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May. 23rd, 2006 07:48 am![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
which_chickSometimes I realize that I am not leading the life of the average Merkin. Last weekend, while cleaning, Dad came upon an envelope containing three CDs, one for brother the elder, one for me, and one for brother the younger, 1K apiece. (Apparently we'd forgotten that they existed.) This has happened before -- I have a savings bond, series E, from 1978, that matures in 2008 for a face of fifty bucks. Fifty bucks is fifty bucks, you see, and while that's not as much as it was in 1978, it's better than a poke in the eye with a sharp stick.
The CDs in question were from 1984 and had an initial term of two and a half years at an interest rate of 10.10% (annual), reverting to prevailing rate at the first and subsequent renewals. (Brother the younger got five years at 10.10% because he was younger.) As far as we can tell, the CDs are still good. On the back of the CDs, it says the following: The original term and any renewal term of this certificate shall be extended automatically for an additional term equal to the original term unless the Registered Holder shall present and surrender this certificate for payment (blah blah blah).
I've called the bank to see what these damn things are worth (we expect the amount in question to be somewhere between two and three thousand dollars per CD) and what (if anything) I have to do to get the money if, indeed, I want to get the money out right now. I might could be willing to wait until it comes due again. When I called, the bank claimed that these CDs do not exist. I have faxed photocopies, front and back, of the CDs to the bank and they are allegedly investigating the matter.
We are virtually certain that the CDs have not been redeemed because (a) we'd forgotten they existed and (b) it says on them that you have to turn in the certificate to get the money and (c) we have had the exact same legal address since the issuing of the CDs. A full report will be provided to brothers the elder and younger once I've completed the necessary research. :)
The CDs in question were from 1984 and had an initial term of two and a half years at an interest rate of 10.10% (annual), reverting to prevailing rate at the first and subsequent renewals. (Brother the younger got five years at 10.10% because he was younger.) As far as we can tell, the CDs are still good. On the back of the CDs, it says the following: The original term and any renewal term of this certificate shall be extended automatically for an additional term equal to the original term unless the Registered Holder shall present and surrender this certificate for payment (blah blah blah).
I've called the bank to see what these damn things are worth (we expect the amount in question to be somewhere between two and three thousand dollars per CD) and what (if anything) I have to do to get the money if, indeed, I want to get the money out right now. I might could be willing to wait until it comes due again. When I called, the bank claimed that these CDs do not exist. I have faxed photocopies, front and back, of the CDs to the bank and they are allegedly investigating the matter.
We are virtually certain that the CDs have not been redeemed because (a) we'd forgotten they existed and (b) it says on them that you have to turn in the certificate to get the money and (c) we have had the exact same legal address since the issuing of the CDs. A full report will be provided to brothers the elder and younger once I've completed the necessary research. :)
