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Home >> Accounts >> Trusts
Bank Bought Out: Where is Trust?
My wife's grandmother opened a CD in trust for my son in 1990. The bank is no longer in business, though I believe it eventually became part of Wells Fargo. Is there a way to recover this money or at least find out what may have become of it?
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 First, pin down what became of the original bank, by using the FDIC's "Bank Find" tool. Then contact the successor bank to see if it has any record of the account. When you do so, know that banks are required to maintain records of bank account transactions for only five or six years, so if the account was closed out a long time ago, there may not be a record at the bank. Your wife's grandmother may have closed the account, for example.
On the other hand, if the account remained open but the bank lost contact with the owner (and vice versa), the funds may have been surrendered to the state under abandoned property laws. To find out more on that subject, go here, a cooperative effort of the National Association of Abandoned Property Administrators. That website includes links to each of the states' abandoned property divisions, and a handy search tool that can find funds surrendered to most of the states.
Published on BankingQuestions.com 3/30/10
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