1. Arbitrary bonds replacement
8/11
In 2005 the complainants invested 200,000 € in bonds of five years. In 2007 the bank replaced them with perpetual bonds, without relevant instructions. Following our intermediation the bank replaced the bonds with others maturing in 2012.
2. Arbitrary portfolio management
52/2010
The complainant opened a 1-year time deposit account of €100.000, maturing on 19 February 2010. On maturity, she was informed by the bank that the deposit had been renewed for a further six months. When she requested withdrawal of the funds before maturity, she found out that mutual funds had been purchased and redeemed in her name, without her knowledge, from 19 February 2009 to 1 June 2010; she also found out that an account had been opened in her name for this purpose, and that it had been used for a number of transactions (withdrawals, fund transfers and payment orders).
Following our intermediation, the bank refunded to the complainant the principal amount plus interest.
3. Insufficient information
124/2010
The complainant held an account with the bank to receive his pension proceeds. Relying on information given by a bank officer, he agreed to invest his savings in a higher return product. When he received the relevant document, however, he found out that the product was a life insurance programme involving premiums of €1,000 per month, and that his account had been charged with €3,000, representing premiums for the months that had lapsed.
He objected to the charge and requested cancellation of the relevant insurance policy and a refund of the amounts paid. As a result of our investigation, his request was granted.
4. Investing in bonds instead of a term deposit account
42/2009
The complainant invested €103,000, initially in one-month term deposits, and then, following bank officers’ recommendations, in 3-month revolving term deposits. When he wanted to withdraw this amount, however, he was informed that it had been invested in 6-year bonds and he would receive €93,283. Upon investigation, it was found that no instructions had been given for such an investment, and the bank paid the complainant the full amount.