Consumer complaint received 2022-12-16
Company: CATHAY BANK
State: CA
Product: Checking or savings account
Sub-product: CD (Certificate of Deposit)
Issue: Managing an account
Sub-issue: Problem with renewal

Complaint:
I am writing to you regarding the wrongful conduct of XXXX XXXX XXXX, a former Branch Manager for the XXXX, California XXXX XXXX XXXX XXXX, which occurred on XX/XX/XXXX. The incident was related to XXXX accounts with the bank in the name of my sister XXXX XXXX and her daughter XXXX XXXX, for whom I have a General Power of Attorney. The accounts consisted of XXXX XXXX in the total amount of {$1.00} XXXX. 
On XX/XX/XXXX, I came to the bank to talk to a banker, XXXX XXXX XXXX XXXX, about how to qualify for the then-advertised rate of 2.75 % APY for 3 years on all XXXX XXXX. She said I would have to deposit {$100000.00} to qualify. I informed her that I did not have the additional funds. 
She explained that I could close XXXX of the existing CDs, then deposit it later. After making the new money deposit, she said, she would be able to offer me the 2.75 % rate. 
XXXX XXXX helped me to fill out the XXXX withdrawal form ( Posted Item No. XXXX ). After I signed it, I received a cashier 's check for {$100000.00} ( Posted Item No. XXXX ). As I was walking out of the bank, XXXX XXXX, the Branch Manager, approached me and said, " Don't do it now ; come back after XXXX XXXX XXXX ; we will be offering 3 % APY for XXXX years! '' He shouted, " Come back in XXXX for 3 % APY for XXXX years! '' He forced me and shouted again, " Put the check back in her account. '' XXXX XXXX not only misrepresented his authority to commit the bank to a 3 % interest rate, but by his intimidating conduct, he wrongfully prevented me from leaving the bank with the cashier 's check. By forcibly taking the check from me, he deprived me of access to the {$100000.00} I needed to qualify for the XXXX APY. By the time I returned to the bank soon after the XXXX XXXX XXXX XXXX, the rate had dropped to 0.5 %. 
As a result of XXXX XXXX 's wrongful conduct, I suffered XXXX XXXX XXXX and my family lost approximately {$110000.00} in interest they would have earned over a period of XXXX years if I had been able to qualify for the 2.75 % rate in XXXX. 
On year XXXX, I spoke to XXXX XXXX XXXX who was the Branch XXXX at the time XXXX XXXX said he knew about the incident with XXXX XXXX. " I felt very guilty about what happened, '' he said. You did the right thing for your sister XXXX XXXX and XXXX XXXX in coming to us to renew all your CDs at 2.75 % APY for 3 years. In XXXX, that was a good deal. But XXXX stopped you by his aggressive conduct. 
XXXX XXXX shook his head. " You trusted him. That is not your fault. We trusted him too. 
Because he was our XXXX! '' I said I was surprised he knew what happened. XXXX XXXX said " I am the one who had to take care of the check process. '' I said " what check are you talking about? '' XXXX XXXX said " The cashier 's check which XXXX grabbed from you. He is responsible for your loss. 
" I said, " Are you going to make everything right for XXXX XXXX and her daughter? '' XXXX XXXX said " Absolutely. '' I trusted XXXX XXXX, but he took no action against XXXX XXXX. 
Several weeks later, I received the following text message from XXXX XXXX : XXXX XXXX, I would like to thank you for being my valued customer for so many years. 
You have been great at managing your sister 's and XXXX XXXX 's account. I know the previous XXXX XXXX XXXX had offered you a XXXX CD at 2.75 %. And he assumed the XXXX  rate would go up to 3 % when it matured in XXXX. When you came into the branch that day when the XXXX matured, the rate was not at 3 %. It was not your fault, but I hope to continue serving you and your family, and I value your business. I will try to offer you the best and highest rate within my ability. Thank you again for your business. 
XXXX XXXX XXXX not make a complaint in XXXX after the incident with XXXX XXXX because a short time later, I was diagnosed with a particularly aggressive form of XXXX XXXX and my life has been consumed since then with XXXX XXXX, XXXX, and XXXX XXXX. However, now that I have the energy to focus on this matter again, I have decided to write to you about XXXX XXXX 's shocking behavior and the bank 's responsibility for his wrongdoing in the hope that the bank will take appropriate corrective action. 
I am asking that XXXX XXXX  compensate my sister and her daughter in the amount of {$110000.00} for the interest they would have earned if XXXX XXXX had not misleading me and prevented me from having the funds to qualify for the 2.75 % interest rate that was available at the time. 
Please help. 
Most appreciated XXXX XXXX

Company response to consumer: Closed with explanation