about 2 weeks ago I selected a non-callable brokered CD that closed July 1. I had gone through my brokerage firms CD selector and found one that matured at the end of 2025 I liked. Today I found out the bank that listed it had incorrectly entered the maturity date and it in fact matures at the end of 2024. Now the brokerage firm told me I can either accept the new maturity date or cancel and get my money bank. Since I selected the CD the rates have declined a bit. The brokerage firm told me there is no recourse and I can try to write a letter to the issuing bank if I want.
Is this correct? Is there anything I can do? I should at a minimum receive the interest for anything I accrued during the time I held the CD. Ideally the bank issuing the CD should honor the maturity date they listed. And now that rates have declined a bit I have to select a worse rate than what was available 2 weeks ago.
It's not a huge deal but just trying to understand if and how I can file a complaint. The SEC has this website: https://www.sec.gov/answers/brokeredcds.htm but there doesn't appear to be rules about liability when something like this happens. Just want to know what my rights are and the responsibility of the brokerage house and the issuing bank.
thanks in advance!
Is this correct? Is there anything I can do? I should at a minimum receive the interest for anything I accrued during the time I held the CD. Ideally the bank issuing the CD should honor the maturity date they listed. And now that rates have declined a bit I have to select a worse rate than what was available 2 weeks ago.
It's not a huge deal but just trying to understand if and how I can file a complaint. The SEC has this website: https://www.sec.gov/answers/brokeredcds.htm but there doesn't appear to be rules about liability when something like this happens. Just want to know what my rights are and the responsibility of the brokerage house and the issuing bank.
thanks in advance!
Statistics: Posted by boglebrain — Sat Jul 06, 2024 12:36 am — Replies 0 — Views 99