Bank May Have Lost Grandma's (and others') Money

Bank May Have Lost Grandma's Money
Wells Fargo Refuses To Cash Her CD Worth $100K

PHOENIX -- Phoenix resident Rosemarie Braunstein said Wells Fargo has refused to cash her certificate of deposit because it has lost her records.

Braunstein said the CD is worth at least $100,000.

Braunstein and her husband purchased the CD for $18,023.15 for First Interstate Bank in Phoenix.

Since then, the bank has changed hand two times. It is now owned by Wells Fargo.

Wells Fargo officials have told Braunstein they cannot find a record of her investment.

“I didn't work hard all of these years with my husband to get this kind of money, put it in a bank and be told, ‘I'm sorry. I don't know where your money is.’ Are they kidding?” Braunstein said.

Braunstein had forgotten about the CD.

Then, while searching through old records earlier this year, she discovered the original certificate.

"I said, 'I'll be damned, maybe God's throwing this at me for a reason,'” she said.
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“They basically just laugh, not actually orally laugh at you, but dismiss you. Like you're insignificant,” she said.
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Paul and Christine Dickey have a CD worth about $400,000.

Since the CD was purchased in 1980, their bank had changed hands three times.

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http://www.kpho.com/money/21167164/detail.html

Immediately.

For many reasons.

Also, instruments purchased from an S&L prior to the RTC workouts, that were not submitted or resolved through receivership/conservatorship may actually be invalid, as they weren't guaranteed at the time.

Was the institution she purchased the CD from a Savings & Loan, as opposed to an FDIC insured institution?

In 1980 that would be quite possible - not saying she's wrong, just that the S&L's went through a huge song and dance to settle their assets. She might also check any of the RTC's old unclaimed asset lists that were of record at liquidation. If the CD is on one of those lists that's proof of execution of the instrument.

FDIC now manages those archival records.

...because banks are a business. We don't HAVE to give Wells Fargo, or any other bank, our business.

If banks start pulling these shenanigans, then people will lose confidence in the banks. People are
leery anyway, with 100 bank failures this year, and questions about the FDIC being able to continue to
cover these never-ending losses that happen when banks fail.

So, watch it...Mr. Banker--or you just may experience the wrath of the American consumer, who no longer
has faith in you, and feels that their mattress is a safer place for their cash.

You wonder just how widespread this issue is. It's so outrageous, and you feel so frustrated for these people. I
can only imagine how upsetting this is to them.

They "lost" the paperwork which shows who the money belongs to.

Something entirely different.

How many mortgages couldn't be found because of the bundling and buying and selling of stacks of mortgages in Wall Street game playing with the country?

Then the people who laugh go home and pretend to live normal lives.

should automatically have FREE AND CLEAR TITLE to the property!!!

It's really quite simple.

The HOMEOWNER has all their records - the bank does not - the HOMEOWNER is the SOLE leagle owner of the property.

And, if a mortgage company goes bankrupt - then the HOMEOWNER should automatically OWN the home, too...

If a corporation can go bankrupt, and leave CREDITORS out in the cold, then the bankrupt company shouldn't be allowed to keep any of it's phoney ASSETS either!!!