Damn. I made a two hundred dollar withdraw and before I left I counted only one hundred. The teller said I was lying but the manager made her close out her drawer. She was over by one hundred dollars. The manager apologized, the teller did not.
A teller at Wells Fargo gave me credit for a $200 deposit when I made a $200 withdrawl on a Friday evening. Monday I went into the bank & told the manager & he didn’t belive me, nor could he believe anyone would correct a mistake in their favor. After a week Wells Fargo finally corrected the mistake in my account, no thank you was offered.
Makes you wonder how many others they do this to as until they notice and complain the bank doesn't have to do anything - and the ones that never complain for whatever reason then it's free money for the bank.
I would have Sued the fuck out of them for Theft, cause they only 'found' and 'returned' it once the State was involved. Meaning they already had it, knew where it was, and only turning it over to claim nothing illegal was going on. No! Investigate HEAVILY into it, see what illegal shit they did, and then get compensation for the bullshit they had put you through.
@@Tailss1 Millions. Companies went to mail in rebates instead of instant rebates, because people forget. Companies saved billions in rebates that never get cashed in.
Years ago Bank of America bought a local bank in Branson, MO. Before that when I went to that bank the tellers all knew me by name and were always very friendly and helpful. Shortly after BOA bought they all quit and the next time I went there the new tellers were just rude, so after a few minutes of that I told them to give me all my money and then I closed my account. They were shocked that I would do that but not more than a couple months later BOA closed the bank and left town because pretty much everyone who had an account there did the same. Made me very proud of my neighbors here.
I don't understand how they can just hire rude and unfriendly people. People are who they are for a reason. Sounds like a systemic problem where those new tellers were being mistreated and abused as well. That spreads like a cancer through a workforce. How unfortunate that BOA ruined a local bank for your community.
I knew a man who was an investor in a business I was working for, and he was going to co-sign a line of credit for this busines. Bank turned down the application because the business was too new, so he withdrew his 30 million dollars from the bank and told their senior management that their loan officer was incompetent. They got to watch him take his 30 mil in a cashier's check across the street to deposit with their competition.
I deposited $2k in cash at a local bank. Got a receipt. A couple of hours later, I get a call from the branch manager claiming that I had not given them the cash. I told them that I did, and they should have cameras proving that I did. Never heard from them again. No apology or anything.
Similar happened to me. I had a receipt for a cash deposit that never showed up in the account. The teller's terminal was offline when the deposit was made and the teller did not upload it when back online.
Bank of America's record keeping follies are AMAZING ! Remember, these are guys, who tried to foreclose on a house where they not only own the loan, but it did not even have a mortgage. The home owner's won the subsequent court case, and ended up having the sheriff's go over and seize asset's at their local bank branch. This caused B of A, to finally pay them.
@@july8xxthat's what I figured. I've heard of banks doing stuff like this before... Makes you wonder how they can do that if they don't have a lien on the land title lol
If there's no mortgage, then there's no loan on the house. A home loan is also known as a mortgage. The issue is that the loan was up to date but their paperwork showed that the account was in default.
A contractor I worked with years ago in Big Bear, CA deposited a $10,000 check in a Bank of America ATM. And the bank deducted $10,000 from his account instead of crediting the $10,000, leaving him $20,000 in the hole. He wound up with checks bouncing all over southern California.... He went into the bank, showed them his ATM receipt, and they told him, "that isn't legal proof of a deposit." After he hired a lawyer who proved the check he deposited had been cashed, B of A folded. They wound up covering not only his overdraft fees, but all the overdraft and bounced check fees incurred by his workers, subcontractors and suppliers at their own banks, as well as his legal costs.
About 25 years ago I deposited a check (nowhere near $10k) in my credit union's ATM. Mayhem ensued. Turned out the ATM's software had gone haywire and was subtracting deposits instead of adding them. They reversed all the bounced check fees and redeposited the bouncers, but only added the original deposit amount back to my balance once. I had to chew my way up several levels of management before finding someone who understood basic arithmetic, as in because the deposit had been subtracted, it needed to be added back in twice to make my balance correct.
"Hello Mrs. Farnickel. How are you, today? Making a deposit, are we? Greeeat. We can just put that into your retirement account and make it go to work for you aaaaand it's gone." South Park bank teller
Every time one party puts regulations in place to prevent that from happening, the other party comes in a decade later and removes the regulations. Wise up. Vote Blue.
I haven’t dealt with BofA for over 40 years. They refused to cash payroll checks drawn from a business that had longstanding accounts with that branch of of the bank. I called our boss and he met us at a local tavern and wrote checks to each of us crew members and had the tavern cash them. Without any charges. Those checks were drawn from a different bank and account. He transferred all his business accounts to other banks because of this snafu.
Bank of Americas habit of running deposits and withdrawals to cause having to pay overdraft fees lead me to online banking. Not an overdraft fee since. Gladly left them almost 20 years ago.
Gotta love these 'mistakes', like when the banks would 'accidentally' lose mortgage payments for just long enough to default so they could re-sell the houses at a higher price.
Something like that happened to a farmer I used to know. The dairy held up his milk checks just long enough for the bank to foreclose. Obviously, if he'd had money for a lawyer, he'd have been able to pay the mortgage.
I left BOA many years ago when they wouldn't cash my paychecks after consistent banking for several years multiple accounts with several family members we all eventually switched which is a pain
Just for the record, banks rarely make money when they foreclose on a piece of property. Even if they "accidentally" lost the payments, assuming they weren't in cash, the borrower would still have the money in their bank account to make the payments at the foreclosure hearing. When you hear these stories there is nearly always something that the story teller left out that is important. Since at the sheriff's sale the piece of property goes to the highest bidder the bank would not make any money if the property was worth significantly more than the mortgage amount because someone else would have bought it, not the bank. Bank's nearly always bid the amount of their mortgage plus any expenses at the sheriff's sale hoping someone else bids higher because they do not want foreclosed property. How do I know, I've been the CFO of a few banks and I worked for the FDIC.
@johnnylightning1491 when they forclose, they profited from previous payments, they buy it at forclosure, then resell at a much higher value. Big profit for a bank.
She should also report them to Florida regulators. Losing track of a customer's account records is a huge no-no, even if it was from a bank your bank bought out.
I'm more than sure those "regulators" already know what went on and would already be acting on it. But they don't want to and your official complaint to them won't change that.
The state can find you to tax you, but suddenly can't find you if an old account of yours gets turned over to them. Their competence/incompetence ratio always appears to be skewed in one direction, eh?
My brother in law moved out of state after his wife passed. We bought their house. He was getting direct deposit from Social security and yet they both got stimulus checks mailed here! Makes me wonder how much stimulus money was "lost" due to poor record keeping.
"Heey there, we at IRS are pleased to hear you are cashing that CD... Now pls pay the capital gains tax! ...Yes, this year. Thank you for your cooperation."
Having this exact same issue. State says "you owe us $90 in taxes" and wants me to pay them. State also says someone with my exact name and SSN is owed $580 by the state, but I've got to prove it's me to collect the money. And no, they claim they can't just say "oh well we can just cancel this out" because what if the person with my exact same name and SSN is a different person... somehow. Never mind that the point of using the SSN like this is as a unique identifier...
Just like how if THEY owe YOU, you can only claim a tax refund for 3 years, but if YOU owe THEM, they can come after you for 7 years. Why am I held to a higher standard than the IRS *itself* when it comes to paying what's owed???
Bank of New England lost a $40,000 deposit on me. I had the deposit slip. It took them 3 hours to find it as I sat across from a customer service rep in a local branch. Turns out, they put it in an IRA CD. Something I did not ask them to do. The customer service rep asked me, "Mr. , why aren't you crawling over this desk and strangling me?
Had the same thing, the bank wanted to keep my receipt 'for' their records while they look for the deposit. I let them make a copy, but they argued over an hour that they 'needed' the original for their search (back in the late 80's when no one had cell phones to take pictures as needed). Had a feeling if I did that, the original would be gone...
How can they even put in 40k into an IRA CD? Even if you had instructed them to do so, there are maximum limits the government allows to put into an IRS. Used to be 6,500, but for 2024 its 7k. Every few years they increase the maximums.
My wife worked in the software side of banking for a long time, and what happens is that the records are in different formats when they merge. Several weeks or months of testing will be performed to get the data migration over to the new system, but there are invariably instances of "lost" data. This is because no two financial institutions, even using the same software package, run things the same way - customization is a big selling point. The only way to review it is to go back into the legacy system and examine the original HDD, or to find the PDF scans of the original documents. The banking industry is legally required to keep that data available for a hell of a lot longer than 7 years, but likely lacks the manpower, the will, or perhaps even the knowledge of where the needed records are located, to go search through it all. They're just hoping she'll go away - she needs to sue them in order to force them to stop stonewalling.
Worked for BoA (credit card side) and later on with car dealerships. Can confirm all this; they've got *access* to the records, it's just not in their current database and this is just being shrugged off instead of the bank doing proper diligence. It very likely got dropped during a database conversion, but they've got written record on-hand for it even after 27 years. Though it's very likely nobody has any clue where those records would be, and it'll cost them more than the $40k to find it, so outside of the court incompetence there should be no way she fails a lawsuit. Hell, she'll probably file the suit and they'll come back with a settlement inside of a month.
When the numbers can't be reconciled, but are close enough, they plug the difference. It may be a small amount relative to all the balances they take over from the acquired bank, but a plug means something is off. I am a CPA, and early in my career I worked at a company where my lazy predecessor wrote off / plugged all the time. I spend months undoing his mess.
BofA "Lost" my military paycheck once. I even had the deposit slip. Fortunately my spouse was a bank operations manager at another bank and knew the rules and forced them to keep looking. After a week they found the check in the desk draw of an employee that was on vacation. hmmm???
I worked at an insurance company years ago. Customers mailed their checks in and then the accounts receivable people would key them in. Well, on clerk couldn't keep up, so she didn't cash the checks or post them until she got to them, just put them in her desk drawer. They found out when people's auto insurance policies were being cancelled by the system for non payment
Some years ago, my brother called me and asked me if I could loan him some cash until he got things straightened out with the bank. He had deposited his paycheck but the money was gone. When I went to the bank to withdraw some cash I discovered that a deposit had been made to my account for the exact amount of my brother's paycheck. Our names were totally different. Maybe the mistake happened because our account numbers contained some of the same digits. I figured that the easiest thing was for me to just give him the cash and then I closed my account.
Ready, any large bank. I keep my money in the smallest institutions available. One account is with a regional credit u ion and the other with a. Snk with about four branches. The service with both is excellent and neither has shown any desire to steal my money.
My father once bought a new car. The salesman had him sign some documents. One was for a credit check. The salesman had a bank loan application in that stack. My father didn't want a loan and paid for the car. The dealer later sent him the registration and my father didn't think about getting the title. 18 years later, when he wanted to trade in the car, he realized he couldn't' find the title. He applied for a duplicate and was told that a bank had a lien on it. Well that bank had been bought by another bank some years before. They couldn't find any record of the title, but gave my father a letter stating that they had no interests in the car and my father was able to get a replacement title. The bank did lose all record of the car title that they had a lien on, from a loan my father never used.
My wife’s late step-mother had CDs in a bank that was acquired by Bank of America. We found the paper certificates after she passed. When my wife as executor for the estate tried to get the money, BoA had no record. I sent her this video so she can see that the bank has to be able to prove somehow that the money was given to her late step-mother.
Also check her Tax Returns. She should have received 1099 INTs each year ,and paid taxes on it. It has to be recorded. If she used H& R block or something similar they may have records of her returns if you do not.
@@tomw7794 - the sending of the 1099-INT could have been stopped without the CDs being cashed in. It’s possible that looking at the year when / if they stopped, that there might be a deposit of a similar amount to another account, because “cashing in a CD” usually gets you a check from the bank for the amount of the CD (plus interest earned).
Most banks today, when your CD matures, you have a window to do something else with it, but if you do nothing, it automatically goes back into another CD.
@Graybeard I also thought of the yearly 1099=INT that had to be generated . How long did the depositor stop receiving it for this account . With so many mergers over the years and BOA incompetence it is a wonder the bank stays afloat . Corporate 'merica . GAG
@@stevengordon3271True, but my point was that today the CD would not disappear. It would simply roll over into another CD until the owner takes an action.
One of the officers going through dormant accounts noticed that this account had a large sum in it, cashed it and deleted the records. Probably did this with a number of accounts at the same time and is probably much richer for it.
My 80s year old mother was shorted at least twice by $100 by the same teller when withdrawing cash. It was from Bank of America. The first couple times she didn't count her money until after she got home, so didn't complain. She had bad eyesight. After that, she waited to be taken care of by someone else and always counter her cash before she left.
Every time I make a withdrawal I lay it all out and count to my satisfaction. Then scoop up the cash, put it in an envelope and walk out. It takes as long as it takes.
My dad’s vision is failing. Two times he was passed counterfeit bills: from his bank and from the Post Office. People prey on the handicapped and infirm. It’s not new but it seems like more people have taken the ‘Greed is good’ to heart. It’s not good to count on the honesty of plain folks anymore.
I once had a checking account with an unnamed bank, and was going over my past statements when I noticed the bank, on two different occasions, had charged me twice for the same checks I had written. When I went to the bank, they told me it was over 180 days old, and I had waited too long, so I couldn't get my money back. The following day I changed banks, and also moved my not so small savings account to my new bank. I won't be getting screwed by that bank anymore.
I hope you made it clear to them WHY you were changing banks. Personally, I would have sued them (small claims court, if the amounts were petty), just for good measure. (Yes, sometimes suing is throwing good money after bad, but it's the principle of the thing.) With banks, the closest I've ever come to this is having an attorney contact them. The implied _threat_ of a lawsuit was enough to get them to reevaluate their position on a matter.
Lol Barnett? Not surprised, it used to be the only bank in my area back in the day, once had to wait over a week for my CASH deposit to 'clear'. They approved me for a loan i never applied for and tried to collect, and ever other week it was some shady BS.
@@Hatbox948No the problem was Barnett and BOA were both trying to screw each other over. It's like when two real scumbags get in a fight and both cheat and throw sand in each other's eyes.
I think in one of the mergers either b.o.a. or the one before them saw that the c.d. was outstanding and "lost" the paperwork. Gambling on the idea that the holder lost it, forgot about it, or was deceased.
I had an account with a bank that was acquired by Bank of America, and a different account with a bank that became acquired several times but eventually Wells Fargo ended up with that account. BoA was so messed up, that account was closed in less than a year after the acquisition. Meanwhile I am still doing banking with Wells Fargo, using that original account (Fidelity originally, then First Fidelity, then CoreStates, then Wachovia, then Wells Fargo). I know Wells Fargo had some issues that were made very public, but I haven’t had any of the troubles that others had with them.
My cousin has a thriving business recovering funds for companies. You wouldn’t believe the millions of dollars BIG companies don’t even know the states are holding for them, and will keep eventually.
This is no joke, my cousin opened a bank account as a child in indiana Some 35 years later thinking he earned instrest on his deposit all those years went back to claim it. He didn't earn instrest and the state had it, instrest free.
Sorry to hear that. That's why stories of a time traveler going to a bank that had somehow stayed in business all these years, and had let interest accrue over hundreds, if not thousands of years, even at a modest interest rate, and the depositor of what was then a modest sum now a billionaire presposterous...er, aside from the "time travel" aspect. Banks have all sorts of ways to STEAL your money. Consider WHO owns them. 'Nuff said.
Based on another video of his, they absolutely misplace those debts but count on you not calling their bluff. Something about companies dedicating themselves to buying up debt in bulk and after a while of several companies doing that, they get lazy. They end up no longer having proof of the debt, just a list of names and numbers. Meaning someone can end up being double charged for same debt if two companies have your name on their list. However, not many people end up asking for proof that it is their debt and whether the company has legal rights to your debt for them to collect.
We checked the Unclaimed Funds for our State and got $600 from where we closed our business and since the Power Company didn’t have our new mailing address they didn’t know where to send our Deposit. We forgot we had even paid that Deposit 15 years earlier. Happy Days That Week.
Yep, I got a few hundred dollars from mine some years back too. It was good timing as I was in a bit of a pinch at the time. The claims process was easy, and free. (I just had to prove my identity, and they sent me a check a few weeks later.)
I found money for my wife on the unclaimed list. The funny thing is her address hadn't changed, yet they still couldn't find her. Itt pays to look even if you haven't moved for 40 years.
@@rberkar6669 I had the same question. You can't find me but the money came from accounts that had been opened when I already lived at my current address and I haven't moved in nearly 20 years.
The unclaimed funds thing sounds like another form of civil asset forfeiture. Politicians, right now, are looking for ways to tap into private pension funds. Be forewarned!
The money was probably returned to her chequing account when the CD matured. It is now 30 years later and she has found a piece of paper, and said "What is this? Oh, the bank owes me money!"
Back in the 1990’s, I had a safe deposit box that was in 5 different banks and never moved. One bank buyout split accounts by the branch in which they were opened instead of keeping them together by customer. My accounts ended up in two different banks, taking me below the deposit level that was needed for free checking, and one IRA account was temporarily “lost”.
B of A charged me a fee to close an account. I went to my local branch, pulled out all the cash telling them I was closing my account, then the following month they sent me a bill for 'low funds'. These guys are crooks. They have always been - I banked with them 40 years ago and they acted the same way. Always bank locally.
A company I used to work for never gave me my W-2. The corp office never returned my messages and I had to report it to the IRS and they got fined. I still worked there and they still never got back to me about it for the four years I worked there 😂
And if you've ever had an electric account with an EMC, make sure you let them know your current address. The electric membership corporations retire profit on capital every so often. You may have money coming.
The bank’s computer systems clearly lost it during the mergers. Happens all the time. I worked for a smaller state bank that was bought by a larger bank in the late 90’s. They lost $3 million dollars worth of accounts in the trust department and we had to account for that. Losing a $10k CD is chump change by comparison.
I once received a letter from my bank telling me that a 25-year-old CD was about to be declared abandoned and that I would lose that money if I didn't come in and file some form saying that yes, I still wanted to keep that money. My bank spams me all the time with car loan offers and such, and I toss them. Had I done so with that particular letter, I wouldn't have known my retirement savings was $50K poorer until I tried to cash out. I open each and every mail from my bank now.
Love the B of A comments. They are the ones who taught me that one of their customers deposited a check made out to me into their account. Before that, I had always thought I had to endorse the check before it got deposited. Also your Wells Fargo comment. Years ago I was going to open an account with them. I don’t remember specifics, but mostly the ladies attitude turned me away.
Unclaimed accounts often turned over to state or federal agencies as what happened here. Our small association has had a few accounts from former owners that have sold and left and we have had trouble finding them to return the funds. But letting an account sit idle for 27 years, through multiple bank acquisitions, could make such a bank error much more possible. But I have all manner of problems when my bank was acquired. One bank once started sending statements to an address that over 20 years outdated even though I had multiple accounts at my current address with that same bank. Banks screw up frequently.
If she’d invested that $10K in a growth stock mutual fund instead of some stingy bank’s CD, it would have been worth roughly $136,000 by now AND they probably wouldn’t have lost it either.
HS Economics teacher deposited her paycheck at BofA (pre-direct-deposit days), and her rent check bounced. On examination the deposit went in with a 2-decimal slip. The bank manager disclaimed the discrepancy, saying, "We don't make mistakes." She produced the paperwork & was granted a correction.
Local troubleshooters with a TV show are awesome threats to use against troublesome entities. Last year I told a mobbed-up financial institution that I would be calling "Jesse Jones" (in addition to the state AG, the union they were doing business with, and Schwab (they were under their umbrella)) if they didn't cut a rollover check for the retirement account for a friend of mine. After weeks of getting the run around and nobody answering the phone they suddenly cut a check within an hour of me leaving a voice mail.
They lost my father's money as well. It wasn't a CD, just a deposit. He kicked up a fuss when they claimed they didn't have his money, and they somehow "found" it, gave him his money and asked him never to return. Shady as heck.
I wonder how often a bank employee could pay attention to patrons dieing and if nobody says anything it somehow slips away. My father in law died a year ago and we found several accounts that were inactive for years. I have no idea what we didn't find.
Every state has an unclaimed property process, and related website. Checking those is free. You should be checking those for each state he ever lived in, plus check any he regularly visited. Keep doing that. Some accounts won't even be reported until they've been inactive for 7 years or more.
My deceased mother has like $72 with the state in unclaimed funds. When I went down to the clerk of the court, they told me it would likely cost more than that to reopen her estate because it had not been closed properly. So, I guess NC gets to keep that.
@@hauntedshadowslegacy2826 Not to mention the fact that the estate wasn't closed properly could indicated additional fees are required. The $72 isn't with the probate court, it's with the state. Because their mom is deceased and the funds are in her name, the executor has to go through probate to get the authority to access the funds from the state. For an open probate action it's just a matter of sending the state the relevant paperwork.
@EvHervey -- It may be easier than you think. If the "unclaimed property" division or department has the funds, find your documents that show you are her heir, and see if they will accept that to directly send you a check.
Got the Wells Fargo Dig ( good one ). Famous from the " Old West Era " and seem to be the one's robbing their customers ( Why sir, you must have opened those 5 checking accounts, and eleven savings account )
All of the certificates of deposit that I have ever had ended at a given date and the bank (or credit union) would send me a letter that said that they would roll it into a new CD at current rates unless I came in to claim the money.
Banking and mortgage industry is a weird industry. We bought or home years ago and financed thru a small local bank. Small as in less than three branches. After settlement, like three weeks later we get a payment book from a mortgage company I had never heard from, with a letter explaining they had bought our mortgage. Had 4 different mortgage companies over the course of 18 years and each time it had been bought out. So weird
Made a $900 cash deposit at an atm. Machine said your deposit can't be done at this time. Then it said we are unable to return your cash, please contact your bank. Called the bank, 2 days later caim was denied because atm operator didn't respond to the request. Appealed, claim denied because no record of deposit (no shift, machine said unable to complete deposit). Requested ATM records denied. Sued, forced into abartration delayed 2 years.clim denied because atm records no longer available.
@scd603 I did. Unfortunately they don't have that error listed in their manual so they as much as ignored it. The government agency responsible for credit unions has opened a case. I don't expect anything from government but who knows.
Bank records, particularly in an acquisition can be a hot mess to say the least. I used to be involved in credit card originations and portfolio acquisitions (buying existing accounts from other banks), and the stuff we would get from them at the time of transfer, often (not always), was lacking or basic at best. Ironically, we did buy part of Barnett’s credit card portfolio WAAAAY back then, and I do remember it was bare bones and quite a headache. We were writing off a lot of balances because we couldn’t produce original applications and/or sales records when customers disputed balances and/or account ownership.
The same thing happened to my friends mother in 1982. The woman who set up the CD of $10K. When she went to move the CD to stocks later in in the 80s the CD was cashed by an employee who had forged her signature and cashed it. The woman had done this to multiple CDs then left the state
BofA once allowed someone to open a credit card in my name using a SSN# that didn't even exist. Did absolutely no verification of the most basic of information on the application. Never do business with corporate banks.
@@Tugela60 Half the posts in these comments are kids making up stories for likes. They're usually easy to spot bc zoomers don't know how the world works 😂
Years ago I was a deputy. Bank called to report a grand theft, claimed a woman stole $20,000. I said robbery? No.... a contractor made a 20k deposit, and a teller put it in the wrong account. When the account owner saw the money, she reported the discrepancy to bank. Long story short she spent a month telling the bank made an error, and they told her it was hers every time. When the contractor balanced the books the next month though.... bank asks to charge her with fraud and theft. State attorney declined the charges.
I had a dormant account. The credit union claimed they "absorbed" the funds. I argued they were to turn it over to unclaimed funds. Took some arguments to get my money
@@user-no1cares 😵😕 Can I ask a question, I presume your given name is William (same as my father, who answered to either Will or Bill), Do you cringe, when in movies, they yell "Fire At Will"...😉
I had a run in with B of A a few years ago with my brother's estate. First, I found out that if an account becomes dormant, they charge a monthly dormant account maintenance fee until the account balance is -0-. Second, I went into the branch my brother used and gave them certified court documents showing that I was the administrator of the the estate. They faxed the paperwork to the main office in New York and gave me the certified copy back. When I got a check 4 weeks later, they had deducted $270.00 as a processing fee. When I called about it, I was told that since the paperwork had been faxed to them, they had to verify the documents with the court. It did not matter that it had been their own branch that had faxed them or that the branch had seen the original paperwork. Oh, and the person at the branch was on the phone with the person in New York when they faxed the paperwork and acknowledged receiving it.
I dumped a bank account 30yrs ago when my bank merged with Wells Fargo and just did away with the old bank and the locations. I told them when I closed the account that if id wanted a Wells Fargo account,I would have opened one.
Lifelong Floridian here. I banked with Barnett in the 90s. BIG mistake. They were infamous for "losing" deposits, and making you jump through all kinds of hoops to get your money back. I never had a bank screw me over so badly before or since. I'm glad they're gone.
Chase Bank is in the news daily for "losing" the money of clients, fraudulently closing accounts but never saying what caused them to close the accounts OR explaining where the account money went. You can read 5-6 DIFFERENT INCIDENT stories per day.
I’ve heard of several cases of CoDs purchased in the 70s and 80s from Ranier Bank in Seattle - fast forward to the 2010s, Ranker had been purchased by SeaFirst, which was purchased by BofA - same exact claim too - “Diuuhhh, wut money!?”
Holy crap! You're not kidding about the unclaimed property site! I just checked, and practically everyone in my family has something! No fortunes, but probably a total close to a grand. Check your state, people!
Thanks for mentioning the "unclaimed money" as I had forgotten to check this year (usually check once a year) and found that the state was holding $160 from an old employers HR service. I haven't worked for that employer since 2019. It is like a bonus. I recommend that people check these yearly as it has worked out for me occasionally. Once found out I had left a little money in a 401k I thought I had closed out and ended up being turned over to the state. It was around $600 when it turned over.
Back in the late 90's- early 2000's, buying a c.d. was the way to invest. Now after so many years of rate decreases and only a few increases. A c.d. is probably the worst place you can put your money! The fed used to run their rates on the principal of "2 jumps and 1 tumble. Or 2 tumbles and 1 jump". Basically, they would never hike or decrease 3 times in a row.
They paid double-digit rates in the early 80s. After that you could still get CDs at 5%-6% until the 2008 financial crisis. CDs were junk from 2008 to 2021, but you can get them for over 5% now.
@sexygeek8996 Nice! I would actually consider that @ 5%, if I thought greenbacks would be worth anything in the next decade. Lol I'm up over 125% in the last 6 months with bitcoin.
@scd603 No. I bought the dip, hoping it would return to at least $50k. When it hit $60k, I pulled my entire initial investment. Now, everything is pure profit and I'm just going to let it ride.
Ive check for unclaimed property at the state web site. Found some in the form of payments that should of been paid to my company in the form of third party insurance payments for services rendered to their policy holders. What's perplexing is that , I'm still at the same address under the same name company with the same phone number. Why did they send it to the state?
Likely turned over to the state as Abandonned Property due to non-activity. I used to work in the banking industry, and if a CD - or any account - was in danger of going "dormant" (no activity), we'd send out a physical notice to the address on record, asking them to acknowledge the account in writing. If they didn't, we did (turn it over to the Illinois State Treasurer). But good for her for pursuing this.
Knew a B of A teller who told us tellers there ROUTINELY read obituaries, to check for account holder's names. Then the tellers would drain the money from that account.
That teller, if she's tired of working in the banking industry, should gather evidence and give it to the state's department of Corporations, the entity in most states that regulates banking.
@@selfdo This was back in the 80's. It was common knowledge at that branch, and in the banking industry in general. Old people's money vanishes right after they die. We named our cat after the teller, and never told a soul.
I just commented above. This woman should have received a 1099 each year on the interest earned. Does she have tax records that show that income? And for how long?
I got several thousand in unclaimed property a few months back. During my house purchase somehow my previous escrow account got screwed up and my bank never told me. No one ever contacted me about it. I still bank there. When I called and asked about they literally had all of my contact information. And instead of just calling me they sent it to unclaimed property and it took 3 months for me to get it back. It was such a waste of resources. Although I was certainly happy to learn of what I consider “free” money 😊
I have a story about bank recordkeeping requirements. In MN I was a banker and a lady came in needing a statement because a dentist she brought her daughter to 9 years ago said she never paid the $5k she owed. The lady was wanting a statement to prove she paid it. I found out banks have to keep statements readily available for only the last 7 years. Luckily MN and some other states keep records for 15 years, but to get older than 7 you have to call and request the back office people pull and mail you them. In the end she proved she paid. But I’ve always wondered what would happen in a situation like this video.
Damn. I made a two hundred dollar withdraw and before I left I counted only one hundred. The teller said I was lying but the manager made her close out her drawer. She was over by one hundred dollars. The manager apologized, the teller did not.
Count in front of them. They say it went through the counter. I say yes. And continue counting.
They always count it in front of you and if you dont count it at the window I have little sympathy for you
I worked at a bank and man I would always over exagerate counting money out just for this reason.
A teller at Wells Fargo gave me credit for a $200 deposit when I made a $200 withdrawl on a Friday evening. Monday I went into the bank & told the manager & he didn’t belive me, nor could he believe anyone would correct a mistake in their favor. After a week Wells Fargo finally corrected the mistake in my account, no thank you was offered.
Of course the teller didn’t apologize, they were trying to steal your $100 lol
Bank of America pulled this exact stunt with my $30,000 college savings bond. The state had to start an investigation before they "found" the money.
Makes you wonder how many others they do this to as until they notice and complain the bank doesn't have to do anything - and the ones that never complain for whatever reason then it's free money for the bank.
I would have Sued the fuck out of them for Theft, cause they only 'found' and 'returned' it once the State was involved. Meaning they already had it, knew where it was, and only turning it over to claim nothing illegal was going on.
No! Investigate HEAVILY into it, see what illegal shit they did, and then get compensation for the bullshit they had put you through.
@@Tailss1Add up 5000 branches where say the lose say 10k across several accounts every years. And your talking millions in pocketed money.
@@Tailss1 Millions. Companies went to mail in rebates instead of instant rebates, because people forget. Companies saved billions in rebates that never get cashed in.
Until executives are ordered to serve jail time, it is simply financially advantageous for them to "lose" records.
Years ago Bank of America bought a local bank in Branson, MO. Before that when I went to that bank the tellers all knew me by name and were always very friendly and helpful. Shortly after BOA bought they all quit and the next time I went there the new tellers were just rude, so after a few minutes of that I told them to give me all my money and then I closed my account. They were shocked that I would do that but not more than a couple months later BOA closed the bank and left town because pretty much everyone who had an account there did the same. Made me very proud of my neighbors here.
You showed em😂😂😂
I don't understand how they can just hire rude and unfriendly people. People are who they are for a reason. Sounds like a systemic problem where those new tellers were being mistreated and abused as well. That spreads like a cancer through a workforce. How unfortunate that BOA ruined a local bank for your community.
Good for you guys! ⭐️
I knew a man who was an investor in a business I was working for, and he was going to co-sign a line of credit for this busines. Bank turned down the application because the business was too new, so he withdrew his 30 million dollars from the bank and told their senior management that their loan officer was incompetent. They got to watch him take his 30 mil in a cashier's check across the street to deposit with their competition.
I didn't know the whole story but the new tellers probably got a huge cut in pay@@Steve_Edberg
I deposited $2k in cash at a local bank. Got a receipt. A couple of hours later, I get a call from the branch manager claiming that I had not given them the cash. I told them that I did, and they should have cameras proving that I did. Never heard from them again. No apology or anything.
was the money put in your account?
Wow. Bank manager trying to keep your $2k tip you gave him. 🤣
@@interstellarsurfer it was more likely the teller trying to tell the manager it wasn't them
Similar happened to me. I had a receipt for a cash deposit that never showed up in the account. The teller's terminal was offline when the deposit was made and the teller did not upload it when back online.
You’d think they would go to the video before calling you.
Bank of America's record keeping follies are AMAZING ! Remember, these are guys, who tried to foreclose on a house where they not only own the loan, but it did not even have a mortgage. The home owner's won the subsequent court case, and ended up having the sheriff's go over and seize asset's at their local bank branch. This caused B of A, to finally pay them.
"they not only own the loan" there was no loan? I assume you meant different wording to that
Bank of Amigo has no problem setting up accounts for illegals though . . .
@@JamesTKdid not own the loan, BOA NaplesFl.
@@july8xxthat's what I figured. I've heard of banks doing stuff like this before... Makes you wonder how they can do that if they don't have a lien on the land title lol
If there's no mortgage, then there's no loan on the house. A home loan is also known as a mortgage. The issue is that the loan was up to date but their paperwork showed that the account was in default.
A contractor I worked with years ago in Big Bear, CA deposited a $10,000 check in a Bank of America ATM. And the bank deducted $10,000 from his account instead of crediting the $10,000, leaving him $20,000 in the hole. He wound up with checks bouncing all over southern California.... He went into the bank, showed them his ATM receipt, and they told him, "that isn't legal proof of a deposit."
After he hired a lawyer who proved the check he deposited had been cashed, B of A folded. They wound up covering not only his overdraft fees, but all the overdraft and bounced check fees incurred by his workers, subcontractors and suppliers at their own banks, as well as his legal costs.
About 25 years ago I deposited a check (nowhere near $10k) in my credit union's ATM. Mayhem ensued. Turned out the ATM's software had gone haywire and was subtracting deposits instead of adding them. They reversed all the bounced check fees and redeposited the bouncers, but only added the original deposit amount back to my balance once. I had to chew my way up several levels of management before finding someone who understood basic arithmetic, as in because the deposit had been subtracted, it needed to be added back in twice to make my balance correct.
How is an ATM receipt not proof of your deposit?! Isn't that the whole purpose of getting a receipt?! 😠
@@virahpayam One would think. Of course, he was dealing with Bank of America.
"Hello Mrs. Farnickel. How are you, today? Making a deposit, are we? Greeeat. We can just put that into your retirement account and make it go to work for you aaaaand it's gone." South Park bank teller
Every time one party puts regulations in place to prevent that from happening, the other party comes in a decade later and removes the regulations.
Wise up.
Vote Blue.
I haven’t dealt with BofA for over 40 years. They refused to cash payroll checks drawn from a business that had longstanding accounts with that branch of of the bank. I called our boss and he met us at a local tavern and wrote checks to each of us crew members and had the tavern cash them. Without any charges. Those checks were drawn from a different bank and account. He transferred all his business accounts to other banks because of this snafu.
Bank of Americas habit of running deposits and withdrawals to cause having to pay overdraft fees lead me to online banking. Not an overdraft fee since. Gladly left them almost 20 years ago.
Aren't BofA planning to chance their name to SNAFU Bank and No Trust?
Gotta love these 'mistakes', like when the banks would 'accidentally' lose mortgage payments for just long enough to default so they could re-sell the houses at a higher price.
Something like that happened to a farmer I used to know. The dairy held up his milk checks just long enough for the bank to foreclose. Obviously, if he'd had money for a lawyer, he'd have been able to pay the mortgage.
I left BOA many years ago when they wouldn't cash my paychecks after consistent banking for several years multiple accounts with several family members we all eventually switched which is a pain
@@ostlandrabsolutely criminal
Just for the record, banks rarely make money when they foreclose on a piece of property. Even if they "accidentally" lost the payments, assuming they weren't in cash, the borrower would still have the money in their bank account to make the payments at the foreclosure hearing. When you hear these stories there is nearly always something that the story teller left out that is important. Since at the sheriff's sale the piece of property goes to the highest bidder the bank would not make any money if the property was worth significantly more than the mortgage amount because someone else would have bought it, not the bank. Bank's nearly always bid the amount of their mortgage plus any expenses at the sheriff's sale hoping someone else bids higher because they do not want foreclosed property. How do I know, I've been the CFO of a few banks and I worked for the FDIC.
@johnnylightning1491 when they forclose, they profited from previous payments, they buy it at forclosure, then resell at a much higher value. Big profit for a bank.
She should also report them to Florida regulators. Losing track of a customer's account records is a huge no-no, even if it was from a bank your bank bought out.
I'm more than sure those "regulators" already know what went on and would already be acting on it. But they don't want to and your official complaint to them won't change that.
@@P_RO_ This is probably the most naive statement I've read today. It'd be frankly captivating to hear how you think the government works.
The state can find you to tax you, but suddenly can't find you if an old account of yours gets turned over to them.
Their competence/incompetence ratio always appears to be skewed in one direction, eh?
My brother in law moved out of state after his wife passed. We bought their house. He was getting direct deposit from Social security and yet they both got stimulus checks mailed here! Makes me wonder how much stimulus money was "lost" due to poor record keeping.
Governments are in the business of taking money
"Heey there, we at IRS are pleased to hear you are cashing that CD... Now pls pay the capital gains tax! ...Yes, this year. Thank you for your cooperation."
Having this exact same issue. State says "you owe us $90 in taxes" and wants me to pay them. State also says someone with my exact name and SSN is owed $580 by the state, but I've got to prove it's me to collect the money. And no, they claim they can't just say "oh well we can just cancel this out" because what if the person with my exact same name and SSN is a different person... somehow. Never mind that the point of using the SSN like this is as a unique identifier...
Just like how if THEY owe YOU, you can only claim a tax refund for 3 years, but if YOU owe THEM, they can come after you for 7 years. Why am I held to a higher standard than the IRS *itself* when it comes to paying what's owed???
She shouldn't even have to go to court. She has a CD and they don't have record to prove where it went.
How would they know if it was real?
They knew exactly what happened to her $10,000.
CD'S generally renew it's self a few days after due date, if nothing is done with it. Strange that the banks have NO records at all.?
The original bank could’ve cashed it out ten plus years ago. The bank two new banks after that wouldn’t have to have any records of that.
@@hautehussey Still would be their responsibility to prove that because they took over the other banks assets and records.
Bank of New England lost a $40,000 deposit on me. I had the deposit slip. It took them 3 hours to find it as I sat across from a customer service rep in a local branch. Turns out, they put it in an IRA CD. Something I did not ask them to do. The customer service rep asked me, "Mr. , why aren't you crawling over this desk and strangling me?
Had the same thing, the bank wanted to keep my receipt 'for' their records while they look for the deposit. I let them make a copy, but they argued over an hour that they 'needed' the original for their search (back in the late 80's when no one had cell phones to take pictures as needed). Had a feeling if I did that, the original would be gone...
They know how wrong it is. Banks take lives everyday.
Had a 5k cd they messed up middle initial what a cluster f###.when all said and done I changed bank
How can they even put in 40k into an IRA CD?
Even if you had instructed them to do so, there are maximum limits the government allows to put into an IRS.
Used to be 6,500, but for 2024 its 7k.
Every few years they increase the maximums.
A transfer from one fund to another
My wife worked in the software side of banking for a long time, and what happens is that the records are in different formats when they merge. Several weeks or months of testing will be performed to get the data migration over to the new system, but there are invariably instances of "lost" data. This is because no two financial institutions, even using the same software package, run things the same way - customization is a big selling point. The only way to review it is to go back into the legacy system and examine the original HDD, or to find the PDF scans of the original documents. The banking industry is legally required to keep that data available for a hell of a lot longer than 7 years, but likely lacks the manpower, the will, or perhaps even the knowledge of where the needed records are located, to go search through it all.
They're just hoping she'll go away - she needs to sue them in order to force them to stop stonewalling.
Worked for BoA (credit card side) and later on with car dealerships. Can confirm all this; they've got *access* to the records, it's just not in their current database and this is just being shrugged off instead of the bank doing proper diligence. It very likely got dropped during a database conversion, but they've got written record on-hand for it even after 27 years. Though it's very likely nobody has any clue where those records would be, and it'll cost them more than the $40k to find it, so outside of the court incompetence there should be no way she fails a lawsuit. Hell, she'll probably file the suit and they'll come back with a settlement inside of a month.
Thank you for the insight and information.
@@MinionNumber3Thank you for confirming the information.
When the numbers can't be reconciled, but are close enough, they plug the difference. It may be a small amount relative to all the balances they take over from the acquired bank, but a plug means something is off. I am a CPA, and early in my career I worked at a company where my lazy predecessor wrote off / plugged all the time. I spend months undoing his mess.
More likely they have fired/let go of all the people who worked at the financial institutions they purchased that knew how the system worked.
BofA "Lost" my military paycheck once. I even had the deposit slip. Fortunately my spouse was a bank operations manager at another bank and knew the rules and forced them to keep looking. After a week they found the check in the desk draw of an employee that was on vacation. hmmm???
I worked at an insurance company years ago. Customers mailed their checks in and then the accounts receivable people would key them in. Well, on clerk couldn't keep up, so she didn't cash the checks or post them until she got to them, just put them in her desk drawer. They found out when people's auto insurance policies were being cancelled by the system for non payment
Some years ago, my brother called me and asked me if I could loan him some cash until he got things straightened out with the bank. He had deposited his paycheck but the money was gone. When I went to the bank to withdraw some cash I discovered that a deposit had been made to my account for the exact amount of my brother's paycheck. Our names were totally different. Maybe the mistake happened because our account numbers contained some of the same digits. I figured that the easiest thing was for me to just give him the cash and then I closed my account.
Number one issue here is Bofa. You cannot trust them whatsoever. Not even with a dead man's account.
BofA is the most horrible, incompetent, sadistic people I have encountered in my 78 years. The way they talked to my dying wife was unimaginable.
Ready, any large bank. I keep my money in the smallest institutions available. One account is with a regional credit u ion and the other with a. Snk with about four branches. The service with both is excellent and neither has shown any desire to steal my money.
What's bofa?
@@ninjalectualx It's short for Bank of America
@@ninjalectualx oh no...
My father once bought a new car. The salesman had him sign some documents. One was for a credit check. The salesman had a bank loan application in that stack. My father didn't want a loan and paid for the car. The dealer later sent him the registration and my father didn't think about getting the title. 18 years later, when he wanted to trade in the car, he realized he couldn't' find the title. He applied for a duplicate and was told that a bank had a lien on it. Well that bank had been bought by another bank some years before. They couldn't find any record of the title, but gave my father a letter stating that they had no interests in the car and my father was able to get a replacement title. The bank did lose all record of the car title that they had a lien on, from a loan my father never used.
My wife’s late step-mother had CDs in a bank that was acquired by Bank of America. We found the paper certificates after she passed. When my wife as executor for the estate tried to get the money, BoA had no record. I sent her this video so she can see that the bank has to be able to prove somehow that the money was given to her late step-mother.
Also check her Tax Returns. She should have received 1099 INTs each year ,and paid taxes on it. It has to be recorded. If she used H& R block or something similar they may have records of her returns if you do not.
@@tomw7794 - the sending of the 1099-INT could have been stopped without the CDs being cashed in. It’s possible that looking at the year when / if they stopped, that there might be a deposit of a similar amount to another account, because “cashing in a CD” usually gets you a check from the bank for the amount of the CD (plus interest earned).
I really like Steve's show but he's wrong on this. Possession of the old CD paper isn't going to get her anywhere in a lawsuit.
Most banks today, when your CD matures, you have a window to do something else with it, but if you do nothing, it automatically goes back into another CD.
@Graybeard I also thought of the yearly 1099=INT that had to be generated . How long did the depositor stop receiving it for this account . With so many mergers over the years and BOA incompetence it is a wonder the bank stays afloat . Corporate 'merica . GAG
@@jodyvanliew2514 I don't think you can call BOA incompetent. These "mistakes" are almost always in the bank's favor.
Even if you miss that window, the penalty for withdrawing from that subsequent CD is never more that the interest accrued on that CD.
That's what I would expect any competent bank to do.
@@stevengordon3271True, but my point was that today the CD would not disappear. It would simply roll over into another CD until the owner takes an action.
"Aaand it's gone. This line is for people who have money with the bank only, please step aside."
One of the officers going through dormant accounts noticed that this account had a large sum in it, cashed it and deleted the records. Probably did this with a number of accounts at the same time and is probably much richer for it.
Probably did it with hundreds of accounts over many years.
That sounds totally reasonable.
My 80s year old mother was shorted at least twice by $100 by the same teller when withdrawing cash. It was from Bank of America.
The first couple times she didn't count her money until after she got home, so didn't complain. She had bad eyesight.
After that, she waited to be taken care of by someone else and always counter her cash before she left.
The teller couldn't count and/or is a thief
@@susanrand512 clearly a thief: elderly person with poor faculties happening multiple times.
Every time I make a withdrawal I lay it all out and count to my satisfaction. Then scoop up the cash, put it in an envelope and walk out. It takes as long as it takes.
My dad’s vision is failing. Two times he was passed counterfeit bills: from his bank and from the Post Office. People prey on the handicapped and infirm. It’s not new but it seems like more people have taken the ‘Greed is good’ to heart. It’s not good to count on the honesty of plain folks anymore.
@susanrand512 If the teller was not pocketing that money their till being off should raise the red flag and be investigated.
The banking industry is "unusual." 🤣🤣🤣 That's being charitable.
Oh yes, the bank took the Sgt Schultz defense.
Nearly as effective as the Chewbacca defense.
I see nothing!!!!
Through the miracle of reruns a whole new generation can understand the "Sgt Schultz Defense".
@@prairiedweller8917 Between reruns and memes he has gained renewed notoriety and I'm here for it 😂
That does not make sense!
@@prairiedweller8917 MeTV, 10 PM M-F PST.
I once had a checking account with an unnamed bank, and was going over my past statements when I noticed the bank, on two different occasions, had charged me twice for the same checks I had written. When I went to the bank, they told me it was over 180 days old, and I had waited too long, so I couldn't get my money back. The following day I changed banks, and also moved my not so small savings account to my new bank. I won't be getting screwed by that bank anymore.
I hope you made it clear to them WHY you were changing banks. Personally, I would have sued them (small claims court, if the amounts were petty), just for good measure. (Yes, sometimes suing is throwing good money after bad, but it's the principle of the thing.) With banks, the closest I've ever come to this is having an attorney contact them. The implied _threat_ of a lawsuit was enough to get them to reevaluate their position on a matter.
Lol Barnett? Not surprised, it used to be the only bank in my area back in the day, once had to wait over a week for my CASH deposit to 'clear'. They approved me for a loan i never applied for and tried to collect, and ever other week it was some shady BS.
Maybe the problem was really them, and not BOA.
Thar was my first thought. When they knew they were gonna sell "someone" reviewed old accts, took the money & deleted the record(s)
@@Hatbox948No the problem was Barnett and BOA were both trying to screw each other over. It's like when two real scumbags get in a fight and both cheat and throw sand in each other's eyes.
I think in one of the mergers either b.o.a. or the one before them saw that the c.d. was outstanding and "lost" the paperwork. Gambling on the idea that the holder lost it, forgot about it, or was deceased.
Rob Wolchek's Hall of Shame is a treasure.
"Aaaaaaaand it's gone"
"Uh, what?"
I was looking for this comment
😂
Great South Park episode.
I love when Steve tells tales that requires a good dose of reading between the lines. Like a good lawyer, Steve Lehto is there. ❤
😂 I see what you did there!
“Like a good neighbor….”
Bank of America isn’t so hot either. I don’t know how the government lets Wells Fargo stay in business.
I had an account with a bank that was acquired by Bank of America, and a different account with a bank that became acquired several times but eventually Wells Fargo ended up with that account.
BoA was so messed up, that account was closed in less than a year after the acquisition. Meanwhile I am still doing banking with Wells Fargo, using that original account (Fidelity originally, then First Fidelity, then CoreStates, then Wachovia, then Wells Fargo).
I know Wells Fargo had some issues that were made very public, but I haven’t had any of the troubles that others had with them.
My cousin has a thriving business recovering funds for companies. You wouldn’t believe the millions of dollars BIG companies don’t even know the states are holding for them, and will keep eventually.
This is no joke, my cousin opened a bank account as a child in indiana
Some 35 years later thinking he earned instrest on his deposit all those years went back to claim it.
He didn't earn instrest and the state had it, instrest free.
Sorry to hear that. That's why stories of a time traveler going to a bank that had somehow stayed in business all these years, and had let interest accrue over hundreds, if not thousands of years, even at a modest interest rate, and the depositor of what was then a modest sum now a billionaire presposterous...er, aside from the "time travel" aspect. Banks have all sorts of ways to STEAL your money. Consider WHO owns them. 'Nuff said.
Mine just tried to charge one of my accounts for an inactivity fee. This account is attached to a business checking account that is used all the time.
Fascinating how easily banks can lose track of their customers’ assets, but the debts are never “misplaced.”
Based on another video of his, they absolutely misplace those debts but count on you not calling their bluff. Something about companies dedicating themselves to buying up debt in bulk and after a while of several companies doing that, they get lazy. They end up no longer having proof of the debt, just a list of names and numbers. Meaning someone can end up being double charged for same debt if two companies have your name on their list. However, not many people end up asking for proof that it is their debt and whether the company has legal rights to your debt for them to collect.
My alma mater has no trouble finding me over 50 years of moving, even out of the country.
Haha! As does mine, sending me letters with requests for donations from alumni, though I've not responded in 40 years.
We checked the Unclaimed Funds for our State and got $600 from where we closed our business and since the Power Company didn’t have our new mailing address they didn’t know where to send our Deposit.
We forgot we had even paid that Deposit 15 years earlier.
Happy Days That Week.
Yep, I got a few hundred dollars from mine some years back too. It was good timing as I was in a bit of a pinch at the time. The claims process was easy, and free. (I just had to prove my identity, and they sent me a check a few weeks later.)
Both my husband and I had unclaimed cash. He got a lot more than I did. It was some type of annuity his deceased father arranged for him.
I found money for my wife on the unclaimed list. The funny thing is her address hadn't changed, yet they still couldn't find her. Itt pays to look even if you haven't moved for 40 years.
@@rberkar6669 I had the same question. You can't find me but the money came from accounts that had been opened when I already lived at my current address and I haven't moved in nearly 20 years.
Nice. But no interest. State get that
Pfff. The bank closed the account, wrote it off as a rounding error and the CEO used it to fuel his yatch for a day.
What is a yatch?
@@johnmcginnis2410 That's 'murcan for yacht.
I need a yatch!
@@johnmcginnis2410 A big toab.
Nothing surprises me.
The unclaimed funds thing sounds like another form of civil asset forfeiture.
Politicians, right now, are looking for ways to tap into private pension funds. Be forewarned!
Tuff shit for the bank. Pay up. Pay your bills.
The money was probably returned to her chequing account when the CD matured. It is now 30 years later and she has found a piece of paper, and said "What is this? Oh, the bank owes me money!"
I had 3 dormant accounts, so what i did is set up auto transfer 5 dollars around to 5 accounts every month to keep transactions happening.
Some banks have policies where automatic deposits and withdrawals don't count for keeping accounts active, unfortunately
@@deathtoad88 Have a setup involving 2 banks, they would likely only identify the outgoing as auto, not the incoming.
@@MatthewAsia Or set the automation up on your server's send. 'course you have to HAVE a server for that to work.
Back in the 1990’s, I had a safe deposit box that was in 5 different banks and never moved. One bank buyout split accounts by the branch in which they were opened instead of keeping them together by customer. My accounts ended up in two different banks, taking me below the deposit level that was needed for free checking, and one IRA account was temporarily “lost”.
If she has to sue they should pay the court, her lawyers pluss any and all expenses...
As soon as I saw the title, I knew it would be a bank merger story.
Bank of America, that’s all you really had to say, now I understand everything
B of A charged me a fee to close an account. I went to my local branch, pulled out all the cash telling them I was closing my account, then the following month they sent me a bill for 'low funds'. These guys are crooks. They have always been - I banked with them 40 years ago and they acted the same way. Always bank locally.
I had a company i worked for, send one of my paychecks to unclaimed. I was still working for the company. I am still working there.
A company I used to work for never gave me my W-2. The corp office never returned my messages and I had to report it to the IRS and they got fined. I still worked there and they still never got back to me about it for the four years I worked there 😂
The government seems to always be able to find you when they claim you owe them, but not when they owe you.
You taught me about the state unclaimed site. I just cashed my $18 check from a bank account I had in the 90's.
Link please
And if you've ever had an electric account with an EMC, make sure you let them know your current address. The electric membership corporations retire profit on capital every so often. You may have money coming.
@@dtropolopicus3602 It's done on a statewide basis. Search for 'yourstate' unclaimed property/funds
@@dtropolopicus3602 Do a search for "XX unclaimed funds", where XX is the state you live in or used to live in.
This is exactly why I always ask for receipts of everything! Then you have the proof!
The Certificate of Deposit that she brought into the bank *_IS_* the receipt!
Sadly, they can lie and claim you withdrew it later, and not their fault that you didn't keep _that_ receipt.
The bank’s computer systems clearly lost it during the mergers. Happens all the time. I worked for a smaller state bank that was bought by a larger bank in the late 90’s. They lost $3 million dollars worth of accounts in the trust department and we had to account for that. Losing a $10k CD is chump change by comparison.
I wonder how many other accounts this bank has done this to?
I once received a letter from my bank telling me that a 25-year-old CD was about to be declared abandoned and that I would lose that money if I didn't come in and file some form saying that yes, I still wanted to keep that money. My bank spams me all the time with car loan offers and such, and I toss them. Had I done so with that particular letter, I wouldn't have known my retirement savings was $50K poorer until I tried to cash out. I open each and every mail from my bank now.
Buy a mismanaged bank - you take the risk of poor records - give her the money......
BoA is king of scummy practices sooooo.......
Love the B of A comments. They are the ones who taught me that one of their customers deposited a check made out to me into their account. Before that, I had always thought I had to endorse the check before it got deposited.
Also your Wells Fargo comment. Years ago I was going to open an account with them. I don’t remember specifics, but mostly the ladies attitude turned me away.
Just because a bank closes an account doesn't mean they get to keep your money, they still have to return the money.
Unclaimed accounts often turned over to state or federal agencies as what happened here. Our small association has had a few accounts from former owners that have sold and left and we have had trouble finding them to return the funds. But letting an account sit idle for 27 years, through multiple bank acquisitions, could make such a bank error much more possible. But I have all manner of problems when my bank was acquired. One bank once started sending statements to an address that over 20 years outdated even though I had multiple accounts at my current address with that same bank. Banks screw up frequently.
If she’d invested that $10K in a growth stock mutual fund instead of some stingy bank’s CD, it would have been worth roughly $136,000 by now AND they probably wouldn’t have lost it either.
HS Economics teacher deposited her paycheck at BofA (pre-direct-deposit days), and her rent check bounced. On examination the deposit went in with a 2-decimal slip. The bank manager disclaimed the discrepancy, saying, "We don't make mistakes." She produced the paperwork & was granted a correction.
Barnett bank was probably one of the worst banks in Florida. And then it was turned over of course to the second worst Bank of America.
Local troubleshooters with a TV show are awesome threats to use against troublesome entities. Last year I told a mobbed-up financial institution that I would be calling "Jesse Jones" (in addition to the state AG, the union they were doing business with, and Schwab (they were under their umbrella)) if they didn't cut a rollover check for the retirement account for a friend of mine. After weeks of getting the run around and nobody answering the phone they suddenly cut a check within an hour of me leaving a voice mail.
The backyard never loses my gold
It doesn’t pay interest either, however
@@Pointlesschan the interest rate on buried gold far exceeds the banks with their negative interest rate lol …. Keep paying them fees
They lost my father's money as well. It wasn't a CD, just a deposit. He kicked up a fuss when they claimed they didn't have his money, and they somehow "found" it, gave him his money and asked him never to return. Shady as heck.
Ben is sticking out the top corner of the Res Ipsa tag
I wonder how often a bank employee could pay attention to patrons dieing and if nobody says anything it somehow slips away. My father in law died a year ago and we found several accounts that were inactive for years. I have no idea what we didn't find.
Every state has an unclaimed property process, and related website. Checking those is free. You should be checking those for each state he ever lived in, plus check any he regularly visited. Keep doing that. Some accounts won't even be reported until they've been inactive for 7 years or more.
My deceased mother has like $72 with the state in unclaimed funds. When I went down to the clerk of the court, they told me it would likely cost more than that to reopen her estate because it had not been closed properly. So, I guess NC gets to keep that.
Explain to me exactly how it would cost more than 72 bucks for a clerk to open a file, check a few boxes, and hand somebody 72 bucks?
Because of fees to reopen the estate, fees to file paperwork, fees for said paperwork and on and on. Nothing is simple anymore.
@@hauntedshadowslegacy2826 Not to mention the fact that the estate wasn't closed properly could indicated additional fees are required. The $72 isn't with the probate court, it's with the state. Because their mom is deceased and the funds are in her name, the executor has to go through probate to get the authority to access the funds from the state. For an open probate action it's just a matter of sending the state the relevant paperwork.
@EvHervey -- It may be easier than you think. If the "unclaimed property" division or department has the funds, find your documents that show you are her heir, and see if they will accept that to directly send you a check.
It has to go through the county clerk of court, its policy, thanks though.
@@TheRealScooterGuy
Got the Wells Fargo Dig ( good one ). Famous from the " Old West Era " and seem to be the one's robbing their customers ( Why sir, you must have opened those 5 checking accounts, and eleven savings account )
Funny- there's an armored car company in the Albany, NY area called Loomis. The Loomis gang was a notorious bunch of outlaws in Northeast NY.
All of the certificates of deposit that I have ever had ended at a given date and the bank (or credit union) would send me a letter that said that they would roll it into a new CD at current rates unless I came in to claim the money.
Yes I've never seen one that did not auto roll over.
You are quoting current modern rules. I remember decades ago when there were different rules. So, this story sounds correct.
Banking and mortgage industry is a weird industry. We bought or home years ago and financed thru a small local bank. Small as in less than three branches. After settlement, like three weeks later we get a payment book from a mortgage company I had never heard from, with a letter explaining they had bought our mortgage. Had 4 different mortgage companies over the course of 18 years and each time it had been bought out. So weird
Made a $900 cash deposit at an atm. Machine said your deposit can't be done at this time. Then it said we are unable to return your cash, please contact your bank. Called the bank, 2 days later caim was denied because atm operator didn't respond to the request. Appealed, claim denied because no record of deposit (no shift, machine said unable to complete deposit). Requested ATM records denied. Sued, forced into abartration delayed 2 years.clim denied because atm records no longer available.
That sucks. When something like that happens, I snap a picture of the screen
@scd603 I did. Unfortunately they don't have that error listed in their manual so they as much as ignored it. The government agency responsible for credit unions has opened a case. I don't expect anything from government but who knows.
@@NorKavon In like 2 years you'll get a settlement for like $90 dollar or something.
Bank records, particularly in an acquisition can be a hot mess to say the least. I used to be involved in credit card originations and portfolio acquisitions (buying existing accounts from other banks), and the stuff we would get from them at the time of transfer, often (not always), was lacking or basic at best. Ironically, we did buy part of Barnett’s credit card portfolio WAAAAY back then, and I do remember it was bare bones and quite a headache. We were writing off a lot of balances because we couldn’t produce original applications and/or sales records when customers disputed balances and/or account ownership.
B. of A., the worst, at least in my city. They have the rudest tellers and literally chase depositors away. Good goin' B. of A.
The same thing happened to my friends mother in 1982. The woman who set up the CD of $10K. When she went to move the CD to stocks later in in the 80s the CD was cashed by an employee who had forged her signature and cashed it. The woman had done this to multiple CDs then left the state
BofA once allowed someone to open a credit card in my name using a SSN# that didn't even exist. Did absolutely no verification of the most basic of information on the application. Never do business with corporate banks.
If it it is not your SSN then it is not in your name.
@@Tugela60 Half the posts in these comments are kids making up stories for likes.
They're usually easy to spot bc zoomers don't know how the world works 😂
Years ago I was a deputy. Bank called to report a grand theft, claimed a woman stole $20,000. I said robbery? No.... a contractor made a 20k deposit, and a teller put it in the wrong account. When the account owner saw the money, she reported the discrepancy to bank. Long story short she spent a month telling the bank made an error, and they told her it was hers every time. When the contractor balanced the books the next month though.... bank asks to charge her with fraud and theft. State attorney declined the charges.
Boys i think Ben is going to Illinois, hes got his plate on
I had a dormant account. The credit union claimed they "absorbed" the funds. I argued they were to turn it over to unclaimed funds. Took some arguments to get my money
Ben getting all NOSTALGIC, Steve's LHS high
Left an open valve on the espresso that boiled out at exactly 7AM.
I’m not living my life right.
G’nite Bob.
Wow, Lehto. This story really made me realize that life can only be understood backwards but must be lived forwards...
Ben getting advice from a Lawyer Dog.
Ummmm
She might not be the only one. FIDC should audit.
Ben’s nostalgically visible to the naked eye.
Trying out my style, Eh?
Mornin' Bill
@@Bobs-Wrigles5555 Disordered minds think alike.
@@user-no1cares 😵😕
Can I ask a question, I presume your given name is William (same as my father, who answered to either Will or Bill), Do you cringe, when in movies, they yell "Fire At Will"...😉
@@Bobs-Wrigles5555 I do.😅
I had a run in with B of A a few years ago with my brother's estate. First, I found out that if an account becomes dormant, they charge a monthly dormant account maintenance fee until the account balance is -0-. Second, I went into the branch my brother used and gave them certified court documents showing that I was the administrator of the the estate. They faxed the paperwork to the main office in New York and gave me the certified copy back. When I got a check 4 weeks later, they had deducted $270.00 as a processing fee. When I called about it, I was told that since the paperwork had been faxed to them, they had to verify the documents with the court. It did not matter that it had been their own branch that had faxed them or that the branch had seen the original paperwork. Oh, and the person at the branch was on the phone with the person in New York when they faxed the paperwork and acknowledged receiving it.
I dumped a bank account 30yrs ago when my bank merged with Wells Fargo and just did away with the old bank and the locations. I told them when I closed the account that if id wanted a Wells Fargo account,I would have opened one.
Lifelong Floridian here. I banked with Barnett in the 90s. BIG mistake. They were infamous for "losing" deposits, and making you jump through all kinds of hoops to get your money back. I never had a bank screw me over so badly before or since. I'm glad they're gone.
Chase Bank is in the news daily for "losing" the money of clients, fraudulently closing accounts but never saying what caused them to close the accounts OR explaining where the account money went. You can read 5-6 DIFFERENT INCIDENT stories per day.
I’ve heard of several cases of CoDs purchased in the 70s and 80s from Ranier Bank in Seattle - fast forward to the 2010s, Ranker had been purchased by SeaFirst, which was purchased by BofA - same exact claim too - “Diuuhhh, wut money!?”
Holy crap! You're not kidding about the unclaimed property site! I just checked, and practically everyone in my family has something! No fortunes, but probably a total close to a grand. Check your state, people!
“Bank of America”
That explains the problem right there.
Thanks for mentioning the "unclaimed money" as I had forgotten to check this year (usually check once a year) and found that the state was holding $160 from an old employers HR service.
I haven't worked for that employer since 2019.
It is like a bonus.
I recommend that people check these yearly as it has worked out for me occasionally. Once found out I had left a little money in a 401k I thought I had closed out and ended up being turned over to the state. It was around $600 when it turned over.
Back in the late 90's- early 2000's, buying a c.d. was the way to invest. Now after so many years of rate decreases and only a few increases. A c.d. is probably the worst place you can put your money!
The fed used to run their rates on the principal of "2 jumps and 1 tumble. Or 2 tumbles and 1 jump". Basically, they would never hike or decrease 3 times in a row.
They paid double-digit rates in the early 80s. After that you could still get CDs at 5%-6% until the 2008 financial crisis. CDs were junk from 2008 to 2021, but you can get them for over 5% now.
@sexygeek8996 Nice! I would actually consider that @ 5%, if I thought greenbacks would be worth anything in the next decade. Lol
I'm up over 125% in the last 6 months with bitcoin.
@@Not_Built_For_This_World Where you in BTC when it tanked before the recent rebound?
@scd603 No. I bought the dip, hoping it would return to at least $50k. When it hit $60k, I pulled my entire initial investment. Now, everything is pure profit and I'm just going to let it ride.
@@Not_Built_For_This_WorldSo you are gambling then, not investing?
I'd bet the teller walked off with the money knowing full well that no one would check on the CD for years.
Could just as easily be a manager.
Shouldn't she have received a 1099 form every year for taxes
Ive check for unclaimed property at the state web site. Found some in the form of payments that should of been paid to my company in the form of third party insurance payments for services rendered to their policy holders. What's perplexing is that , I'm still at the same address under the same name company with the same phone number. Why did they send it to the state?
A Bank double Deposited a $1,000.oo Check she submitted. It took her months and having to inform the State Bank Examiners to get it set right!
Likely turned over to the state as Abandonned Property due to non-activity. I used to work in the banking industry, and if a CD - or any account - was in danger of going "dormant" (no activity), we'd send out a physical notice to the address on record, asking them to acknowledge the account in writing. If they didn't, we did (turn it over to the Illinois State Treasurer). But good for her for pursuing this.
Knew a B of A teller who told us tellers there ROUTINELY read obituaries, to check for account holder's names. Then the tellers would drain the money from that account.
That teller, if she's tired of working in the banking industry, should gather evidence and give it to the state's department of Corporations, the entity in most states that regulates banking.
@@selfdo This was back in the 80's. It was common knowledge at that branch, and in the banking industry in general. Old people's money vanishes right after they die. We named our cat after the teller, and never told a soul.
Until the executor comes along and wants the money 😂
I call BS.
@@Tugela60 Tell it to Delbert, the teller who alerted us to this.
@@LordMondegrene People tell tall stories all the time.
"She went into Bank of America."
Well there's your problem.
i've learned MANY years ago - KEEP EVERY FREAKING RECEIPT !!
I just commented above. This woman should have received a 1099 each year on the interest earned. Does she have tax records that show that income? And for how long?
I got several thousand in unclaimed property a few months back. During my house purchase somehow my previous escrow account got screwed up and my bank never told me. No one ever contacted me about it. I still bank there. When I called and asked about they literally had all of my contact information. And instead of just calling me they sent it to unclaimed property and it took 3 months for me to get it back. It was such a waste of resources. Although I was certainly happy to learn of what I consider “free” money 😊
I have a story about bank recordkeeping requirements. In MN I was a banker and a lady came in needing a statement because a dentist she brought her daughter to 9 years ago said she never paid the $5k she owed. The lady was wanting a statement to prove she paid it. I found out banks have to keep statements readily available for only the last 7 years. Luckily MN and some other states keep records for 15 years, but to get older than 7 you have to call and request the back office people pull and mail you them. In the end she proved she paid. But I’ve always wondered what would happen in a situation like this video.