LogFAQs > #936902175

Several years ago, I used Capital One bank. One day, they talked me into meeting w/ a financial advisor b/c all of my savings were in CDs and checking accounts not earning much interest.
He talked me into dropping $25,000 into a PIMCO bond fund after showing me how "safe" it was, only having lost money one year in the past 20+ and only like 2%. Not huge gains, but better than the bank interest.

Well, 2 months in and there was a giant plunge in the bond market. After a week of losses, I finally got through to him on the phone. Asked if there was any way to take my money out w/o incurring the early withdrawal penalty, he said no.
A 2nd week of losses, now down over 10% in just the two weeks (which if it was stocks...then fine....but when a "good year" is making 3% - 6% for the whole year....that's fucking nuts) and he finally admitted that I could park it in a virtually 0% interest money market account the rest of the year and not suffer the penalty, which I did so.
Somehow he's not in jail.

Never again. Also, I no longer use Capital One for my banking.