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Sunday 21.01.2018 | Name days: Agne, Agnese, Agnija

SEB advises an 87-year-old to invest long-term

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One of the largest banks in Sweden – SEB – has offered one of its senior clients to invest in long term. Currently, the credit institution is carrying out discussions with the client, who had complained to the Swedish National Board for Consumer Complaints, reports The Local.

In 2005, SEB’s client, which at that time was 87 years old, turned to the bank for advice on where to best invest her inherited money of 80 thousand US dollars (LVL 40 000). After the consultant’s recommendation, she invested the money; but later it turned out she will be able to regain the invested capital not sooner than in 2012, when she will celebrate 95 years. Moreover, she will only be able to withdraw money in installments over five year period, with maximum payment not exceeding 1 300 dollars (LVL 640) per month.

The Swedish Financial Ombudsman acknowledged the bank’s fault, since the documents clearly specified that the woman wanted to keep the option of returning the money in case of sickness.

According to the regulator’s advice, the SEB Bank must return the entire amount of invested money to the woman. Similarly, the bank has to cover the deposit interest and charges incurred during the dispute resolution.


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