something else concerning banks to be concerned about

Discussion in 'Chit Chat' started by sunflowergirl, Oct 23, 2013.

  1. sunflowergirl

    sunflowergirl Active Member

    I have two CDs that came due today. Didn't want them tied up for 13 mos. anymore and called to change them to 6 month CDs. The teller pulled them up and said...whoops......these have gone dormant. I asked how they could be dormant if they were timed CDs. He said that Calif. is doing everything they can to get OUR $$$$$$$. A new rule is that if there is no activity for 2 years after opening, they don't count interest being added, it will go dormant and be turned over to the state. I now have to go in today to show my drivers license and sign a paper that there is activity! By the way, he told me a lot of states are now doing this, so if you have a timed CD be sure to keep track of it otherwise your trusting a bank may end up having your $$$$ disappear.
  2. TigerLilea

    TigerLilea Member

    Isn't that considered theft? What would have happened if you hadn't of earned interest? You wouldn't get it back????
  3. sunflowergirl

    sunflowergirl Active Member

    He told me the interest would have stopped once it went dormant.........I guess this is called Legal Theft? He said that if it had been caught once the state got the $, interest would have been put back but of course things like this get tied up. I keep this type of info on my calendar to remind myself, but if I was incapacitated how would my family even know about this?
  4. jaminhealth

    jaminhealth Well-Known Member

    Sun, this is a little hard to grasp....I have no CD's, but I was under impression one got a fixed interest for so many months of investment...I have friends who have CD's and all they talk about is the small returns on the CD's...todays' world no interest....one use to get interest on checking accounts, that's history and may never return, might as well have money under the mattress.... Hope things get corrected as best can be. jam
  5. sunflowergirl

    sunflowergirl Active Member

    I'm trying to spread the word about new banking regulations. Went yesterday to the bank to show my DL and sign a paper that it is still in effect. My husband is having $ pulled out of his 401 (after 70 l/2 you must do this) so it shows activity. I had no additions because I'm past the point to add $. And it turns out this went dormant more than a year ago, I never received notices on it which I was told I should have, so one more year and $ would have been turned over to the state.

    Let your friends know about this concerning any CD they might have. Yes, any account is basically paying nothing. I said I might as well keep it in a sock.