Consumer complaint received 2017-12-01
Company: CITIZENS FINANCIAL GROUP, INC.
State: NY
Product: Checking or savings account
Sub-product: Other banking product or service
Issue: Opening an account
Sub-issue: Confusing or missing disclosures

Complaint:
In XXXX XXXX I visited the Citizens XXXX XXXX Branch located at XXXX XXXX XXXX XXXX in XXXX XXXX NY, XXXX. My intent was to do business locally and reinvest my XXXX which was initially $ XXXX but I had to pay $ XXXX in taxes when I withdrew the funds in XXXX. Final check received from XXXX was approximately $ XXXX. In turn, I made an appointment with the Financial Adviser at my local branch and met with XXXX XXXX XXXX. In meeting with him, I explained I had already paid taxes once on the funds and wanted to reinvest wisely. XXXX XXXX assured me the product being presented would make more money than a traditional IRA but was still and IRA. With not having any background in the financial sector I believed he was investing my funds to the best of my interests. In early XXXX when I met with my accountant she was stunned and appalled at the actions taken by XXXX XXXX. He has invested my entire retirement check into a non qualified account - an annuity. This has caused me to have to pay State taxes of approximately $ XXXX and Federal taxes of $ XXXX. I tried to speak to the bank about the matter and was disregarded and told I knew what I was investing in. My accountant then contacted XXXX XXXX to discuss. He stated I was in a hurry and insisted he complete the transaction. I went to Citizens as I needed a financial adviser which I could trust locally. I went to have them look after my best interests. This was not provided. I am in financial ruins due to the advice I received from Citizens bank. XXXX XXXX put my retirement into a non qualified account ( Annuity ). This was all the money I had saved in my career and {$10000.00} dollars had to be paid to the government on top of the XXXX I paid initially to withdraw the funds For the next 7 years I have to pay the IRS {$120.00} a month and since NYS does not allow a payment plans I had to withdraw the XXXX from savings to pay the state. It is now late XXXX and I was notified by Social Security that my monthly check will be reduced by {$75.00} due to the fact that the XXXX was viewed in my XXXX taxes as income. In addition, I went to my local town hall to submit my taxes for my senior property exceptions and was told I most likely would not qualify due to making XXXX in XXXX. This will add an additional {$200.00} to my monthly mortgage payment. I could potentially lose my home due to this investment. I feel XXXX XXXX unfairly sold me a product and was deceptive of the terms of the agreement and did not clearly explain the financial consequences. In XXXX of XXXX I did write a letter of compliant to Citizens bank and mailed to the president of the company certified mail and sent a copy of the letter to the Citizens financial office. I was contacted by an Compliance Officer and she stated an investigation would be opened. I received a letter shortly after confirming the conversation. At this time, not enough time has passed for a resolution but my concern is if I was deceived once it may occur again.

Company response to consumer: Closed with explanation