Consumer complaint received 2024-01-16 00:00:00
Product: Checking or savings account — CD (Certificate of Deposit)
Issue: Managing an account — Banking errors
Company: CATHAY BANK
State: CA

Complaint narrative:
The Deceptive Practices of Cath Banks XXXX Branch In XX/XX/XXXX, the XXXX branch of Cathay Bank allured customers with an enticing promotional CD rate of 2.75 % APY for a three-year duration. Hoping to secure stable financial growth, I eagerly approached the bank, only to be deceived by XXXX XXXX XXXX XXXX, a promising banker. This essay aims to shed light on the occurrence, highlighting XXXX XXXX intentional misleading tactics and the subsequent lack of accountability from Cathay Bank. With a loss of {$110000.00} interest, I implore Cathay Bank to take responsibility and compensate for their abhorrent conduct. 



1. The Encounter with XXXX XXXX XXXX XXXX : On that fateful day, I encountered XXXX XXXX, who offered a fictitious CD product claiming a 3 % APY for a three-year period. Fueled by my quest for financial stability, I trusted her words and eagerly invested in the opportunity. However, it became apparent that XXXX XXXX promises were far from truthful when the CD rate for the year XXXX stood at a mere 0.5 % APY, in stark contrast to her initial claims. This misleading tactic caused grievous financial harm to me and my family. 
2. Lack of Accountability from Cathay Bank : Despite being made aware of XXXX XXXX deceptive conduct, Cathay Bank chose to turn a blind eye and ignore the resulting misfortune experienced by valued clientele. This blatant disregard for accountability showcases a disturbing lack of concern for their customers. It is incumbent upon them to rectify the situation and take responsibility for their employees actions. 
3. Correspondence with XXXX XXXX XXXX : In my pursuit of justice I shared my grievance with XXXX XXXX XXXX, Assistant Vice President & Manager at Cathay Bank. To my surprise, XXXX XXXX acknowledged the deception perpetrated by XXXX XXXX on the XXXX XXXX XXXX XXXX  He affirmed that I, as the customer, bear no culpability in this unfortunate series of events. This acknowledgment, conveyed through written correspondence, demonstrates Cathay Banks knowledge of their employees misdeeds. 
4. Seeking Compensation : The consequence of XXXX XXXX XXXX XXXXXXXX misconduct is a staggering loss of {$110000.00} in interest for my family. Given Cathay Banks awareness of the situation and their responsibility for the actions of their employees, it is only fair and just that they compensate for the financial harm inflicted upon us. 

Cathay Banks XXXX branch, through the deceptive tactics of XXXXXXXX XXXX XXXX XXXX, has caused significant financial loss and distress. The lack of accountability exhibited by the bank is deeply troubling. I have laid out the series of events, acknowledging XXXX XXXX XXXX acknowledgment of the deception and my familys resultant loss. It is now the responsibility of Cathay Bank to take immediate action, compensate us for the loss of {$110000.00}, and restore our faith in their commitment to customer satisfaction and ethical business practices.

Company response to consumer: Closed with explanation