A Bank of America customer is considering whether to sue after the lender allegedly lost a certificate of deposit (CD) that has significantly grown in value after nearly 30 years.
Realtor Enid Bavard says she bought a $10,000 CD in 1997 – money she set aside to help finance her son’s college education, reports Fox network affiliate WSVN.
Enid says she purchased the CD from Barnett Bank, which was acquired by NationsBank and then merged with Bank of America.
Enid believes that with interest over 27 years, her initial $10,000 CD could be now worth about $39,000.
But her excitement didn’t last long. When she visited BofA to cash out, the lender said they had no records of her CD. The bank also had no record of anyone cashing out her CD.
“You trusted them with your money, and at the end, the money magically disappears?”
So Enid went to the Florida Unclaimed Funds Account to check whether Barnett Bank or NationsBank handed her account over to the state. But the agency told her it did not have her account, leading her to believe that her CD was still with BofA.
BofA sent a letter to Enid, saying that her account was closed more than seven years ago because the bank only keeps records for seven years.
WSVN reached out to BofA to get more details about Enid’s case. In a letter, a spokesperson says, “We conducted a comprehensive search of our available records. We were unable to find any record confirming that Bank of America has or had the CD.”
Enid is determined to take what is hers and says that she’s planning to take legal action against BofA.
“I’m thinking of suing the bank. Absolutely.“
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