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
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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
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.
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.
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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