A local woman is suing her bank, saying they did not have the right to take money out of her CD to pay on her sister’s defaulted home loan. The trial is underway in downtown Clearwater.
When Linda Pisantos was approved for a home equity loan at Wells Fargo, she did not know her sister had two CD’s there with her name on them.
“Had you ever seen or had knowledge of that CD before?” asked Pisantos’ sister’s attorney, William Rambaum.
“Not before all of this legal stuff,” she replied.
The legal stuff started when Margaret Zurro, Pisantos’ sister, went to check on that $40,000 CD.
“They told her that the amount that she thought was in the CD was no longer there,” Pisantos told the court. More than half of it was gone. Zurro called her sister and the two began to put the pieces together.
Pisantos had defaulted on that Home Equity Loan after falling on tough times. Wells Fargo took the money from the CD to make up the loss but Zurro said she had indicated to the bank that her sister was only to be listed on the account as payable upon death in the event of Zurro’s death.