Local retail banker calls me up and says they have a new product Basically, I have a little extra money in my savings account so he says they can move that money to short term corporate bonds (3 months) and that Wells guarantees the price of the bond and I can only lose money if the company goes bankrupt. I quiz him up and down about fees or anything else that could ruin this product. He says there are basically no fees (7 cents / $1000 of bonds) and that the bank is doing this product to get their product per customer count back up. So I agree. I never spoke or interacted with anyone on their investment side - the retail banker handled everything.
A few weeks later I get a call from their regional investment asking me what the terms of the bonds were. I explain the above to her and she says "that's what I thought" and that the banker had been let go, this was not an accurate representation of the product and that they would make me whole.
A few days after that call a person from their St. Louis office (complaints/investigation departement?) he says they can make me whole if I agree to waive my right to sue them. I tell him I'm not comfortable doing that without compensation for waiving ot. So we agree for me to email him what I want (small fee 1% of the amount invested, interest I would have earned on the bonds and my original amount invested). I agree to not personally sue them but to maintain my right to be part of a class action if this is part of a broader scam. He says that can't happen and it's been radio silence since.
Now I can't get a return from their St. Louis office, they sold the remainder of the bonds (without my consent and before the bond due date) and I'm out the difference for the price they paid for the bonds and the price they sold them.
I'm thinking about contacting the CFPB next. Any other ideas?
Submitted August 27, 2017 at 08:12PM by fossilnews http://ift.tt/2xEHuT7
