Customer Considers Legal Action Against Bank of America as Tens of Thousands of Dollars Disappear Mysteriously

Enid Bavard claims Bank of America lost her $39,000 CD

In a perplexing turn of events, a long-time customer of Bank of America faces an uphill battle over a lost financial instrument that has grown significantly in value. Realtor Enid Bavard is contemplating legal action after the bank allegedly misplaced a Certificate of Deposit (CD) she acquired in 1997, now estimated to be worth around $39,000.

Barnett CD, Bank of America acquisitions, 27-year growth to $39,000

Nearly three decades ago, with foresight and financial prudence, Enid invested $10,000 in a CD through Barnett Bank, an investment aimed at securing her son's educational future. However, the landscape of banking underwent considerable changes, with Barnett Bank being acquired by NationsBank, which eventually merged with Bank of America. Over the years, this CD matured, potentially swelling to a value of approximately $39,000, thanks to compounded interest. Yet, this anticipated financial boon turned into a bewildering dilemma when Bank of America disclosed they had no records of the CD's existence nor any evidence of its redemption.

Bank of America's Response and Recordkeeping Policies

Upon attempting to cash out her investment, Enid was met with a startling revelation: Bank of America had no trace of her CD. This situation prompted her to inquire with the Florida Unclaimed Funds Account, which also yielded no records of her investment. In response to her predicament, Bank of America issued a statement, explaining that the account was deemed closed over seven years ago, aligning with their policy to retain account records for only a seven-year period. This policy leaves Enid and potentially others in a precarious position, unable to claim investments that have vanished from the bank's records.

Legal Considerations and Next Steps

Determined to reclaim what she believes is rightfully hers, Enid is now considering taking legal action against Bank of America. The case highlights significant concerns regarding the banking industry's recordkeeping practices and the protection of consumer financial assets. Enid's story serves as a cautionary tale about the potential risks associated with banking mergers and the importance of physical and digital record-keeping by customers.

As Enid prepares for a possible legal battle, her situation underscores the critical need for consumers to maintain independent records of their financial transactions and investments. The outcome of her case could set a precedent for how banks handle long-term recordkeeping and address customer disputes over missing or unrecorded assets.