Citizens Bank Complaint - Unmentioned fees - Consolidation of IRAs
BOSTON, MASSACHUSETTS -- I am a completely naive investor. I had many IRA CDs at Citizens. The investment officers called me up to talk about consolidating them. I thought this was a good idea, since it is hard to keep track of so many. I went in and they sat down with me and recommended an investment product of the bank's which sounded good to me. I had had a previous dealing with one of the men, so I trusted him. He had me sign several sheets, which I did without reading them. STUPID OF ME!!! But he knew I knew very little about investment matters. Then he slipped in a few more sheets into the stack and we were done. A week later, when I got my first statement for that account, I found I had been charged over $2700 in fees! He never mentioned fees to me. Being a novice, I did not know to ask. I went right to the bundle of papers he sent me home with, and indeed on one of the sheets I did not have to sign, the fees were detailed. But since I trusted him, I was now out of $2700+. Of course I should have read everything before signing, but if you trust someone, you don't expect to be duped like that.