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I have been a Capital One customer for 23 years and had two IRA CD's that they sold off to Millennium Trust-WITHOUT MY KNOWLEDGE OR ANY COMMUNICATION- in June 2022. These were two CD's with a 5 year maturity.. they aren't traditional IRA accounts. As with all CD's, they only acquire interest, and there are no annual fee's or charges to cash out your money.
When I checked my Cap One accounts and see two are missing, I contacted customer service and at first, they couldn't find the CD's or location of the money. After a week, I'm informed Millennium Trust bought the CD's, so I contacted them for my money.
They had already charged me an annual fee of $35 (the money wasn't even with them for 6 months when this charge hit), AND a $25 fee if I was closing the account, AND that I would be taxed 10% by the IRS (which they report) for cashing out my CD's early!
They refuse to credit me these ridiculous fees, and they are impossible to get someone to issue me my funds. THESE WERE IRA CD's with a 3-5 year term, NOT TRADITIONAL RETIREMENT IRA'S.
Millenium Trust and Capital One need to be investigated for defrauding people and charging fees on accounts they shouldn't have taken ownership in the first place.
Desired outcome: I want the full amount of the monies that were transferred into Millenium trust, and not be charged any annual fee, closing costs fee, or any other fees when I NEVER authorized this bank to take ownership of two SHORT TERM CD's.
