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Home >> Accounts >> Certificates of Deposit
Finding Scattered CDs
My mother is now deceased and had a large amount of money. She had CDs in numerous unknown banks with the beneficiaries being her children and grandchildren. We don't know where these are. Is there a cental location for finding them?
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 There is no central repository for such information; however, there are a couple of places where you can look for your mother's records. First, look through her checking account records for checks in larger amounts that may have been payable to banks for the purchase of the CDs.
Second, review the most recent IRS tax return and any forms 1099-INT she or her accountant may have kept to back up her Schedule B (Interest and Dividend Income). You may find bank names and perhaps account numbers there. The 1099-INT forms may not indicate whether accounts were carried as payable on death to her family members, but at least they will be some helpful clues concerning where to look.
Your question should serve as a reminder to all those parents, grandparents, and others who have set up accounts designated to be payable on their deaths to children, grandchildren, other family members and friends, to put together and maintain a list of such accounts, including the bank name and location, account number, and named beneficiary, along with his/her contact information. Let a trusted friend, family member or attorney know where the list is, or share a copy with him or her.
Published on BankingQuestions.com 10/27/09
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