In September of 2009, I had gone to my local Chase Bank and deposited $17,000.00. A bank investment officer approached me and I told him I was interested in a savings account where I could make more than a regular passbook savings account. He told me that he could get me in to a savings account that would guarantee me a 5% return on my investment every year.
Well, I should have known that was a lie. He kept promising me a 5% return on my money and signed me into a high risk, long term investment with an insurance company. Since being signed into this investment, I have been steadily losing money from my initial investment. I have contacted Chase Investment Services Corp. and asked for a return of my money, which has been refused. The investigating officer said I signed the documents and I had a 14 day "free look" provision to cancel the order.
I think everyone, sometime in their life, has been duped into signing for something they didn't need or that was not best for them. The investment officer kept telling me how I would make 5% on my money every year and coerced me into signing the documents.
Shortly after signing the documents, I left for a 6 month excursion to China. My leaving the country was known by the investment officer because we discussed my trip while I was with him. He knew I would not be available to review the 14 day "free look" provision. Since I was out of the country I never had the opportunity to review the "free look provision" and decline the investment I was signed up for.
When I told the Chase Investment Services Corp. investigating officer this, he wanted to know why I hadn't reported this fact right away upon my return. I explained that I waited until the first year was up to see if I got my 5% return as I was promised.
I didn't get a 5% return on my money. In fact I lost almost $700.00 on my initial investment.
Chase Investment Services Corp. seems to target investors and then dupe them into signing into risky investment accounts. When you complain that you have been cheated, they fall back on the "you signed the documents, too bad". Their "free look" provision meant nothing in my case since I was out of the country and unable to review the documents thoroughly. When it comes to investments take heed in the old adage of "let the buyer beware" when it comes to dealing with Chase.
Now, I am stuck with a $10,000.00 losing proposition and tied into a worthless account for 7 years. I am already retired and certainly did not need another long term account. I am a senior citizen and can ill afford to lose my money to a cheating investment firm.
The investment officer opening the account did not advise me that this investment was hinged on the stock market and of the risks that this account posed.. Had I known that, I never would have entered into this investment. Also, I discovered afterwards that this was a seven year account with a penalty for early closure. Something else which would have made me refuse the investment if it had been disclosed to me.
I had never been informed by the bank or any of it personnel that I stood a chance of losing my investment money. I just wanted a savings account.
I feel Chase Banks and in particular Chase Investment Services Corp. is very lax in informing investors of the risks they are entering into by investing during these troubled economic times.
I wish to inform and warn fellow readers to steer clear of Chase Banks and Chase Investment Services Corp. with their investment dollars. Chase will cheat you and will not attempt to rectify their mistakes.