Homepage / Money

| More


Bank May Have Lost Grandma's Money

Wells Fargo Refuses To Cash Her CD Worth $100K

POSTED: 9:03 pm MST September 30, 2009
UPDATED: 11:55 pm MST September 30, 2009

Phoenix resident Rosemarie Braunstein said Wells Fargo has refused to cash her certificate of deposit because it has lost her records.

Braunstein said the CD is worth at least $100,000.

Braunstein and her husband purchased the CD for $18,023.15 for First Interstate Bank in Phoenix.

Since then, the bank has changed hand two times. It is now owned by Wells Fargo.

Wells Fargo officials have told Braunstein they cannot find a record of her investment.

“I didn't work hard all of these years with my husband to get this kind of money, put it in a bank and be told, ‘I'm sorry. I don't know where your money is.’ Are they kidding?” Braunstein said.

Braunstein had forgotten about the CD.

Then, while searching through old records earlier this year, she discovered the original certificate.

"I said, 'I'll be damned, maybe God's throwing this at me for a reason,'” she said.

Braunstein had been forced to put her home up for sale after she lost her nest egg in the 2008 Wall Street crash.

She said money from the CD would allow her to stay in her Central Phoenix residence.

"This would be the answer to everything. The answer to my prayers,” she said. “We'd be able to pay off the house. We'd be able to stay here.”

So far, Rosemarie said Wells Fargo representatives have refused to help her find the missing money.

“They basically just laugh, not actually orally laugh at you, but dismiss you. Like you're insignificant,” she said.

“Maybe it's nothing to them, but it's an awful lot to me,” she said.

Braunstein contacted CBS 5 with her story after seeing our Tuesday 10 p.m. broadcast.

We told viewers about a Casa Grande couple with a similar problem.

Paul and Christine Dickey have a CD worth about $400,000.

Since the CD was purchased in 1980, their bank had changed hands three times.

The couple was unsure which bank owed them money.

At one time, Wells Fargo also owned the Dickey's bank.

Wells Fargo has promised CBS 5 they will contact Braunstein and Paul Dickey.

If you have a similar complaint, go to our homepage and click on "Saw It on CBS 5.”

It will link you to U.S. Comptroller of the Currency's Web site.

The government agency regulates some banks and has online tools to help you find out what agency regulates your financial institution.

Customers should file a complaint with the agency that oversees their bank.


Links We Like

Sponsored Content
Find out what a sputtering economy and an increasingly difficult to crack job market means to you. More

Find out where you can buy low now and sell high when the market recovers. More

You don't need a gym to start a fitness plan. Try these tips on exercising by using your daily activities. More

Check out some of the most notorious police car chase scenes ever caught on tape. Don’t try this at home. More

Credit Report

560? 675? 720? The average US Credit Score is 692. What is your score? See it online for FREE! More

Best Local Rates On...



LocalNational

30 Yr Fixed Mortgage5.16%5.05%

48 Mo New Car Loan7.92%6.58%

$30k Home Eq Loan8.02%7.82%

6 Month CD0.79%0.80%
Help! I don't understand!
More Rates


Sponsored Links

Stock Quotes

Get a Quote
Enter Symbol


CBS 5 Gas Tracker

Which service stations sell the cheapest gas? What are gas prices doing in my zip code? Use our new mapping and charting tools before getting that next tank of gasoline. More


Gas Price Calculator

Gas prices
Before you fill up for your next trip, prepare your pocketbook with our gas price calculator. More

E-Mail News Alerts
Get breaking news and daily headlines.
Browse all e-mail newsletters