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Old 03-30-2021, 03:39 PM   #61
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You could just go to another branch at the bank. Or just tell him that you have already decided on another investment and are not interested in investing more through the bank.
He may be working on commission and is just trying to make a sale to justify his job.
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Old 03-30-2021, 03:53 PM   #62
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I’d take time to file a written complaint with his manager, the bank CEO, and anyone else you can think of cc’ing the letter too. Changing banks is a hassle depending on your needs. I’d make darn sure that nothing is opened in your name by carefully checking your credit score reports. It has happened at WF so sales people made quotas.
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Old 03-30-2021, 03:58 PM   #63
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Originally Posted by Vacation4us View Post
....... So he calls and wants to put all my money (401k & 403b) in a structured note inside an annuity. ...... it’s a hard no for me. .... made a comment that I probably wouldn’t transfer my money if they could guarantee a fixed return.
A couple of things:
1. My bank is basically online which is how they're all going
2. When Fido pulled this on mom I filed a grievance and moved to Schwab -- so yeah. I moved
3. When anyone says "I probably wouldn’t transfer my money if they could guarantee a fixed return." My pat answer is "yes because that's what an annuity is, a fixed income stream locking in a low return rate. Case closed / goodbye"
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Old 03-30-2021, 04:06 PM   #64
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That was my first thought, too.

I agree with telling this guy to leave you alone. Just say I'm not interested and if you approach me again, I'll be reporting you to management and filing a complaint through the Federal Reserve.

His function is to sell you a product so he can make a commission. I suspect your balance in this bank is a large amount for him to pester you. Write a short letter to cease and desist. The short letter is your documentation to a formal complaint to the federal reserve. Here is a link to the federal reserve complaint system.

https://www.federalreserveconsumerhe...le-a-complaint
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Old 03-30-2021, 04:12 PM   #65
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Wow, 58 posts. Seems like much todo about nothing. Obviously others do not share my opinion.
Shows how we feel about predatory commissioned salespeople.
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Old 03-30-2021, 04:43 PM   #66
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So 2 years ago the guys at my bank convinced me to sit down with them and go over their financial services offering. I did the sit down but gave them none of my funds to manage.

This week the guy I see almost every time we visit the bank called me and asked to schedule a phone appointment. I said sure I had some CD’s at another institution coming up this month and I was looking for options.

So he calls and wants to put all my money (401k & 403b) in a structured note inside an annuity.

I did some reading and it’s a hard no for me. Which I then told him yesterday while my DH and I where at the bank. Well he didn’t want to take no for answer. Really annoyed me. Kept debating the merits of the offering with me. Then made a comment that I probably wouldn’t transfer my money if they could guarantee a fixed return. Kind of implied I lacked the intelligence to make a good decision.

So do I move all my accounts, just ignore the guy? What would you do?
Don't sweat it! It's not worth the hassle. No need to talk to them about their services or go into the bank at all. Just continue your banking and handle everything else yourself. Good luck!
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Old 03-30-2021, 04:46 PM   #67
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As someone else said - switching banks is work. In addition, if you have your credit cards with the bank and wish to change those your credit score will take a hit. The length of current accounts impacts FICO. Just ignore the guy, or go to another branch if that is an option. Annuities = commissions for the sellers. With the higher interest environment that is likely coming up, locking you in to a low % investment as rates rise would be great for the bank.
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Old 03-30-2021, 05:06 PM   #68
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Have never used bank's investment services and never will. Opinion was solidified when an elderly widow family member was recommended corporate bonds by her banker. She had a net worth of $50k with $30k of it in CD's. Guess the 30 something VP thought that was appropriate. Fortunately, family members discouraged her.
Exactly. The local little bank wouldn’t let my mother renew a CD until she talked with the new 30-something investment guy. He wanted all her money in an annuity. She was 87! That’s actually a crime. She told him where to stick it. OP, you can do the same.
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Old 03-30-2021, 05:19 PM   #69
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My mom really liked and trusted Jeff at the bank. She now has 2 annuities that don’t pay out until she reaches late 80s and 90. She’s 84 now. I’d strangle Jeff. I mean at least have them pay out earlier if you rip my mom off, that was probably 15 plus years ago when she bought them.
I’d run and take my money with me and take it to a credit union. Annuities are a high commission sale.
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Old 03-30-2021, 06:13 PM   #70
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I would say, "Look, I know you have sales goals but I'm not biting. Do not approach me again."
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Old 03-30-2021, 06:19 PM   #71
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My stepfather died about 5 years ago so I helped my 80 year old Mother organize their investments. We consolidated her money into one account at one bank. The bank idiot tried the same hard sell on me but I said no. After several weeks of this guy approaching me when ever we entered the bank or calling my Mother's home I flat out told him to take a flying leap. About a 3 weeks later my Mother went to the bank alone and he pounced on her and before she left he had all her money and some from other places all moved to his control. I had been encouraging my Mother to make her own decisions so when this happened I didn't say much because she was proud that she handled it on her own. To this day I want to expose this con-artist for what he is but refrain because of my mother. He works for 3/5 Banking in Michigan so beware of them.
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Old 03-30-2021, 06:33 PM   #72
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After several weeks of this guy approaching me when ever we entered the bank or calling my Mother's home I flat out told him to take a flying leap. About a 3 weeks later my Mother went to the bank alone and he pounced on her and before she left he had all her money and some from other places all moved to his control.
Bank employees have a fiduciary responsibility to act in the best interest of the customer. If the product is inappropriate for your mother's situation, you should report the employee to the proper governing body. I'm not sure of which agency that might be but research FINRA or the SEC.
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Old 03-30-2021, 06:39 PM   #73
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Bank employees have a fiduciary responsibility to act in the best interest of the customer. If the product is inappropriate for your mother's situation, you should report the employee to the proper governing body. I'm not sure of which agency that might be but research FINRA or the SEC.
+ 100%
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Old 03-30-2021, 07:27 PM   #74
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My mom really liked and trusted Jeff at the bank. She now has 2 annuities that don’t pay out until she reaches late 80s and 90. She’s 84 now. I’d strangle Jeff. I mean at least have them pay out earlier if you rip my mom off, that was probably 15 plus years ago when she bought them.

I’d run and take my money with me and take it to a credit union. Annuities are a high commission sale.


I’d file a complaint in a case such as this. I was surprised how many hoops I had to jump through just to buy a 5yr MYGA, but It did make me feel like they took suitability seriously at the annuity co and their broker.
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Old 03-30-2021, 07:31 PM   #75
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Stop meeting with him, stop saying he can call you, stop taking his calls, stop saying hi to him at the branch. When he stops seeing you as a likely mark, he'll stop bothering you. You've done nothing but encourage him so far.

+1
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Old 03-30-2021, 07:33 PM   #76
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As someone else said - switching banks is work. In addition, if you have your credit cards with the bank and wish to change those your credit score will take a hit. The length of current accounts impacts FICO. Just ignore the guy, or go to another branch if that is an option. Annuities = commissions for the sellers. With the higher interest environment that is likely coming up, locking you in to a low % investment as rates rise would be great for the bank.

Exactly.
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Old 03-30-2021, 07:42 PM   #77
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The problem is that they assume 1) they know more than you, and 2) because you are an older woman, they know a LOT more than you. I am often approached by bank employees offering to set up a meeting with their “personal bankers”. And I always say no— because, TBH, With almost 40 years’ experience managing my finances and the ability to research online, I don’t see that their “personal banker” (usually a teller who got a promotion) can really add any value.

And to the point someone made about being willing to talk as an invitation to be sold to....fair point. But there is a world of difference between selling and being insulting and rude. If you want to stay with that bank, just avoid that person or change branches.
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Old 03-31-2021, 04:50 AM   #78
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I would immediately move to a credit union....and for heavens sake, stop having these meetings with salesmen. If you can't research it on your own, then its not a good fit for you.
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Old 03-31-2021, 02:55 PM   #79
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Well he didn’t want to take no for answer.
Of course not. He's a salesman! Ask him if he is a fiduciary. If he says anything but yes, tell him that is a deal breaker.
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