Colorado Bankers (CB Life)...

[Mary Combs]

Btw, everyone, please note that he IS getting a monthly income from his annuities!!!

Most of us are getting nothing.

 

[DHK]

Even Best says there is very little difference in a B++ and an A rating.

My E&O says otherwise.

 

[Tahoe Ray]

My E&O says otherwise.

Same

 

[Tahoe Ray]

Yeah, I'm bitter.

I would be too.

 

[Tahoe Ray]

I hope interest on CD’s goes up. I remember when you could get15%
Now we are all forced into the stock market. Working class people cannot afford the risk of the stock market.

Rates like that are terrible for the economy as a whole. The last time we had rates like that we were in a pretty bad recession.

What would be good for everyone (insurers included) is for rates to slowly return to a more historical norm (and stave off inflation) and stay there for a while.

 

[Bob L]

For what it's worth, I was told today that the companies in rehab have a court hearing coming up on Mon 6/21/21. Maybe we will know more then.

I am fortunate that I have only one annuity client placed with CB Life, and he has passed away. As they say in the military, this was a cluster foxtrot. But they don't say "foxtrot."

 

[Phyllis Christos]

Thank you all for your advice! We will pursue a complaint with the state DOI and FINRA. This Citizens Securities agent needs to be stopped. We spoke with a lawyer who basically said because this is a "he said she said case" that we would have maybe a 50/50 shot at getting Citizens to take any responsibility. Unfortunately we don't have anything in writing from the agent telling us that we would EACH be "covered" or "insured" for 250 thousand as long as BOTH OUR NAMES were on the contract. It was all verbal... and the only witness was his partner/assistant who still works there as well. Never in a million years would we have done this for more than 250 thousand if we had understood we were only "covered" for UP TO 250 thousand if the insurance company went under...only an *** would take that much risk with their life savings! Yes I wish we had done better homework and called the Mass Guaranty Association BEFORE we signed on for this.... that part we need to own...but....the fact remains we were lied to by the Citizens Securities agent. We trusted him and Citizens Bank fully. It kills me that he has faced no consequences and is still working there.

 

[Allen Trent]

Thank you all for your advice! We will pursue a complaint with the state DOI and FINRA. This Citizens Securities agent needs to be stopped. We spoke with a lawyer who basically said because this is a "he said she said case" that we would have maybe a 50/50 shot at getting Citizens to take any responsibility. Unfortunately we don't have anything in writing from the agent telling us that we would EACH be "covered" or "insured" for 250 thousand as long as BOTH OUR NAMES were on the contract. It was all verbal... and the only witness was his partner/assistant who still works there as well. Never in a million years would we have done this for more than 250 thousand if we had understood we were only "covered" for UP TO 250 thousand if the insurance company went under...only an *** would take that much risk with their life savings! Yes I wish we had done better homework and called the Mass Guaranty Association BEFORE we signed on for this.... that part we need to own...but....the fact remains we were lied to by the Citizens Securities agent. We trusted him and Citizens Bank fully. It kills me that he has faced no consequences and is still working there.

I would have to believe you were not the 1st or last customers of the bank that this rep or other reps sold annuities with. I don't know how, but it would be great if you could discover other customers who were also told about the Guaranty association as the rep likely errored in their understanding of the Guaranty Association & confused some aspects of FDIC. If other customers that were told this when they bought an annuity from any company the bank was licensed to sell, maybe those customers could attest to the fact they were told the same.

Ironically, bank sales reps don't generally earn much or even any of the commission the insurance carrier may pay to the bank. That is just how many of the bank insurance sales work as most of their pay is salary, etc. My guess is the rep honestly thought they were putting you in a better place because the interest was better than your CD. The error was not in the sake or even the carrier so much at the time, but the overstatement of how the Guaranty Assoc worked & the limits.

The next pain point will be when all the other heathy insurance carriers are sent a bill for their share to pay for the problems of CBL that they had nothing to do with.

 

[Mary Combs]

My E&O says otherwise.[

Rates like that are terrible for the economy as a whole. The last time we had rates like that we were in a pretty bad recession.

What would be good for everyone (insurers included) is for rates to slowly return to a more historical norm (and stave off inflation) and stay there for a while.

I’m thinking very selfishly. When I was borrowing money and had none to save interest rates were at an all time high.
Now that I have some money to save interest rates are at an all time low.
Less than 1%. I’m sick of being on the short end of the stick.

 

[Phyllis Christos]

Yes....The statements/overstatements/mis-statements/lies about how the Mass Guaranty Association works and the limits as well the misinformation about how to write the policy/contract in our best interest are all at the crux of our complaint against the Citizens Securities agent.
Thank you for your input.
So helpful to discuss this matter on a public forum because we have been seething about it privately for a year now ever since we found out about the rehabilitation.
We feel so duped! So powerless! And we’re pissed at ourselves and the crook in charge of CBLife as well as Citizens...it’s just bad all around on so many levels!
would love to figure out how to find other Citizens customers this guy “misinformed”...obviously we know we were not the only ones!!