Wells Fargo says that because it doesn’t have a record of the 30-year old legal financial instrument it doesn’t have to pay the sum owed.
by Mac Slavo, SHTFPlan:
The recent actions of mega behemoth Wells Fargo show us just why so many people are distrustful of large financial institutions. The bank, which claims it will help you achieve what’s important, has done exactly the opposite in the case of Rosemary Ronstein.
At the height of the 2009 financial crisis Ms. Ronstein was facing a home foreclosure. After her husband passed away that same year the widow was searching through personal records when she happened across a 30-year old CD purchased by her husband in 1984 for the sum of $18,000. The CD, which offered the bearer a 10.9% interest rate and renewed automatically until it was cashed in, was originally issued by First Interstate Bank, an entity that has since been acquired by Wells Fargo. At the time, Ronstein faced the real possibility of having her house seized for failing to pay her mortgage. The CD was like a dream come true. All her problems would be solved, which is exactly the reason why her late husband originally purchased the CD and gave it to her for safekeeping.
Please follow SGT Report on Twitter & help share the message.