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Home >> Accounts >> Retirement Accounts
IRA Confusions with Bank Take-overs
I opened a special IRA account in 1994, that promised a fixed rate of 7% for as long as I kept it open. The bank, Mid-Am, that honored it, was taken over by Skybank in 2000, and continued until 2002, when they changed the rate to 1.25%. We do not have the original agreement, but have tons of documentation that shows that the maturity date was 0/00/00, and other statements from an ex-employee that this was indeed a fixed rate with no maturity. We have been to several attorneys, one of which brought it to court and had it dismissed. We talked to the federal reserve in Cleveland, and no one wants to go up against the bank. Everyone is intimidated. We believe we are in the right. The bank says it cannot find the original document (conveniently) which opened this account in 1994. It was actually a consolidation of other smaller IRAs and then became one IRA. Where can we turn?
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 Unhappily, when you are trying to compel another party to adhere to the terms of a contract, you need to be able to produce the contract. If you can't produce it, and the current institution holding the deposit can't find it (which, from experience with mergers and acquisitions, is not at all surprising, given the elapsed time), you don't have much going for you. Check again with an attorney.
Published on BankingQuestions.com 1/05/10
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