Investment and my bank

Albermarle

itsme999 said:

Audaxer said:

That does seem a very pushy email for a major high street bank to send if the OP had already clearly stated he did not want to invest his money. I agree with highlighting that 0.05% is a terrible interest rate, but I would have thought they would have suggested moving to an account with a better interest rate. I know rates are low but I would be surprised if the bank doesn't have any accounts offering even a slightly better interest rate.

Never bothered to mention other accounts with higher interest, main aim sell investment, guess he gets commission, bonus, promotion or similar?

Probably has some sales targets to reach to get a bonus .

dunstonh

itsme999 said:

Audaxer said:

That does seem a very pushy email for a major high street bank to send if the OP had already clearly stated he did not want to invest his money. I agree with highlighting that 0.05% is a terrible interest rate, but I would have thought they would have suggested moving to an account with a better interest rate. I know rates are low but I would be surprised if the bank doesn't have any accounts offering even a slightly better interest rate.

Never bothered to mention other accounts with higher interest, main aim sell investment, guess he gets commission, bonus, promotion or similar?

Commission has been banned on investments since 2013.  And as he isn't a financial adviser, he is not authorised to receive fee income.     Explicit targets are not allowed but bonuses paid on achieving certain volumes are.

Banks do not pay bonuses or have targets on savings accounts as they naturally grow without any effort and there isn't the margin currently to be able to afford it.

itsme999

Commission, bonus or not but definitely something similar to pester me so much.

Zola.

This is a troll post surely. 

itsme999

Zola. said:

This is a troll post surely. 

The new bank manager know my history, all other managers tried to sell investment in the last 20 years plus, at least 7/8 different managers, I always said no. This new manager told me he knows this as am sure it's in their notes about me. I said no to him very clearly in the zoom meeting, why email me after few weeks? Why say as per the email " please do seriously consider my suggestion"? I have made it clear I don't care the interest rate v inflation argument, why doesn't he get it? Read the email again, this is very push selling email, why do this if he has no gain?  
By the way, I don't do trolls. Don't accuse and judge people wrongly. 

Chris_English

itsme999 said:

Zola. said:

This is a troll post surely. 

The new bank manager know my history, all other managers tried to sell investment in the last 20 years plus, at least 7/8 different managers, I always said no. This new manager told me he knows this as am sure it's in their notes about me. I said no to him very clearly in the zoom meeting, why email me after few weeks? Why say as per the email " please do seriously consider my suggestion"? I have made it clear I don't care the interest rate v inflation argument, why doesn't he get it? Read the email again, this is very push selling email, why do this if he has no gain?  
By the way, I don't do trolls. Don't accuse and judge people wrongly. 

Why did you invest, and once you had decided to ninvest, why are you now having doubts?

[Deleted User]

itsme999 said:

Hi
I was pushed to ISA investment by my new bank manager, I won't name banks. He kept pestering with calls and emails, eventually I agreed. He told me it's a medium term investment 3-5 years.

Hi,

so it was your decision, and you've only given it 3 months?

tebbins

I'm afraid I and others in the forum cannot have much sympathy for your situation. You are responsible for what happens with your money. Unless you were mis-sold, misled, coerced, bribed, defrauded, threatened or otherwise made against your will or pushed without whatever the financial equivalent of informed consent is to take out this product, you do not have a legitimate complaint.

Also - those of us who have replied have done so, voluntarily, in our spare time, in an effort to help you because we enjoy helping people with their money questions, discussing and learning about money. Based on the information you provided, suggestions have been offered.
No one but you is responsible for what happens with your money and it seems like you are trying to externalise that responsibility.
Whether you accept the responses you got or not is up to you, you are more than welcome to complain to your bank, the manager in question, the financial ombudsman, FCA etc. I'm not sure what you're hoping to get out of these repeated posts asserting that you did nothing wrong and that it's all this bank manager's fault - that time and energy may be better directed at those with the power to do something about your situation.
Any business is entirely within its rights to market its products and services to potential customers, you happen to have accepted their offer of an investment product and are unhappy that it's down a few % after a few months - which is completely average and normal.

itsme999

I am not looking for sympathy, I invested only a small slice less than inflation rate, won't lose my sleep if lose it all.

End off.

Chris_English

I wonder if the OP is similarly upset after a cear dealer talked them into a sportier model, or Apple used a slick presentation to make them buy a new phone.

I also do wonder what the real story is here. I'm an HSBC Premier Customer, NatWest Private Black too, and they've never harassed me into investing it with them. I was once asked during a call if I had any plans for the proceeds of a house sale that were resting in my current account for a while, and when I said that I did, nothing more was ever asked.

There's also a question of propertionality here; the ISA allowance is £20,000, so we are going to be talking of at most a drop of a little over £200 from inception. Surely even the most cautious of investors isn't going to suffer too greatly from this sort of change.