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Money Purchase Retirement Account / Excessive Fees

1 Denver, CO, United States
Contact information:
Phone: 800-831-8675

I had a remaining real estate investment trust held in a Money Purchase Plan, which I could not remove from this organization. The amount of money involved is small, the remaining value of the trust was cashed out at $1946.01. Fiserv had also held back an additional $300 of cash to ensure their fees were covered. They changed the fees from $125 per year (which I paid for 2009) and then added quarterly fees in addition.

When the cash finally came in, they deducted $1, 087 in fees at the time I could finally close the account. When the real estate investment was cashed out, I asked them to close the account in December 2009. They claimed they were too busy, so did not close the count until January and thus added another $237.50 fee.

To charge a small account 50% fees seems unconscionable. This organization has been difficult to deal with throughout my time as their customer. They have now sold the business to Lincoln Trust, but they are unwilling to make any change in their charges.

Cc

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