Chase Investment Services Corporation Chase Bank/JP Morgan Chase Bank Investment Officer opened an Annutiy Account without explaining to me in detail as to what this account was. Columbus, Ohio

  
Re: Entity Company:  CHASE INVESTMENT SERVICES CORP.

                                              
I wish to inform banking citizens of the cheating practices
of Chase Bank and in particular, Chase Investment Services Corporation. 

Two years ago I spoke with a Chase Bank Investment Officer and advised him I wanted a savings account which would pay more than the regular passbook saving accounts.  This investment officer told me he could get me an account which would pay me 5% per year.   He then
proceeded to steer me into an retirement investment annuity with Prudential
Insurance Company.   Please note - I am already retired.  I need to save my
money.  Not have some thieving Investment Officer at a bank take it from me.

 The investment officer proceeded to steer me into an annuity account and had me sign contracts for this account.  Little was I aware of at the time that the account was not a
savings account at all ; it was an annuity based  upon earnings from the stock market and it had a  seven year term.  I also discovered that it is some kind of retirement account that will only pay me less than $600.00 per year.  Chase Bank has cheated me completely.  I stand to lose a substantial amount of money on this.

The investment officer was not truthful in this transaction.   I wanted a savings account and the
investment officer duped me into a long term account that will take 20 years to collect back my $10,000.

Now I may have to spend more money to hire an attorney to fight with Chase Bank for the return of my $10,000 investment.

The investment officer did not explain this "savings account" to me nor did he tell me about the "free look" provision.

I had gone to China for 6 months and upon my return to the
United States I noticed my "account" had not gained any money but was
in fact losing money.  I waited for the year to pass to see if I would gain the 5% promised to me.  By the end of the year I had actually lost several hundred dollars from my $10,000.00 investment.

 I filed a complaint with Chase Bank which was forwarded to the Compliance Officer of Chase Investment Services Corporation.  The Compliance Officer wrote to me and informed me since I
signed the initial contracts and I had not opted out of the contracts with the "free look" provision that he was under the impression that Chase Bank and the investment officer had followed all procedures properly.

I informed the Compliance Officer that I was out of the country during the time the "free look" provision was sent to me and he informed me it made no difference; he was standing on the fact that I signed the original documents and did not opt out of the contract.

 I feel the original annuity opened up to me by banks investment officer was fraudulent in nature as to what I informed him I wanted in the beginning.   Had the officer explained to me in full the terms of this investment I would have never entered into it.  Had it been explained to me that this "account" was based upon earnings from the stock market, I certainly would not have entered into it.  And if I would have been offered the opportunity to opt out of the contract with the "free look" provision, I would have. 

The investment officer knew I was leaving the country and would be gone for several months because we had discussed this while I was in his office.  He never informed me  of a "free look"
provision - and now Chase Bank will not honor it anyway.  I never received the "free look"
provision nor did I have the opportunity to examine it and opt out of the original contract.

 For these reasons I have initiated complaints against Chase Bank and Chase Investment Services Corporation.

I am a retired individual and can ill afford to lose $10,000.00 for a seven year period with
the potential of losing part or all of my investment during this seven years.

I feel this matter should be investigated and the investment officer's business practices be investigated as well.  It is my opinion that Chase Banks and Chase Investment Services Corporation
is luring unsuspecting consumers into investing their money into long term accounts with a substantial risk of losing their initial investment.