How do I cash in an old certificate of deposit?

How do I cash in an old certificate of deposit?

If you find an old paper CD, your best bet is to get in touch with the bank that issued it. The bank will be able to tell you whether the account is still valid or if the money has been escheated. Do note: Losing a paper certificate does not mean that you’ve lost your money.

What do I do with an old certificate of deposit?

The FDIC has additional suggestions.

  1. Access the states’ unclaimed property databases via the National Association of Unclaimed Property’s website (see Resources).
  2. Go to the FDIC’s online Institution Directory ( to locate the financial institution that sold you the certificate of deposit.

What happens to a CD if a bank closes?

When a bank fails, the FDIC typically transfers the dead bank’s deposits to a new bank in fairly short order. Thus, unless you have a “brokered” CD (more on this below), there’s not much risk of extended downtime.

How long do banks keep records of CDs?

five years
Financial institutions are required to keep records of issued CDs for a period of at least five years under federal law.

What happens if you lose a certificate of deposit?

If you have lost the original CD and are unsure which institution held it or if that institution has gone out of business, then you will need to contact the FDIC. If the bank is no longer in business, they will have seized the assets and will be able to help you recover your money.

How do you find out if a CD has been cashed?

Use the “Unclaimed Funds” feature on the FDIC website to locate your CD. If you discover that the FDIC has your CD, fill out the FDIC Claimant Verification form and mail the form to the FDIC Claims Department. The FDIC will contact you by mail or phone regarding the status of the CD within 30 days.

How do I replace a lost certificate of deposit?

Contact the customer service department of the bank that issued your CD. Even if the bank has been taken over by another institution, your accounts should be converted under your name and Social Security number. Explain the situation that the CD has been lost and you are requesting a replacement.