Bank of America Complaint - Inappropriate fund Management
PRAIRIE VILLAGE, KANSAS -- We arranged with Bank of America investment services to manage our retirement accounts. Immediately, they sold all funds we had invested with Fidelity on low market days rather than cost averaging the sales over a period of time as agreed. Then, they invested our funds into their Bank of America mutual funds. Within 8 months, they lost over $200,000 (over 20%)of our retirement funds while continuing charging us monthly fees for their poor services. We were informed that our investment fund manager had left Bank of America's employment during this time period, thus the likely lack of management of our accounts. We have now withdrawn all our investment funds from Bank of America and returned to Fidelity Investments. After contacting upper level management personnel in Bank of America they both denied any wrongdoing and refused to refund any of our lost funds. We believe Bank of America failed to provide us competent and appropriate financial management services.
To help keep me as a potential future customer, I would like the following:
Return of lost $200,000.
At the very least I would like a response from your company regarding this incident. Thank you for your time.
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