Certificate of Deposit

[daltx]

What is the name of your state? TEXAS

My mother opened a Certificate of Deposit (CD) for me when I was a child, which she kept moving to different banks until she finally settled for Washington Mutual (Wamu). The money put into the CD is money I've earned since I was a child. However, although I am not longer a minor and both of our names are listed on the CD, she is listed as the custodian of the account. SInce my mother is the custodian of the account, Wamu has refused to allow me to receive such information the amount of interest for a certain year for tax purposes unless my mother is present or signs over the account to me. The problem is that my mother left our family without telling anyone of her whereabouts - so for 2 yrs., we have been unable to contact her. Another problem is that the account has been inactive for about 4 yrs. and according to Wamu, after 5 yrs, they send the CD to the government, otherwise, I would wait for my mother to make contact. It has been inactive for about 4 yrs., which is why I am concerned. For this reason, I need to know my legal options for getting the account under my control. I have spoken to local branches of Wamu and the main Customer Service line, but each one keeps referring me back and forth - telling me they cant help me because my mother is the custodian. Please help me by telling me my legal options. Thank you!

 

[Dandy Don]

Contact a local private investigator to have a search done for your mother (using her date of birth and/or Social Security Number) to see if she can be located to verify whether she is still alive or not (cost could range between $50-$100).

If she is alive, you have no basis for claiming control of the CD.

Bank may not know what the law is about this and perhaps this is why they were not able to be helpful, although they should know about this procedure.

If she is deceased and you can prove it with a death certificate, then you can present a certified copy of the death certificate to the bank and they should release the money to you since if the decedent is dead the money automatically passes outside of probate directly to the joint account owner (you). Bank might ask for letters testamentary (which only the administrator of an estate is issued) so if they ask for that you will need to open up probate for this, so that you (or whoever is administrator) can claim the CD.

If the search comes up unsuccessful, then talk to a local attorney to find out what the procedure is for declaring a person legally dead after a certain amount of lapsed time. After the person is declared legally dead, then that should open up an avenue for you to be able to claim this money from the bank OR from the unclaimed property department if it has been turned in there.

DANDY DON IN OKLAHOMA ([email protected])