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Compass Bank / lost $10,000 of my money

Birmingham, AL, United States

This happened several years ago but it still steams me to this day! I agreed to transferr $10, 000 from an IRA to an Annuity in December 2004 at the Crestline Branch. I completed all the paper work and the branch manager, Grant Lauderdale, gave me a copy of the paperwork and told me I'd get confirmation in the mail from the annuity company... Well, I'm not a rich man, but I trusted Compass with this money... and I sort of forgot about it... I never did get a statement and a couple of years went by and I thought "I'd better check on this money"... so I went back to the Crestline Branch in late 2007 (3 years.. I know!) - the Lauderdale guy was long gone.. so I spoke with the branch manager and told them I wanted to confirm the annuity was in force... they looked and looked and told me they had no record of the transaction and gave me a number to call in their brokerage dept... I called and they looked and looked and said sorry... no record or an annuity OR you old IRA... "sorry, sir - you'll have to prove to us that we processed this transaction"... I felt like a fool! I could not remember where that carbon copy was... so I dug through old boxes of stuff (thank God I keep everything) and finally found it. So I took it back to Crestline and they said... we'll look into it... I heard nothing from them for over a week so i called again and they acted like they knew nothing about it... and another guy told me "we have no idea where this money is"... Well it turns out that Grant Lauderdale never submitted the annuity paperwork and he left the bank shortly thereafter... and the money was finally traced to a "unknown" account. TO THINK... if I had not kept that piece of carbon copy paper I would have been out over $10, 000... Anyway, what made me so mad was that the bank offered me no apology... Forest Suber in brokerage acted like I was just bothering him... I will never do business with them again... they lose your money and then act like it was my fault. THERE...I got it off my chest! Oh, and I continue to get a bank account statement showing I have 9 cents in the account - and I closed the account in 2003 and have asked then numerous times to just keep the 9 cents and stop mailing me a statement every month... but I keep getting it.

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