QUESTION
My father passed away July 15, 2015 We found a CD in his safe deposit that was taken out in 1983. How can I find out out how to cas it?
Asked on Jun 20th, 2016 on Trusts and Estates - Georgia
More details to this question:
The bank tells me after 10 years they destroy records, So they can't tell me anything. I need help.
2 ANSWERS
Probate Litigation Attorney serving Lawrenceville, GA
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If you have a CD, it is issued by a bank. The CD is presumed to be valid unless the issuing bank can prove otherwise. Therefore, you have an IOU from a bank that the bank must pay absent proof of payment to your father. The burden is on the bank to prove payment, not on you to prove nonpayment.
Answered on Jul 05th, 2016 at 5:47 AM
4 Awards
One possibility is that the CD matured and was rolled over or cashed out years ago, and that it isn't any good anymore. That would be highly likely in the case of one from 1983.
If you haven't already checked to see if there is any unclaimed property on file in your father's name, you should. Check www.missingmoney.com for his name to see if anything shows up. If the CD matured but he never cashed it, it may eventually have been turned over to the state. Missing Money is a website that collects information from various states' unclaimed property departments. If something shows up, you can figure out from there how to collect it.
Best wishes to you.
Answered on Jun 21st, 2016 at 5:04 AM
This answer is being provided as general information and not as legal advice. No attorney-client relationship is created by this answer.