A reader named Tony wrote it with the following question:
My grandmother found among her papers a certificate of deposit (CD) from 1984, with a 9.5%(!) interest rate. The bank, of course, is no longer around. Is there any way to find out how to claim this? What would you do?
Short of trying to figure out if the bank has been bought by someone else, I’m afraid that I don’t have a good answer for him. What if the bank went out of business? Is there a statute of limitations on FDIC insurance? How would one go about trying to get their money back? I’m not sure. I therefore thought that I’d throw this out there so you guys can take a whack at it. If you have any suggestions as to how to proceed, please post them in the comments.