I have two CDs from 1988, which were to mature in 1989, but were not redeemed. The bank in NH is now part of another bank, and said that they cannot find a record of them, even though I provided them with copies. The state of NH said that the money is not in their unclaimed. I have contacted the OCC, who has contacted the bank and received the same response. How can this situation be remedied short of filing suit? What are my next steps?
If it is cost justified, filing some lawsuit may be your only recourse. Even there, we don't know how successful you will be. Attempting to collect money after more than twenty years will be difficult. The bank may claim they turned the funds over to the state and the fact that the state has no record, is not their problem. The bank has no obligation to retain records that long. The bank could also contend that in the normal course of business, the CDs could have been cashed and that is why there is no longer a record. It is simply not wise to abandon accounts for that long a period of time.
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If it is cost justified, filing some lawsuit may be your only recourse. Even there, we don't know how successful you will be. Attempting to collect money after more than twenty years will be difficult. The bank may claim they turned the funds over to the state and the fact that the state has no record, is not their problem. The bank has no obligation to retain records that long. The bank could also contend that in the normal course of business, the CDs could have been cashed and that is why there is no longer a record. It is simply not wise to abandon accounts for that long a period of time.
