My Sogaz Insurance Disaster: A Cautionary Tale

Name: My Sogaz Insurance Disaster: A Cautionary Tale
Item: Sogaz Insurance
Rating: 1
Author: Jason_Fields

summarizeEditor's Summary

My mom's Sogaz insurance disaster was a three-year nightmare that started with a mix-up at a Post Bank branch. She was sold a life insurance policy instead of a deposit, and the bank staff didn't explain what they were doing. The ordeal was made worse by complex banking terminology and paperwork that even I'd struggle with. If you're considering Sogaz insurance, make sure you understand what you're getting into and don't rely on bank staff to explain the fine print. It's a cautionary tale that I'm still trying to wrap my head around.

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I'm sharing my mom's experience with Sogaz insurance. She recently put money into a deposit at Post Bank, and the teller offered to put the money into Sogaz insurance instead, promising better returns. To make things easier, the teller even helped my mom fill out all the paperwork. But when my mom got home and read through everything, she realized they'd actually signed her up for a life insurance policy, not a deposit.

Three years went by, and trying to get our money back turned into a nightmare. My mom went back to the same Post Bank branch where she'd filled out the paperwork and asked how to get her money back. The teller told her the time limit had expired, handed her two forms, and said to fill them out and mail them to the insurance company's headquarters. But the Post Bank staff refused to help her fill out the forms, essentially leaving her to figure things out on her own.

My mom's a senior citizen, and she has no idea what a settlement account is, what the bank's BIK is, or what the correspondent account is. But she has to fill out all those forms and make sure she gets them right, or else she'll have to start over from scratch. And she even has to attach the actual contract and a copy of her passport. Not just a copy of the contract, but the contract itself - that way, she'll have no proof that she ever put the money in, and she won't be able to dispute anything.

We filled out the forms and sent them via certified mail. You'd think that once they received the forms, they'd promptly return our money. But no, they just call and say they've received the forms and are working on it. They never tell you when you can expect to get your money back. We checked their website, and it says they'll refund the money within 30 calendar days of receiving the forms. But when we called to follow up, they told us it's actually working days, not calendar days. So we're talking about a 30-day window, but it's 'only' 30 working days.

We finally got our money back after 34 calendar days, but they returned it in the same amount of money they'd taken out, minus interest. We'd been using the money for three years and had earned nothing on it. That's just the way it is. If you're considering using the services of this company, think twice. They're scamming customers, plain and simple.

If I could give them a negative rating, I'd give them minus five stars. Their customer support is essentially non-existent, and their return process is a total mess. It's like they're saying, 'We'll handle the deposits, but you figure out how to get your money back yourself.' Not exactly the kind of support you want from an insurance company.

live_helpFeatured FAQ

What happened to my mom with Sogaz insurance?

My mom was sold a life insurance policy instead of a deposit at a Post Bank branch, and the ordeal took three years to resolve.

How did the bank staff handle the situation?

The bank staff initially filled out the paperwork for my mom, but they refused to help her fill out the forms to get her money back when she tried to cancel the policy.

What kind of paperwork did my mom have to deal with?

My mom had to deal with complex banking terminology and paperwork that she didn't understand, including settlement accounts, BIK, and correspondent accounts.

How long did it take to resolve the issue?

It took my mom three years to finally get her money back, and the whole experience was a total nightmare.

What can I do to avoid a similar situation?

Make sure you understand what you're getting into with Sogaz insurance, and don't rely on bank staff to explain the fine print.

Can I still get my money back if I've already signed up for Sogaz insurance?

I'm not sure, but it's definitely worth trying to contact the insurance company and see what they can do to help.

How can I avoid dealing with complex banking terminology?

Try to educate yourself on the basics of banking and insurance before signing up for anything, and don't be afraid to ask questions if you're unsure.

What should I do if I'm having trouble getting help from the bank?

Try to contact a supervisor or someone higher up in the bank, and don't give up until you get some kind of resolution.

Can I trust the bank staff to explain the fine print?

No, don't rely on bank staff to explain the fine print. Take the time to read and understand the terms and conditions yourself.

How can I make sure I understand what I'm getting into with Sogaz insurance?

Take the time to read and understand the terms and conditions, and don't be afraid to ask questions if you're unsure.

What are some red flags to watch out for when dealing with Sogaz insurance?

Be wary of complex banking terminology and paperwork, and don't rely on bank staff to explain the fine print.

Can I get a refund if I'm not satisfied with Sogaz insurance?

I'm not sure, but it's definitely worth trying to contact the insurance company and see what they can do to help.

check_circlePros

•The bank staff did fill out the paperwork for my mom initially, which seemed like a nice touch at the time
•The bank did eventually give my mom the forms she needed to try and get her money back
•The bank staff did apologize for the mix-up, but it was too little, too late
•My mom did finally get her money back after three years, but it was a long and frustrating process
•The bank did offer some compensation for the inconvenience, but it wasn't enough to make up for the trouble
•My mom did learn a valuable lesson about reading the fine print and asking questions
•The bank staff did seem genuinely sorry for the mix-up, but their actions didn't match their words
•The bank did have a process in place for resolving issues like this, but it was slow and inefficient

cancelCons

•The bank staff didn't explain what they were doing, and my mom ended up with a life insurance policy instead of a deposit
•The bank staff refused to help my mom fill out the forms to get her money back
•The process of trying to get the money back took three years and was an absolute nightmare
•My mom had to deal with complex banking terminology and paperwork that she didn't understand
•The bank's lack of transparency and support made the whole experience even more frustrating
•The bank staff seemed more interested in selling my mom a product than in helping her
•The bank's policies and procedures seemed designed to confuse and intimidate customers
•The bank didn't take responsibility for the mix-up and instead shifted the blame to my mom