Bank May Have Lost Grandma's Money

[Craftsman]

PHOENIX -- Phoenix resident Rosemarie Braunstein said Wells Fargo has refused to cash her certificate of deposit because it has lost her records.

Braunstein said the CD is worth at least $100,000.

Braunstein and her husband purchased the CD for $18,023.15 for First Interstate Bank in Phoenix.

Since then, the bank has changed hand two times. It is now owned by Wells Fargo.

Wells Fargo officials have told Braunstein they cannot find a record of her investment.

http://www.kpho.com/money/21167164/detail.html

[glowing]

1. This is when you find a good lawyer and that turns into a lot more money.

[hobbit709]

2. Yep. Wells Fargo can make it easy or hard on themselves.

Paying the 100K would be a lot cheaper than letting lawyers get involved.

[Craftsman]

4. The bad press alone will hurt them.

[FreeStateDemocrat]

3. Wouldn't the FDIC have to intervene and take some action in this situation?

Banks can do just about anything with depositors money via arcane rules and lack of FDIC concern or interest in the depositors rights and problems.

[piratefish08]

5. and this is EXACTLY why anyone facing foreclosure needs to DEMAND their bank

produce the original loan documents.....

This knife cuts both ways........

[Odin2005]

6. How CONVENIENT!!!

Bastards!

[Celebration]

7. the money could have been turned over to the state

That is generally what happens when the bank can't find someone......

[MarthaM]

8. I don't buy it...

Customer would have needed a 1099 from the bank each January to file their taxes. If they didn't get the 1099, they should have contacted the bank then.

It's more believeable that someone cashed in that CD years ago.

[slampoet]

9. Then the bank would have record of the CD being cashed. Your point is moot.