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certificate of deposit and escheat

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Old 05-04-2007, 10:31 PM     #1
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Default certificate of deposit and escheat

I've had a CD at the same instituion for 7 years.
I have the interest checks direct depsited into my checking account.
the principal has remained the same over the 7 years.
I received a letter from the financial institution on 10-3-2006:
We have tried to get in touch with you a few times before and were unable, we need to talk to you regarding the above mentioned account. Please give me a call as soon as you can.
Sensing this was some sort of solicitation for some other types of service, I did not respond.

This is the only correspondence received in this matter.
14 days later, the yet-to-mature CD was closed, and the funds escheated to the state. The maturity date of the CD was 4-30-07.
On 4-30-07, I found out the funds were escheated when I went to redeem the CD. I never received notification that the funds were escheated; and I feel that there notification in the only letter I did receive, did not follow the CA unclaimed property regulations. It will now be approx 6 months before I get my funds back.
thoughts ?
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Old 05-06-2007, 09:59 AM     #2
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Default Re: certificate of deposit and escheat

Which bank?

Based on what you say here, you could file suit against them (or at least threaten to do so) in small claims court or in regular court; filing in small claims court is easier and requires no attorney...you could try to collect all of the costs and damages that you suffered due to their behavior... You may also report them to your state attorney general's office.
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Old 05-06-2007, 02:09 PM     #3
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Default Re: certificate of deposit and escheat

thanks for the response
it was orignally with Western Financial Bank
they have since been acquired by Wachovia, sometime last year I believe
my beef isn't with the state (although I don't agree with the program, unless accounts are truly abandoned))
it's with Wachovia for not doing the proper notification in the first place
I'm also a realist....
if I were to win in small claims, they would appeal, have it moved to Superior Court, where their in house guys could tie this up or appeal forever, and cost me major dollars, even if I win
it just isn't right
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