Back in 1982, a man purchased $11,800 in cashier’s checks from Central Fidelity Bank in Virginia and put them into a safe deposit box. The idea was that this would be his rainy-day/emergency fund. Apparently, he didn’t need this money for three decades, as he only recently attempted to deposit the checks into his account. Problem is, Wells Fargo — which now owns Wachovia, which had previously acquired Central Fidelity — claimed it had no record of these checks and refused to honor them, even after a court ordered it to. [More]
Chase is refusing to honor a cashiers check for $19.700.22, 82-year-old widow Willie Floyd’s life savings. Willie stored the check, originally drawn by her late-husband in 1985, in a $10 per year safe deposit box at the local bank. When she tried to shift the funds into a regular savings account last year, she was told that the check expired after five years, and that her life savings now belonged to the state.