It is common for people to take so much of pain in finding the right Certificate Of Deposit (CD) for themselves. They compare high CD rates, talk to relatives and friends, seek advice from finance experts, read the information thoroughly in finance magazines and on the Internet, and finally arrive at a decision of choosing the CD that would yield them the best returns in the coming years.
After all of this, when they end up losing this certificate of deposit, be it intentionally or unintentionally, the situation can be called nothing less than havoc. But thankfully so, if you’re one of the people who have lost their CDs due to any which reason, you can still get it back.
As per the Federal Deposit Insurance Corp rules implemented in 2010, your Certificate of Deposit is an investment that is given complete protection up to $250,000. This ensures that you do not lose your money in case the bank fails in case of a financial crisis. There are, however, times when you may end up losing your CD. Here are some easy ways to find your missing certificate of deposit in such a situation.
- Visit The Bank
The first step involves a visit to the bank where the certificate of deposit was taken out. Speak to the representative who helped you open the deposit. In case he is not there, talk to any other representative and furnish them with all the information regarding the certificate of deposit. Give them the exact date of its purchase, the principal amount you had deposited and the term of the CD. Furnish them with the copy of the agreement so that they can find more information from it and help you.
- Find Information On The Internet
Nowadays, everything can be found on the Internet. In the case of your Certificate of Deposit, you can find out relevant information on the website of the National Association of Unclaimed Property Administrators (NAUPA). In case the bank is unable to furnish you with valid information and find your CD, log on to the website http://unclaimed.org/. This website will help you track down all lost and unclaimed assets. After a certain period, all unclaimed and lost assets are reported to the state. The state treasury is responsible for monitoring them and trying to find out their rightful owners. In this website, you can access all such assets and will recover your CD for sure.
- Enter As Much Information As You Can
After you visit the NAUPA site, you will have to click on your state on the map provided on the webpage. This will connect you to your state department of unclaimed property. This department is responsible for managing all unclaimed asset of your state and to find their owner. You will have to enter your name as it appeared on your certificate of deposit. You will have to provide only your last name but, if you can provide more information, then the search will be more specific and yield a quicker result.
- Complete The Claim Form
After you have found your CD with the help of the NAUPA website, you will be asked to fill in a claim form. Fill out this form carefully, entering all information similar to those used when opening the lost certificate of deposit. This form will ensure that you are the rightful owner of the Certificate of Deposit and not accessing some one else’s property.
The certificate of deposit is an investment of a large amount of money and it is, therefore, important that you keep it carefully. Once lost it can be a hassle to relocate it. Therefore check on it regularly and keep it updated to avoid the unnecessary headaches when it gets lost.
B. Lyttle is a finance expert with over 5 years of experience in the industry. She recommends that you must compare high CD rates for the top three certificates of deposits available in the market before you buy one. Seeking expert advice is also recommended if you plan to make a huge investment.