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.
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.
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.
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.
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.
If it was one of your elderly relatives, they’d suspect foul play.
Not everyone here knows your background like I do!!
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.
Actually I would guess WF keeps saying no.
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.
Dumb if they do. Getting $32,000 worth of publicity for being “The Bank With A Heart” ... Priceless.
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.
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.
I refer you to Target.
Dumb happens.
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.
Target ain’t a bank.
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.
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.
Not the point. Businesses of all stripes do dumb things and stubbornly defend dumb their dumb things even when it’s hurting them.
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!
See #38.
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