Bank of America Preys on Elderly DepositorsSubmitted by bobbyw24 on Thu, 02/17/2011 - 07:28
Telling someone not to worry about losses on assets held to maturity, when maturity would put an investor at age 110 or 120 is either gross incompetence or gross greed.
I am quite sure that Bank of America will offer some nonsense that this is an isolated case not reflective of their desire to blatantly rip off its client base. Yeah right. Offering CDs at .95% annualized monthly instead of daily (to extract every possible last cent) is proof enough of what they are doing.
By the way, this is exactly why banks do not want tighter regulation regarding fiduciary responsibility.
If you have an elderly parent or grandparent with money tied up in CDs or in investments at Citigroup, Bank of America, JPMorgan Chase or for that matter any place, please do what you can to make sure they are not being ripped off and their investments are suited to their age and risk tolerance.