Found an Old CD? Here's How to Reclaim Your Money

Discovering a long-forgotten certificate of deposit tucked away in a drawer or safe can feel like finding buried treasure — but collecting that money is rarely straightforward. Banks are only required to hold CD funds for a limited period, and after enough time passes, many institutions have no record of the account at all, leaving savers in a difficult position.

When a CD goes unclaimed for an extended stretch, most states require banks to turn those dormant funds over to the state government through a process known as escheatment. That means the money may not be sitting idle at your old bank but could instead be held by a state unclaimed-property program, which savers can search through official government databases.

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Financial experts recommend that anyone who finds an old CD start by contacting the bank that issued it, bringing whatever documentation is available — the original certificate, account numbers, or any correspondence. If the bank has merged, been acquired, or shut down, the Federal Deposit Insurance Corporation maintains records that can help trace successor institutions.

Searching state unclaimed-property registries is often the most productive next step. Most states operate free, searchable databases where individuals can file claims for dormant accounts, including CDs that were escheated years or even decades ago. The process typically requires proof of identity and documentation linking the claimant to the original account.

Experts advise savers to keep detailed records of all financial accounts and to notify family members of their existence to prevent this situation from arising. Periodically confirming that contact information on file with financial institutions is current can also help banks reconnect with account holders before funds are ever transferred to the state. Continue reading at NYT > Business.