Banks Changed Hands, Records Lost, People Unable to Cash CDs
October 2nd, 2009A couple of cautionary tales for those of you who have CDs with banks that are changing names due to merger/collapse.
Bank May Have Lost Grandma’s Money
Phoenix resident Rosemarie Braunstein said Wells Fargo has refused to cash her certificate of deposit because it has lost her records.
—
Paul and Christine Dickey have a certificate of deposit worth $400,000, but they have not been able to collect the cash.
The Casa Grande couple has spent a year trying figure out which bank owes them the money.
Paul’s father bought the $10,000 CD in 1980 from First National Bank of Arizona branch in Benson, Ariz. Since then, the bank has changed hands three times.
They “lost” the records? Only if lost means thrown away. This sort of thing happens all the time during economic turmoil.
I’d like to see people avoid their student loan, mortgage, or medical lien obligations because they “lost” copies of their own records.