Imagine walking into your bank, only to discover that all the money in your account has disappeared through an insurance scam promoted by your bank. That’s what happened to a woman in China.
Ms. Zhang from Binzhou City, Shandong Province, said she lost 20,000 yuan (US$3,412) in a scam promoted by her bank.
Zhang opened a bank account at the local Postal Savings Bank on June 11, 2010 and deposited 5,000 yuan (US$785) . A bank clerk recommended to her a new wealth management service that offered higher than average interest and comes with a free insurance plan. Ms. Zhang agreed to the plan and received an insurance contract from a local life insurance company.
On Nov. 28 of the same year, Ms. Zhang deposited another 15,000 yuan (US$2,356) into her bank account. A bank clerk again recommended a similar deposit plan, to which Zhang again agreed, receiving yet another insurance contract.
In May 2011, Ms. Zhang lost her banking card. While renewing her card, she had to take care of some business with PICC and found out that her insurance plan was not free, and her 20,000 yuan had been taken by PICC to pay for insurance payments.
She was also told that in the next four years, she would have to pay 20,000 (US$3,412) yuan each year for her insurance, and if she wanted to cancel the plan, she would suffer major losses.
On June 19 of this year, a reporter from the Qilu Evening Post accompanied Zhang to the bank and PICC to investigate the issue. They were told that the staff who had handled Zhang’s account no longer worked there, but they were promised that someone would look into the matter.
However, on June 20, when Zhang returned to PICC to ask for a refund of her original 20,000 yuan, as well as an additional 20,000 (US$3,412) yuan she paid to continue the insurance plan, she was turned down. A PICC staff named Zhan told Qilu that cases like Zhang’s are common throughout the industry, and many insurance workers purposely hide the small print from unsuspecting customers.
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