minibonds misrepresentation

[sage]

Can any bro/sis care to share incidents on how the bank staff misled them into investing in minibonds. My walk-in experiences were that the staff always had a whole range of products and either they explain each or I ask. For instance I did not even compare and simply told one that I wanted a princpal sum guaranteed with best interest rate and ended up putting 250k into structured deposit for 5 years at 5% int pa (son's education fund). There were various 'attractive' but risky options like funds investing more on share markets, Japan, India, China etc. If there is systemic misrepresentation in various branches, only reason will be executives must be well rewarded and driven by greed like what the Wall Street executives are accused of in creating cdo, cds etc

 

[Zombie]

Can any bro/sis care to share incidents on how the bank staff misled them into investing in minibonds. My walk-in experiences were that the staff always had a whole range of products and either they explain each or I ask. For instance I did not even compare and simply told one that I wanted a princpal sum guaranteed with best interest rate and ended up putting 250k into structured deposit for 5 years at 5% int pa (son's education fund). There were various 'attractive' but risky options like funds investing more on share markets, Japan, India, China etc. If there is systemic misrepresentation in various branches, only reason will be executives must be well rewarded and driven by greed like what the Wall Street executives are accused of in creating cdo, cds etc

Did not buy minibond.
I think you were told that principal sum is protected, but you misunderstood that it is guaranteed.

 

[pweesng]

IMHO... if you ask for a principle guaranteed product and was given this.. you have a case...

But in all honestly, you need to relook at the papers that you have signed. It is unlikely that the bank did not disclose everything in the documents.

 

[DIVISION1]

You are unfortunately right. Appealing to ignorance in language or comprehension abilities after signing a worded contract does not void the contractual agreement, in general. It is acknowledged there exist insurance and bank salesmen who use pressure selling techniques to close a deal in 5 minutes or less, commonly found at makeshift counters in open spaces in subways stations, bus interchanges, department stores and other crowded areas. Some may insult your pride to compel you to buy the product to prove the point you have money. If you feel that you have been coerced to buy a product, the first thing to do is to walk away and do not sign anything. If you still feel uncomfortable, report the bank or insurance salesman to the company. Neccesary action will be taken, if the complaint is found true. Extortion is not permitted by law.

 

[travelbug]

Can any bro/sis care to share incidents on how the bank staff misled them into investing in minibonds. My walk-in experiences were that the staff always had a whole range of products and either they explain each or I ask. For instance I did not even compare and simply told one that I wanted a princpal sum guaranteed with best interest rate and ended up putting 250k into structured deposit for 5 years at 5% int pa (son's education fund). There were various 'attractive' but risky options like funds investing more on share markets, Japan, India, China etc. If there is systemic misrepresentation in various branches, only reason will be executives must be well rewarded and driven by greed like what the Wall Street executives are accused of in creating cdo, cds etc

Misrepresentation means that your personal wish is to buy X product but the sales person does not listen to you and talk about Y product instead. Typical of all the brainless sales banking staff at all the banks here. Next time, show them you are taping your conversation with them & tell them that you will play it back to an MAS authority when you leave the bank.

 

[Zombie]

but the sales person does not listen to you and talk about Y product instead.

Because there are no product that pays 5% interest and guarantees every cents you put in.