Hi; My goal is to provide you with great service - if you have any questions during our chat, please ask! I'll do my best to ensure your satisfaction! I am sorry to hear of this, and am glad you are making an inquiry as to how to locate the funds. Can you tell me, was the money in your name (generally it would be listed as a trust account, with an adult's name as trustee)?
OK. And you have no idea of the bank, is that correct?
OK. A few moments please.
Any unclaimed property is held by the state, in trust. You can do a search here (I would do your name, and your mom and stepdad's) https://ucpi.sco.ca.gov/UCP/Default.aspx and I'm getting another source.
No. The FDIC insures the money so the shutdown would not affect the money. However, if it goes unclaimed, it should then be transferred to the estate. Also the trustees can be held liable for the money because the trustee(s) should have notified you when you reached the age of majority of the money (and if the bank shut down when you were a minor, they were obligated to take steps to access the money).
Here's info on the FDIC and insurance: http://www.fdic.gov/consumers/banking/facts/
Another place to check http://www2.fdic.gov/funds/index.asp
Did you have any other questions on the above?
Yes, she should have been notified. And no, a trustee needs to hold the money in trust for the minor- they cannot spend it. If they need it to provide for basic necessities that can be allowed, but generally money received and held in trust is supposed to be safeguarded until the child becomes of age. The insurance from the FDIC could have been disbursed to her, as your trustee, but then the money would be in trust still.
You are welcome. Good luck with this. Hopefully a search will come up with the money so the issue is solved. Take care.
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