Ping!
Sounds like she’s cheating the bank. First Interstate started out as First National Bank of Arizona and they were just a state bank with local home town procedures. It’s likely they didn’t keep the certificate and now Wells Fargo will get ripped off because of it.
There were so many bank mergers that a lot of stuff like this happened. We handled a case like this at the law firm I worked for. The lady got her money eventually, iirc.
My father had purchased it for me as something to fall back on in an emergency and put it in his safety deposit box. He died in 1982.
I didn't know what happened to the CD, don't ever remember seeing it or cashing it. It's something I would remember because it's the only one I ever had.
I do remember going with my sister and aunt when they opened the safety deposit box. My aunt got all her CD's, $80K worth my father was keeping for her out of some property of hers. My sister scooped everything else up, put it in a bag and took it home to a different state.
She might have said there was a CD in there; I don't remember. She and i were named as joint executors in the will but I gave her a power of attorney to handle it all and put no expiration date on it. I don't have any records of getting any more 1099's and assumed my sister cashed it.
Now years later I found those old returns and wondered what happened to that CD because the estate was half and half but this was in my name only. I called Wells Fargo who had bought out the bank that issued the CD. They acted like they tried to reseearch it for me but came up with nothing.
Naturally I wouldn't expect their records to go back that far. So I don't know if I ever got any of it or not or what happened to it. This isn't a case like the one in the article but it just shows how you can have an asset and forget about it.
Not all banks. Wells Fargo has a documentable history of causing commotion with their customers. They can’t buy enough ads to erase their banking personalities.
Wells Fore-go ping
According to Ronstein’s attorney, the accumulated interest and automatic renewals on the CD amount to over $400,000 today, a claim disputed by Wells Fargo which says it is worth only around $60,000.
That would depend on whether the interest compounds and, if so, how often. No compounding would be 18000 + 18000*30*0.109 = 76860. Annual compounding would be 18000*(1.109**30) = 401068.81. Monthly compounding would be 18000*((1+0.109/12)**360) = 466664.15.
However, in any case, the interest would have been reported to the IRS.
Somehow I see an analogy to this saying somewhere in this story.