“Don’t banks have any legal responsibility?”
1-1/2 years ago, I went in to the bank to start taking money from my IRA., because I reached the age of mandatory withdrawal. The IRA was empty. I spoke to the VP of the branch and she took copies of my statements and started tracking it down.
A financial advisor from the bank had moved it through 8 different insurance companies, credit unions and other agencies trying to hide it. It took 4 months, but she retrieved my funds (a little less than $200K). The bank’s crooked financial advisor is now in jail, and my IRA wasn’t the only one he tried to abscond with.
I put my retrieved cash into a house that my daughter is now living in with the intention of paying me what would be monthly mortgage payments.
It’s hard to have money stolen when it’s a building.