I have an old (> 20 yrs) CD from a bank that was bought by a bank that was bought by US Bank. I went to US Bank to get it cashed, and they have no record of it, me, or my parents (we're all listed on the CD). They tell me to talk to my state's dept of commerce. The state has no record of it either. We go back and forth for awhile, and eventually the (initially friendly) bankers ignore calls, and say there's nothing they can do.
What's the best course of action to get this cashed? IMO the bank should be able to do one of the following:
- Prove that the CD was cashed
- Prove that the CD was transferred to the state
- Cash the CD
Am I wrong to assume this is their responsibility? Are there laws that say how long they need to keep records?
I'm also told we could hire some sort of financial investigator, which I'm okay paying for if it's our mistake (e.g. if it was cashed by my parents and they forgot), and not up front.
What's a good next step here? I'm tired of dealing with these people.