In Xi’an, an elderly man in his seventies, Mr. Xu, went to a branch of Ping An Bank to deposit 120,000 yuan. However, by the end of July, he realized that he had unwittingly purchased an insurance policy instead. To his shock, he found out that he would have to pay an annual premium of 120,000 yuan for the next two years, sparking attention on social media.
On August 18, Ms. Zhang, a resident of Xi’an, told Huashang Daily that she used to frequently visit the Ping An Bank Gaoxin branch to handle deposits and withdrawals. Gradually, she became familiar with a customer manager named Jia at the bank. On June 11, when a deposit of 120,000 yuan became due, Mr. Xu, her elderly spouse, was informed by Jia about a high-interest deposit, prompting them to proceed with the transaction.
“After returning home that day, he told me that he had deposited the money in a three-year fixed deposit but did not receive a deposit certificate. He claimed that the bank no longer issued paper deposit certificates. Thinking that the money was safe in the bank, we gradually forgot about the matter,” said Ms. Zhang. It was only at the end of July, when relatives visited their home and checked Mr. Xu’s phone, that they discovered he had purchased a 120,000 yuan insurance policy. “Upon hearing it was insurance, he almost fainted, and I couldn’t eat or sleep properly for several days,” she added.
Mr. Xu immediately rushed to the bank to confirm the purchase of the insurance policy. According to the policy terms, he would have to pay an annual premium of 120,000 yuan for the next two years. For over ten days, the couple continuously lodged complaints with Ping An Insurance, demanding a refund.
“On the afternoon of August 11, a representative from the insurance company met with us at the bank and mentioned that they would respond by Friday, but no response was received. So we called the Banking Regulatory Commission at 12378,” Ms. Zhang said. Despite purchasing insurance, they should have received a physical contract. However, after over two months, neither the bank nor the insurance company provided one. “We don’t even have a physical copy of the insurance contract. How can we ensure fair and just terms without it?” she questioned.
On the afternoon of August 19, a reporter from Huashang Daily visited the Ping An Bank Gaoxin branch to inquire about customer manager Jia. However, the staff mentioned that the person was on vacation. Regarding Mr. Xu’s demands, an anonymous female manager stated that during the insurance purchase process, every step was recorded and confirmed with Mr. Xu through audio and video recordings, in compliance with work requirements. Additionally, the electronic contract was signed and confirmed by Mr. Xu himself. The manager explained that there is a 20-day cooling-off period after the recordings and another 20-day period after signing the electronic contract, during which notifications are sent to the client’s phone. However, Mr. Xu did not raise any objections within these periods.
Regarding Mr. Xu’s claim of not receiving a physical contract yet, the manager revealed that the electronic contract is available in the bank’s mobile app, confirmed by Mr. Xu’s signature. The absence of a physical contract was due to Mr. Xu not requesting one.
Mr. Xu argued that he never received any notifications during the supposed cooling-off periods. Since he doesn’t regularly check the mobile banking app, he communicates with the bank’s customer manager through WeChat or phone calls when issues arise. Concerning the recording of the transaction, he mentioned that he believed it was for the deposit process. During the recording, he was only allowed to respond with “yes” or “no,” and “agree” or “disagree.”
In recent years, incidents where deposits turned into insurance policies have occurred frequently, with the majority of lawsuits favoring the financial institutions over the depositors. While most depositors claim to have visited the bank to save money, the end result of being “enrolled in insurance” is often due to misleading information.
This incident has garnered attention on social media, with many netizens sharing their own experiences of being deceived by bank employees into purchasing unwanted insurance policies. Some criticized the lack of transparency and ethical standards in such sales practices and urged depositors to be vigilant and assert their rights when faced with similar situations.