Consumer complaint received 2022-03-17
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NJ
Product: Checking or savings account
Sub-product: CD (Certificate of Deposit)
Issue: Closing an account
Sub-issue: Funds not received from closed account

Complaint:
RE : Lost IRA-3yr CD XXXX XXXX XXXX XXXX  [ cert XXXX ] XXXX  XXXX  XXXX XXXX , XXXX XXXX cert XXXX ] Recently I found an uncashed IRA 3yr CD from a bank in XXXX XXXX  opened while I was living there in XXXX. I have unsuccessfully tried to track down my money to no avail. When I moved back to XXXX  in XX/XX/XXXX I was too young to cash in the IRA & the fact that it was a 3yr CD, I didnt want to incur a penalty. I dont think Rollovers were an option back then. Last documented Statement value was {$820.00} as of XX/XX/XXXX. 

Both the Bank I opened the CD at & the Bank listed as the XXXX had been taken over by government receivership in XXXX & XXXX. 

I searched & called their multiple succeeding Institutions ( at least the last two open ) XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX  XXXX XXXX XXXX XXXX XXXX XXXX XXXX  ; neither of which have any record of my account nor do they have any records prior to 7 years ago. 

I have searched on the States respective websites & called the Unclaimed Property Departments in XXXX  & XXXX  and found nothing. Recently, I happened to find a memo on my computer from a previous curiosity search of XXXX  Unclaimed Property done in XX/XX/XXXX which I found one unrelated property matching my name, however they determined it was not mine. This also proves this IRA-CD was not listed as unclaimed in XXXX. 

Somehow I was able to submit a message on the FDICs website while searching their unclaimed property. A kind woman called me back from the Claims Department on XX/XX/XXXX. She searched records and found nothing in either of my names. She told me that when " The FED '' takes over a bank the Bank is supposed to notify ALL depositors. I never received any notification from either bank. Had I known I would have taken action. Their motto on the FDIC web site : " No depositor has ever lost a penny of insured deposits since the FDIC was created in XXXX. '' Am I the first?? 

My Social Security number is on this IRA- CD as the Account Number, the IRS has always had my address since I started working in XXXX. If anyone really wanted to find me they could. I have been at my current XXXX  address since XX/XX/XXXX [ had address forwarding at the USPS for previous XXXX  address XXXX ]. 

No succeeding Bank, Federal or State Government Department I have contacted seems to want to find or refund my money. I am at a standstill in this search and could use some help. Bottom line shouldnt the FDIC refund my money since both Banks were FDIC insured? 

Upon Request I can provide copies of : the original IRA-CD Certificate, Bank Statements showing additional deposit on XX/XX/XXXX & interest accrued ; a letters to XXXX XXXX  XXXX XXXX XXXX XX/XX/XXXX requesting name change on the IRA ; and XX/XX/XXXX request of beneficiary change. My Attorneys letter regarding divorce & name change. 

I realize this is not a huge amount of money but now that I am a retired XXXX every little bit helps. We all assume our money is protected in an FDIC insured Bank BUT is it and where is it? 

Thank you in advance for any advice or assistance you can provide.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation