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    stormyk5's Avatar
    stormyk5 Posts: 1, Reputation: 1
    New Member
     
    #1

    Apr 30, 2008, 09:01 AM
    Bank CD mistake .statue of limitations
    Is there a statue of limitations on bank errors... 13 months ago the bank cashed my cd and then renewed it again... the renewed CD matured and I cashed it... I live in Texas... is there any place that I can find the laws on this... thanks
    Fastfun1's Avatar
    Fastfun1 Posts: 80, Reputation: 11
    Junior Member
     
    #2

    May 18, 2008, 09:53 AM
    I don't know about SOL on CDs. Don't believe there even is such a thing, because, and, I'm shooting from the hip here, it probably was not bank error. Once a CD matures, you have a 10 day grace period to take action, i.e. transfer to savings, cash out, convert to a new CD of a term/rate of your liking, or the bank will automatically enroll you in the same term you were previously in at the given publc rate.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
     
    #3

    May 18, 2008, 10:00 AM
    No there is no SOL on bank errors. There IS however an SOL on theft. If the bank catches their error (and there is a good likelihood they will), they can prosecute you for theft. You have, in effect stolen the money. So what you need to research is the SOL on prosecuting a theft.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
     
    #4

    May 18, 2008, 10:45 AM
    And if this was a bank fruad, it can even fall under federal court where there is a longer time normally to press charges. But this is good for course since the federal prisons are much nicer

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