A Bank of America Customer Considers Legal Action After Losing Valuable Certificate of Deposit
A Bank of America customer, Enid Bavard, is contemplating a lawsuit against the bank after allegedly losing a certificate of deposit (CD) that has significantly grown in value over nearly 30 years. Enid purchased a $10,000 CD in 1997 with the intention of using it to finance her son’s college education. However, when she went to cash out the CD, Bank of America claimed they had no records of it. Enid believes that with accumulated interest, her initial investment could now be worth around $39,000.
The Missing CD
Enid Bavard bought a $10,000 certificate of deposit (CD) in 1997 from Barnett Bank, which was later acquired by NationsBank and eventually merged with Bank of America. She had set aside this money specifically for her son’s college education.
A Shocking Revelation
However, when Enid visited Bank of America to cash out her CD, she received distressing news – the bank had no records of her CD. What was even more surprising was that there were no records of anyone cashing out the CD either. Enid expressed her disbelief at the situation, stating, “You trusted them with your money, and at the end, the money magically disappears?”
Searching for Answers
Enid decided to seek help from the Florida Unclaimed Funds Account to determine if Barnett Bank or NationsBank had handed her account over to the state. However, the agency informed her that they did not have any record of her account. This led Enid to believe that her CD was still with Bank of America.
No Records Found
Bank of America sent a letter to Enid stating that her account had been closed over seven years ago. The bank explained that they only keep records for a period of seven years, and as a result, they were unable to find any record confirming the existence of Enid’s CD.
Considering Legal Action
Enid is determined to fight for what she believes is rightfully hers. She plans to take legal action against Bank of America in order to recover her lost funds. Enid expressed her intention by saying, “I’m thinking of suing the bank. Absolutely.”
Hot Take: Protect Your Investments
The case of Enid Bavard serves as a reminder to protect your investments and ensure that important financial documents are securely stored. Losing valuable assets, such as a certificate of deposit, can be financially devastating. Here are some key takeaways to safeguard your investments:
1. Keep Detailed Records
- Maintain detailed records of all your financial transactions and investments.
- Keep copies of important documents, such as certificates of deposit, in a secure location.
2. Regularly Review Account Statements
- Regularly review your account statements to ensure all transactions are accurate and accounted for.
- If you notice any discrepancies or missing funds, notify your bank immediately.
3. Utilize Electronic Records
- Consider storing electronic copies of important financial documents in secure digital storage.
- This provides an additional layer of protection against loss or damage.
4. Diversify Your Investments
- Spread your investments across different asset classes to mitigate risk.
- Diversification can help protect your portfolio from the impact of a single investment loss.
By following these steps, you can better safeguard your investments and minimize the risk of losing valuable assets. Remember, it’s crucial to remain vigilant and proactive when it comes to managing your finances.
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