Claimant says: "Dear Sir or Madam,
This is a letter of complaint about the wrong management of my retirement account by Citibank, which caused a loss of $5778.02 (17.5%) in a period of 13 months.
I was applying for a mortgage from Citibank in December of 2014, and they suggested I rollover my retirement account from another company, in order to have lower rate. I transferred $33,105.12 to Citibank; my wife also transferred her retirement to the Citibank. The financial advisor, Ms. Xiaomei Wang, discussed the investment plan with both”
...Show more »
Claimant says: "Dear Sir or Madam,
This is a letter of complaint about the wrong management of my retirement account by Citibank, which caused a loss of $5778.02 (17.5%) in a period of 13 months.
I was applying for a mortgage from Citibank in December of 2014, and they suggested I rollover my retirement account from another company, in order to have lower rate. I transferred $33,105.12 to Citibank; my wife also transferred her retirement to the Citibank. The financial advisor, Ms. Xiaomei Wang, discussed the investment plan with both of us. During the whole process, Ms. Wang spent all of the time introducing the ???Perspective Family of Variable Annuities??? to us; we learned that it was a safe and low risk investment, so we agreed to buy it. But we did not know that she bought other mutual funds for us, I had no idea until I received a letter of ???Called bond or Redemption notice??? 2 weeks ago, which informed me that I had only $27,327.10 left in the account in cash. I was shocked and had no idea of what had happened. I called the bank and they did not know what happened and used ???the investment has risk??? as an excuse for my loss. I understand that there is no guarantee for any investment, but it was very clear that Ms. Wang purposefully introduced one product to us, but bought another high risk product for us, and for this reason I lost 17.5% of my retirement money in a period of 13 months.
I checked the contract we signed with Citibank, and in page 16, we clearly indicated that the ???Investment Objective??? was ???Growth???. When I called Ms. Wang, she confirmed it, but the fund she bought for us was sold after 13 months. She never mentioned it to us before but afterwards told us it had been scheduled to be sold at this time, but this investment was ultimately not an investment for ???Growth???.
In the ???Risk Tolerance??? part of contract, we clearly indicated it as ???Moderate???. But the loss of 17.5% of an investment in a period of 13 months is definitely not ???Moderate???.
This is a pay service and the bank has charged very high service fee, they supposedly offered professional management, but the service we received has not followed the investment plan, and the financial advisor purposefully misled us; she introduced one product to us but bought something else. I do not know the reason as to why she did it. I was surprised that she even gave us the book and CD of the variable annuities for us to read at home, after we signed the agreement. However, she never mentioned or gave us any material about the funds she bought for us. In the monthly statement from Citibank, nothing mentioned the fund???s name or when it was to be sold. I strongly believe the wrong management of my account by the Citibank caused my loss, and they should pay $5778.02 back to my retirement account.
The bank location is: Citibank, N. A., 1195 E. Ogden Ave. Naperville, IL 60563, tel: 630-357-3431; 800-846-5200
min wang
1005 East 61st Street
Chicago, Illinois, 60637*” ...Show less »