Ask Terry Questions How to claim an old CD

How to claim an old CD

By Terry Savage on April 29, 2024 | Wild Card

Dear Ms. Savage,
We always enjoy hearing you on WGN radio and now find ourselves in need of your expert advice.
We recently “found” a CD we had purchased in 2007 for $15,000.
Our Problem: The bank we purchased it from, Community Bank of DuPage in Westmont, no longer exists, having undergone multiple acquisitions and mergers since 2007. This may explain why we never received any notifications about our CD, despite our contact information remaining the same throughout this time.
We traced the bank lineage to what is now Byline Bank. We went to the Westchester branch of Byline and explained the situation to a staff member. After 15 minutes or so of searching – using the CD’s certificate number, my social security number, and widening the search to include their archives – no record of it was found.
We then contacted the FDIC and were told that banks are only required to keep records of dormant items for 5 to 7 years. They recommended we check with the State of Illinois, where banks send all dormant matters. We checked the “missing money” website and the Illinois “ICash” site and found nothing.
We then called the State and were told that if the State had received it, it would have been posted. This person then recommended we call the FDIC back and have them hold the bank’s feet to the fire.
Because we don’t know what to do next, we ask for your guidance on how best to go forward from here.
Your advice will be deeply appreciated!
With our thanks,

Terry Says

Whew, that’s a terrible situation.  And you’ve done everything I would have recommended.  Yes, if dormant, the money should have been escheated to the state, and listed under I-cash.  Iknow you tried both names, individually and jointly when you searched.

And the FDIC is correct in saying that the purchasing bank or successor bank is not required to keep records for this length of time.  I don’t think the FDIC can do anything to help you at this point.

I’m afraid the only good  can do is post your story and remind others to use my Personal Financial Organizer form at the top of my website, to keep track of everything.  I have no idea where this money went — but I do not think you’ll get it back at this point — a sad Savage Truth.



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