SunTrust Bank Bank Account Or Service Complaint

SunTrust Bank Bank account or service department,

(CD) Certificate of deposit Account opening, closing, or management Maryland

On or about -/-/- I went to the local Sun Trust bank to open a CD. I was referred to the investment Rep, - -, to consider their Sun Trust Index-linked Certificates of Deposit ( SILC ). I was given some paper work which I read and was told that the SILC was only available until the end of the month. I was not told and no where in the paperwork did I find any info indicating that they would charge a surcharge for opening the account. I opened an account for a $50000.00 six year CD with a guaranteed return of 5.5 % at the end of the term but that it could be higher based on the - - -. In early - I received a statement indicating that my account with a settlement date of -/-/- had a value of only $48000.00 and a cost basis of $50000.00 as of -/-/- with an unrealized loss of $1500.00. I questioned - - as to what happened to the money. He said it was due to fluctuation in the market which I told him was impossible to have a drop in the - of exactly 3 % on the day of the transaction. He later changed the story which he has changed a few other times and now says it is in the document that there would be a charge but he still will not tell me where in the document this info exist. In -/-/- I received a - for the $410.00 interest but no mention of a fee. I obviously had to pay tax on the $410.00. It appears that they treat the income similar to other stocks or bonds but not the cost basis. I feel someone needs to review where those funds go. I have never heard that a bank charges for opening a CD.