Don't Trust The Bank

This is a real life story that concerns my parents fixed deposit that has been manipulated by the bank officials.  My aged parents have a fixed deposit in a bank, quite a large amount and being ignorant of the rule of the fixed deposit they never updated the interest but trusted the bank to role over the interest to the principle to get higher returns.  Unfortunately a twist of event made my father (has since passed away) needed the money and wanted to withdraw the money on maturity.  To his shock he was informed that it has long been released.  He demanded to see the signatories of who has withdrawn the money as the FD certificates were in his keeping.  They could not produce.  My father hired a lawyer to sue the bank for the fraud and the hearing will only be heard in chambers this May.  The lawyer said there is a strong case and if everything works well it will be a million dollar suit as it happened  8 years ago.. 

My best wishes for your family that they will make a speedy recovery of money.  In the US, this rarely happens.  However, some bank accounts do get swindled out of funds by unscrupulous banks that charge bogus fees. Ordinarily bank account funds would be put in trust with the specific US state to be reclaimed by the individual.  But it's different in other countries. Best of luck!  I'm hoping things turn out welll for your family.

All the best to you and your family. You should definitely sue the bankasap

This is a reminder to everyone that the bankers are not trustworthy people and they take advantage of senior citizens who are ignorant of banking ethics.  I hope the suit will not be postponed again as it has be postponed several times and unfortunately my dad did not live to see the outcome of this big time scandal, it has in a way killed the old man cos he has been under great depression thinking of his lost money.

this is a really interesting case
what it actually highlight is that even after having a investment it is always advisable to
keep chechking on the investment and not go completely ignorant on the investment.
This could have been avoided but i hope the law suite end in your favor

Its shocking to know about this real incident and its becoming a common practice by many banks and financial institutions to take advantage of the customers ignorance and earn from it. Many people can't even afford a lawyer and even worst they will not be aware that something went wrong. Well all the best to your family and hope you will get return what you deserve.

May be it has hapened with you and it is really a very bad thing. But In India there are few private banks who are hobnobbing with the depositor. But I never experienced such things with nationalised bank. But from the fact which you have narrated can be good lession for all of us.

All the best to you and your family. You should definitely sue the bankasap

this also happens ...thanx for telling us we will be alert

This cannot happen mcuh frequently in a government run bank. Hence its better to trust the government banks rather than going for the private firms.