Fifth Third Bank Bank Account Or Service Complaint

Fifth Third Bank Bank account or service department,

Other bank product/service Account opening, closing, or management North Carolina

-/-/-, I was called by Fifth Third Bank in the - of - to encourage me to invest money with them for better returns than expected with regular certificate of deposits which were often paying less than 1 % /year at the time. The investment banker recommended a 5 year stock CD offered through -. They told me clearly that, not only is my principal fully guaranteed, but that I would get a return of 7.5 % /yr to 12.50 % /yr depending on the stock performance. There were - stocks in the portfolio. Therefore, they ensured me that 7.5 % /yr return would be the worst case scenario. However, it was clear after the first 6-12 months that there was going to be 0 % return for the next 5 years and I was not allowed to withdraw early at any time before 5 years, otherwise I would lose a part of my principal investment as well. The investment matured on -/-/- accruing 0 % interest over the whole 5 year period. In effective, this bank fraudulently took an interest free loan from me for 5 years, at which time they certainly invested or loaned it out to others for high profits, returning only the principal to me! This is clearly a fraudulent investment vehicle with false promises and a means for the bank to get your money for a long period of time without your ability to get it back when you want. They have given me no apologies or explanations for this. This investment vehicle needs to be stopped, the bank needs to be fined or disciplined, and I should receive compensation for unnecessary loss of income. If I had put the same amount in a regular CD at a mere! %, I would be ahead a significant amount of money. This bank is taking advantage of gullible and trusting consumers. They can not be allowed to continue in their same ways!!