BBVA Compass Bank Account Or Service Complaint

BBVA Compass Bank account or service department,

Other bank product/service Account opening, closing, or management Texas

My name is - -. I have been a customer of BBVA for many years. I have a consumer complaint against BBVA based on the following : I had an annuity with - - at Compass Bank since -/-/-. It was giving me 5 % interest. The initial investment was $150000.00. By -/-/- it grew to $160000.00. The financial advisor at Compass bank encouraged me to transfer that money to a better investment and it would double in value. I had expressed to him that I wanted to leave this money to my grown children. He said you can " pass the wealth '' without worrying about them paying taxes after you die. The transaction had to be done before my - birthday otherwise I would not qualify to get it. My birthday was two weeks away. I felt pressured but try to comply. He said - - - - was best for me. I believe he used to work for that company before coming to Compass. It took one day to do the transfer. After two weeks, I received my portfolio on - - - -. The financial advisor gave it to me and asked


to talk to him because he gave me the insurance a few days before the expiration period. Now I find out the state allows a 30 day period to accept or decline. This year, I get the form from - indicating I owe the IRS $4000.00 in taxes based on this transaction. How can I owe the IRS money I never spent. The check from - went to my checking account. The financial advisor took that money to open the new investment. I never signed any check from -. In addition, I found out that the surrender charge from - was over $9000.00. Had I known this information, I never would have done this transaction. I feel violated. I am a - citizen who has worked very hard for every penny I have. My husband is suffering from -. The financial advisor failed to disclose to me the product he pushed to sell me. I was never made aware of the surrender charge or that the transaction would be a taxable event subject to IRS liability. This is a very serious matter and want the bank to return that money to me because the financial advisor was sloppy, not able to disclose, explain or show interest in what he was doing, otherwise, this never would have happened. - abuse occurs every day and it must be looked at and corrected.