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  Home >> Special Situations >> Deceased Individuals  
Old CD and Recent Bank Buy-out: Where's Money?

My grandmother bought a CD from the 1st National Bank of Atlanta twenty years ago. It had her name - OR - my name. She died two years after Wachovia bought out that bank. Wachovia won't redeem it because they say they don't keep records that long. It never went to the Department of Revenue. I have the CD. Can I get my money?


If the account was still on the books when your grandmother died, then the account should either still be on Wachovia's books or surrendered to the state, but there is one additional possibility that's more likely what happened. It's possible that your grandmother had a need for the funds and withdrew them at one of the regular maturities of the CD account. If that is the case, and if more than six or seven years elapsed after the close-out of the account, Wachovia could not be expected to have the records, and you would have no claim for the funds.

Published on BankingQuestions.com 7/20/09