It is annoying and frustrating to lose your jacket or phone, but you can often retrace your steps and find them. One Houston man is stuck trying to locate the money his mother had invested in a certificate deposit almost 30 years ago. Our Investigates team was able to assist him.
Son discovers C-D but can’t find any money
This is a C-D that’s worth more than $5,000. It was registered at a federally insured bank. It’s almost as if the C-D has disappeared 28 years later. Blanche Jones taught school at Worthing High School for 30 years. She was always there to support her children at school and at home.
Charles Jones II said, “She was a teacher for many decades and left a lasting legacy.”
Charlie, Charlie’s son, said his mother also left money in a C.D.
He explained, “It does have my name, and it does have her name.”
Jones discovered this certificate while cleaning her parents’ home after their deaths. In August 1994, Jones invested $5,545 in a 15-month C.D. Guaranty Federal Bank sold her the C-D. That bank collapsed in 2009. BBVA Compass seized all Guaranty assets. This would also include Jones’ C-D.
In 2021, PNC Bank bought all of BBVA’s customers. Jones then went to PNC Bank to obtain his mom’s money.
Jones said, “I went there. I presented my certificate of deposit there.” Jones said that they didn’t have any record of the deposit. It was impossible to find.
PNC told Jones that Jones has no record of Jones’ mother or C-D.
The bank referred him directly to the Texas Comptroller’s Office of Unclaimed Property.
“I have never seen an account disappear.” Bryant Clayton, Texas Unclaimed Property Assistance director, said that he had seen many people forgetting they withdrew funds.
Bryant Clayton stated that he could not find any records of Jones’ CMD being transferred to the State after a thorough search.
FDIC has found bank records for Jones
We contacted the FDIC, which insures your money, and an FDIC spokesperson told us that it had records showing that Blanche Jones owned six accounts that were recorded as having been transferred to BBVA Compass when Guaranty Bank collapsed in 2009. None of these accounts were the C-D. They believe that Blanche moved the money into another account or took it out of the C-D when it matured in November 1995.
Jones stated, “I feel that, at this stage, it needs to be accounted for in some sort of way.”
Although it isn’t the correct answer Jones wanted, the FDIC representative stated that Blanche Jones claimed six Guaranty Bank accounted when they were transferred over to BBVA Compass. She did not receive any money in those accounts.
What happens to your money if a bank goes under?
If customers of the bank that failed cannot claim their money within 18 months, the bank must return the funds to the FDIC. The FDIC would then give the funds to Texas for them to claim. Texas must return the money to the FDIC if no one claims it after 10 years. The funds will then be absorbed into the deposit insurance fund.
Texas law allows for the claim of all unclaimed property, regardless of how long it has been.