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

[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.