ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Monday, June 10, 1996 TAG: 9606100066
SECTION: MONEY PAGE: 6 EDITION: METRO
COLUMN: MONEY MATTERS
SOURCE: MAG POFF
Q: Recently my wife discovered two old certificates of deposit issued by Bedford County Bank. Both are numbered. One is for $375 dated July 30, 1930, and the other is for $5.97 dated Aug. 7, 1930. Both certificates were issued to now-deceased family members.
I do not believe the Bedford County Bank exists any longer. It probably went under or merged with another financial institution. I suspect the accounts were long ago considered dormant and closed out, with the proceeds handed over to the state. The possibility also exists that the accounts were redeemed without using the certificates we have in hand.
How do I find the successors to Bedford County Bank so we can determine what happened to the funds? If any money is obtained after all of these years, how do we go about ensuring the rightful heirs receive their portion?
A: You do not have to trace the bank, especially since no business is required to maintain records that old.
State law requires banks and other businesses to turn over any dormant funds to the state, which deposits the money in the Literary Fund, a source of loans used for school purposes. This process is called escheat. Of course, the rightful heirs can claim the money any time if they can prove it belongs to them.
A spokeswoman at the state's Department of Unclaimed Property said, however, that records are sketchy for the period prior to the mid-1960s. And even though laws were on the books in the period you mention, compliance was not enforced as it is today. Businesses formerly had to turn over unclaimed property after it had been abandoned 15 years. Today, she said, property must be escheated after five years of inactivity.
You should send photocopies of the certificates, along with a letter describing the situation, to General Research, Virginia Department of Unclaimed Property, P.O. Box 2478, Richmond, Va. 23218. The file, if any, would be maintained in the names of the original owners of the certificates.
If any money exists, you must locate all the heirs. You and your family may know their names and addresses. If not, you must run legal advertisements to find them. That process could use up all of the proceeds.
But first, you should find out if the state has the money.
Credit card company probably not problem
Q: For several years, I have been the holder of a MasterCard, keeping my annual dues and account paid up.
While shopping last November in one of the major stores in Roanoke, I presented my card after making a purchase. After checking out my card, they advised me that they could not use it because the card had been reported stolen or lost.
The next morning, I called MasterCard's 800 number, and they advised that they had indeed been told that my card was lost or stolen. They had removed it from their active files.
After talking further with them, their representative told me that a new card had been made up and I would receive it within five to seven days. After waiting for about two weeks, I called them again. This time, I talked with another person in the office who said it had been delayed by the holidays but I should receive it in a few days.
After two phone calls and three letters, I have yet to receive a new card or any communication from them. Can you advise why a company of its reputation would treat one of its customers in this manner?
A: You are dealing with a bank, probably an out-of-town bank, not directly with MasterCard. That company licenses banks to distribute cards in its name and helps to coordinate the interchange of information that allows charging against the card anywhere in the world. Each licensed bank operates its own card program and uses an 800 telephone number for its own card center.
You can vote with your feet by applying for a MasterCard or Visa from another bank. Take advantage of one of the offers you no doubt are receiving in the mail. If you are not being solicited for credit cards by other banks, you can apply for a card from a local bank. If you follow the latter course, you can enlist your branch manager to make inquiries on your behalf if you have a problem with the card.
LENGTH: Medium: 77 linesby CNB