Report: #211740

Complaint Review: PNC Bank

  • Submitted: Tue, September 19, 2006
  • Updated: Tue, September 19, 2006
  • Reported By: philladelphia Pennsylvania
  • PNC Bank

    Philladelphia, Pennsylvania

PNC Bank ripoff Philladelphia Pennsylvania

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In the year 2000 of August i went into the PNC bank to rollover one of my cd's. I had managed to save up $32.000.00 worth of cd's. I have been a good customer of that bank for 15 years. I was approached by a woman broker who kept saying to me that you can make more money with mutual funds then the cd's you have. She kept repeating this to me until i deceided to put my money into mutual funds. Being she worked for the bank i believed she was truthful in what she was saying to me. But it turned out later that she was not . I lossed 4 thousand dollars the first quarter, so instead of pulling that money out i left it in figuring the market would go back up and i did not want to lose money at that time if i pulled out. Time goes by i am losing money until a year later i deceided i had enough of this my money loss was half of what i put in . The new broker talked me out of taking my money out and he changed one of the funds which was black rock. Another year goes by and i am down to $11,000.00 of my $32,000.00, so this time i pulled out my money of which the broker gave me a hard time about it but i was scared i would lose it all. So years later the funds did not make money let alone make my money back. So i have contacted PNC and told them that the broker said to me over and over again that i can make more money with mutual funds then my cd's. They tell me it is a long term investment, but after 6 years i did not make money or my money back that i put in. The funds she put me in are not the greatest the only one who made money was the broker for herself on her commision. I hope she did not do this to elderly people with their life savings , elderly people seem to trust others but being she works for the bank you have a feeling she is truthful in what she says. I sense they are covering up her blunders with other people's money and most likely she was fired.

philladelphia, Pennsylvania
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This report was posted on Ripoff Report on 09/19/2006 09:43 AM and is a permanent record located here: The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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