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

[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.

[Lorianne]

Good luck dealing with Wells Fargo.
They are the worst .... well, actually Citibank is worse.

[reaganaut]

//Neither the bank nor IRS keeps records beyond 7 years.//

NOT TRUE. I know for a fact that the IRS keeps records longer (we have had them come back with tax issues over 20 years later) and my bank and several others have records for over 50 years - they just keep them in storage and don’t like to bother to look. They will amazingly have the records if something goes to court.

The 7 year thing is a myth in a lot of areas. ALWAYS keep your records forever.

[stylin19a]

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.

7 years from when ?

[goat granny]

a few years back my son called me to tell me I have some money listed on the state of Michigan, Treasury dept, I had on 4 different occasions been listed. It totaled about 3,ooo dollars before My name quit coming up...You have to use their form, from the lost money thingy. Had to get a copy of my birth cert. marriage license, and list the last 3 residents I lived at...Sent it to the state and they issued me a check....(4 times for 4 different accounts) My daughter called me a couple of days ago I was listed with lost money from State treasury... Have to get the form and right now my printed isn't working....They don't tell you how much money is involved until the check actually arrives... Its the law that any company that has moneys, stock etc. has to be turned into the state treasury and its up to you to check it out. There is some red tape involved but worth it....Hope this is understandable but everyone should check it out in the state your living in...

[JimRed]

Unclaimed funds get seized by the government.

[oscar_diggs]

Wells Fargo... their logo is a getaway vehicle...

[SaveFerris]

Ha. I’m surprised you haven’t had an apologist turn up to challenge you on that. Just saying.