In 1984, an Arizona man invested more than $18,000 in a Certificate of Deposit at First Interstate Bank, and then placed that CD away in his family’s personal records where it sat for 25 years. Then in 2009, after he passed away, his widow discovered the CD and attempted to cash it out, only to be denied by First Interstate’s new owner, Wells Fargo.
The widow tells KPHO-TV in Phoenix that she and her late husband frequently placed their money in CDs when they owned a towing company.
“Going back in the ’80s, that was the way you made your money,” she explains.
But when she tried to get the money that she believes is rightfully hers, she the bank “practically almost laughed at me.”
More
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
4 comments:
Scammers trying to get double paid on a CD.
9:27 Scammers trying not to honor a debt. Did you miss the part where it's printed on the CD "must be surrendered"? Banking instruments (checks, certificates, etc) are ALWAYS stamped when cashed and have been through the ages...
6:03 Contrary to your statement that a CD must be surrendered when cashed you are incorrect. I have cashed out 3 CD's of varying amounts (1 for $20K) at financial institutions, both major and minor, without surrendering the actual CD.
I would say that the Bank has a problem if they don't have better record keeping.
Hard to believe this happened, unless proper paperwork wasn't provided(ie: Death Certificate). I recently helped my Grandma cash in nearly 100K in CD's from a bank that was purchased in 1987 by a company that was eventually purchased by Wells Fargo. Although it took a couple hours, since many of the CD's were small amounts.
Post a Comment