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QINGDAO TODAY
在线翻译:
szdaily -> Shenzhen -> 
Woman loses money after being misled by bank
    2019-03-14  08:53    Shenzhen Daily

IN order to get housing loans, a woman was forced to buy a financial product from a bank for 100,000 yuan (US$14,904). However, four years later, she found that what she had purchased was an insurance product and there was only 14,700 yuan left in her account, the Southern Metropolis Daily reported.

The woman, surnamed Liu, applied for housing loans through a joint-stock bank in Shenzhen four years ago.

According to the loan contract signed by Liu and the bank, Liu applied for a home loan of 2.4 million yuan. “At that time, the bank asked me to buy the financial product before they would lend the money, so I bought the financial product for 100,000 yuan,” Liu told the Daily.

Liu recalled that the bank’s customer service manager handed over a lot of documents to her and asked for her signatures, but she didn’t have time to look over what she had actually bought.

Liu recently paid off her loans and wanted to withdraw the 100,000 yuan, but learned that what she had purchased was actually an insurance product. Nevertheless, as Liu failed to pay the insurance premiums in the following three years, her insurance policy had long been rendered invalid.

A lawyer named Jin Yan said there were two obvious irregularities in the incident. First, there were bundled sales when the banks issued loans. Second, the bank’s financial manager was suspected of misleading customers.

In this case, the insurance company is obligated to remind customers to pay the premiums, according to an insurance expert with Ping An Life Insurance Co. Ltd.

However, as Liu hadn’t received any text messages or phone calls from the insurance company in the past four years, the company also bears certain responsibilities, said the insurance expert. (Zhang Yu)

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