Bank of America Refuses to Cash Eighty Year Old Woman’s Bond

In April of 1984, Bette Miller and her now deceased husband Laurence entrusted their $5,000 to Rainier Bank by purchasing a bond. Because the bond on its face indicated that it would be automatically reinvested every two years, the Millers never cashed it and allowed it to accrue interest. Subsequently, Rainier Bank changed several names and owners and was eventually acquired by Bank of America. When in April of 2005 Bette Miller attempted to cash the bond, Bank of America refused, asserting that it had no records of the transaction.

According to Bank of America’s spokesperson, an unpaid bond would have escheated to the state as unclaimed property. However, the fact that Bette Miller still has the certificate proves that the bond has not been paid; the certificate must be surrendered in order for the bond to be honored. Furthermore, the State was unable to produce any records regarding the bond’s escheat. The Millers’ friend and elder law attorney speculates that Bank of America is either waiting for Bette Miller to die or for the statute of limitations to run out.

Bette Miller’s son, Greg Miller, plans to continue fighting by his mother’s side to help her recover this investment, now valued at $30,000.

See Herb Weisbaum, ‘I want my money’, komotv.com, Sept. 25, 2007; see also Greg Miller’s letter providing more details on this story in Family Says Bank Of America Refuses to Cash Bond Worth $30,000, komotv.com, Oct. 1, 2007.