No. of Recommendations: 1
My 90 year old mother was conned. I had told her never to get an annuity. The bank made a "housecall" to her retirement home when her CD was due. The young female sales person said it was a "special CD" for the elderly. My mother asked if it was an annuity and the sales person said it was a "special CD."
The interest rate after the initial 4+% was in the low 3's. The money was locked up for about 7 years. It cost her various percent penalties to get some money for her living expenses. Several others in their late 80's and 90's were also snookered by the same unscrupulous vulture. One by one the victims started complaining to the bank. The bank did not fire the salesperson but just transferred her. Neither the bank nor the insurance company helped.
We reached the point where the penalties were equal to legit CD's and so my mother paid the penalty and removed the rest of her money. Needless to say she closed all accounts with that bank. The monetary strain was bad in some cases but was less than the emotional distress that these poor seniors had to go through. They were lied to and the product was misrepresented.
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