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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. :)
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no subject
Date: 2006-05-23 10:37 pm (UTC)For normal transaction accounts I KNOW the time frame is seven years (working in a bank you get to know these things). I am not sure if it is longer for CDs or not, but since it has been 18 yrs, my guess is that the bank turned the money over to the state some time back, which is why they cannot find a record of it.
Nowadays, banks are required to send a written notice of renewal to the account holder of record for CD accounts reminding people that they have money. This is why it is important to keep your address up to date with your financial institutions. And yes, I know your family hasn't moved, but if I am remembering correctly that did not use to be the case so the accounts may have been given to the state before the whole send written notification thing.
Also, your bond may be worth more than $50 face value. If you go to the treasury website you can look it up, but based on my experience it is probably worth a hundred bucks or more at this point. If you tell me the month it was issued I can also look it up at work.
no subject
Date: 2006-05-23 11:34 pm (UTC)The initial maturity for the CDs of me and brother-the-elder was 1987. Seven years from that would have been 1994 but the patreasury.org website says that there is no time limit or expiration on unclaimed money. The initial maturity of brother-the-younger's CD was five years, so it would have come due in 1989, renewed ONCE for five years, and also ended life in 1994.
Interestingly, the one for brother-the-younger made it into the database, which has the address wrong but the correct (uncommon) last name and bank name and PO Box. I have called brother-the-younger and told him to get started with the reclamation process on that front.
I will inform ye olde bank of the unclaimed property discovery on the morrow and we ask for records demonstrating that either (a) the other two CDs were satisfied or (b) they were sent to the state as unclaimed property (they're not showing up on the fucking database, though) or (c) they'll be sending us checks shortly or (d) they'd like to talk to my attorney.
My, what fun we're having with our new electric train set!