Does Bank’s Destruction of Record of Deposit Certificate Bar Owner from Suing to Recover Proceeds?
Maxine F. Spiller v. Sky Bank – Ohio Bank Region, n.k.a. Sky Bank, Case no. 2008-0900 3rd District Court of Appeals (Logan County) ISSUE: If a bank issues an “automatically renewing” 30-month certificate of deposit that requires no action by the account owner to continually roll over the proceeds at the end of each succeeding 30-month period, may the bank lawfully destroy its record of the account six years after the issuance of the certificate pursuant to Ohio’s bank records retention statute, and thereafter refuse to redeem the certificate on the basis that it has no record of the account? BACKGROUND: Under R.C. 1109.69(B), unless a bank record falls under a different retention schedule set forth in R.C. 1109.69 (A), a bank is authorized to destroy its records of any account or transaction six years after the “date of completion of the transaction to which the record relates” or six years after the “date of the last entry” relating to that transaction or account. A subsequent section
