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.
This is an example of the good the press can do. The publicity will probably make WF turn over the bucks.
Too bad our press is normally consumed with bending reality itself to support the liberals.
I think this is more common than we know.
Escheat probabley.
Maybe if he reopens the probate?
We quit banking with Wells Fargo years ago. They sucked!
WF is one of the worst. They will close accounts (and keep the money) for inactivity. Probably what happened here. Had a friend who was POA and then executor and they still would not turn over funds or records claiming she didn’t have authority. over a year later she is still fighting them in court.
I think in some states,— e,g, CA, I don’t know about his state,— any account that is considered dormant, not touched for 3 years, is taken by the state. I know of people who lost money that way.
we recently stumbled on an old bank account of my father who died in 1997. Not easy & took a lot of paperwork but the money was still there and we got it.
//A spokesman told us that dormant or abandoned CDs are supposed to be transferred to the state’s unclaimed property repository//
SUPPOSED to. Far more likely is it just gets ‘lost’.
Many news outlets have a consumer crusader who makes it his business to go after cases such as this one. Sometimes though, there isn’t much anyone can do, or legally has to do. You are correct though, if the man makes a big enough stink to where Wells Fargo is ‘concerned’ for it’s reputation, they will give him some sort of settlement. I know I would try to make that happen.
Granny should have stuffed the couch cushions.
Wells Fargo, we are most certainly not your family.
Wells Fargo, yeah, gimme that.
Wells Fargo, our train of horses just ran over your grandmother, yeah, we have no proof of receipt of said funds.
Wells Fargo, f you, I’m eating.
Sad. He got his hopes up. The grandmother was smart enough to open a CD and was probably smart enough to close the CD with her children and not her grandchildren. Sir: Ask your parents or aunts or uncles where the $32K went. Wells Fargo keeps records for seven years. Period.
Turn over the money? You must not have been pay attention for the last 10-15 years banks are no long held to the letter of the law, They are too big to be bothered with such trivialities as the rule of law.
For them, bad publicity trumps the law.
Bad publicity is a VERRRRRRY bad thing for banks.
Why would she put a worthless receipt in her safe deposit box? She wouldn’t!
It went to Wells Fargo's bottom line.
I'm not a fan of Wells Fargo by any means, but this argument seems to be rock solid to me.
In order for bad publicity to work they have to value the public’s opinion, big banks are far beyond that.
It’s in the unclaimed property bureau, and the guy running that show is really good, a ‘Rat, but one of the infinitely rare ones that gives a crap about serving the public.
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