on 07/27/2016 10:41:18 PM PDT by JennysCool (My hypocrisy only goes so far)
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