Old certificates of deposit may be recoverable through state programs

Moneywise reports that an old certificate of deposit (CD) may be recoverable even if the issuing bank has no record of the account. Abandoned CDs may be transferred to a state unclaimed-property program through escheatment, a process that generally occurs three to five years after maturity. Banks do not necessarily retain all records indefinitely, as some retention requirements are limited to five years. Unclaimed deposits from failed banks are subject to different legal deadlines and may become unrecoverable. To investigate, contact the issuing bank with the account holder's name, account number, purchase date and available paperwork. If the bank has merged or changed names, use the FDIC's BankFind Suite to identify the successor. Search official unclaimed-property programs in states where the owner lived, along with. If nothing appears, consult ’s unclaimed-money directory for separate resources, including failed-bank deposits. Old paperwork does not confirm a deposit remains unpaid, as the CD may have been redeemed previously.

Consumers with old certificates of deposit can search state unclaimed-property programs and federal directories to determine if funds were transferred after maturity.