• Report: #5718

Complaint Review: BANC OF AMERICA

  • Submitted: Fri, July 13, 2001
  • Updated: Mon, July 23, 2001

  • Reported By:Savannah GA31419
BANC OF AMERICA
Nationwide U.S.A.
  • Phone: 1 800 926 1111
  • Web:
  • Category: Banks

Banc of America 'Shame on you' for Charging $72 to transfer my Roth IRA *Consumer Suggestion *REBUTTAL

*0: Wrong, wrong, wrong, WRONG!!! ...standard only for the rip-off banking industry

*0: These are fees that are standard throughout the industry

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I JUST RECENTLY TRANSFERRED MY ROTH IRA ACCOUNT FROM BANC OF AMERICA TO MY DATEK ROTH IRA ACCOUNT.

THEY CHARGED ME $72 DOLLARS TO DO THE TRANSFER. WHEN I OPENED THE ACCOUNT A COUPLE OF YEARS AGO THEIR FINANCIAL ADVISER ADVISED ME TO INVEST INTO THE FUND THAT I INVESTED MY MONEY INTO.

I HAVE PUT $4000 DOLLARS INTHE ACCOUNT AND WAS TOLD THE PUTNAM FUND WAS FAIRLY CONSERVATIVE AND WOULD ONLY MAKE MONEY. WELL IT LOST $1400 DOLLARS OVER THE PAST YEAR.

NOT ONLY HAS IT LOST ALOT OF MONEY BUT ALSO BANC OF AMERICA HAS THE ORDASITY TO CHARGE ME THE $72 FEE TO TRANSFER THE ACCOUNT.

MOST REASONABLE INVESTMENT PLACES DO NOT CHARGE A FEE OR ONLY A MINIMAL FEE. WELL I TOLD BANC OF AMERICA THAT THEY HAVE LOST ME AS A CUSTOMER FOR EVER. SHAME ON THEM! (REF MY ACCOUNT # RS7-225398)

This report was posted on Ripoff Report on 07/13/2001 12:00 AM and is a permanent record located here: http://www.ripoffreport.com/r/BANC-OF-AMERICA/nationwide/Banc-of-America-Shame-on-you-for-Charging-72-to-transfer-my-Roth-IRA-Consumer-Suggest-5718. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 2Consumer 0Employee/Owner
Updates & Rebuttals

#1 0

Wrong, wrong, wrong, WRONG!!! ...standard only for the rip-off banking industry

AUTHOR: - ()

Banc of America (#5718)

BANC OF AMERICA 'Shame on you' for Charging $72 to transfer my Roth IRA *Consumer Suggestion *REBUTTAL7/13/01 (Last Modified: 7/16/01)

They filed the following rebuttal to the above Rip-Off Report:

Their email: [email protected]
Their name: Michael Angelo
Their phone number: 206-206-0206
Their relationship to the company: Consumer Suggestion

Rebuttal:
Wrong, wrong, wrong, WRONG!!!

Fees for transferring IRA's, 401(k)s, 403(b)s, etc are NOT standard for the industry. They are standard only for the rip-off banking industry,along with fees for depositing coin rolls. Bank of America doesn't care about you, friend; why lie on their behalf?

For the original complainant, you may want to let the NASD know about being told the fund would only make money.
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#2 0

These are fees that are standard throughout the industry

AUTHOR: - ()

Subject: Rebuttal to RipOffReport

Date: Mon, 16 Jul 2001 11:28:55 -0700



This email is a rebuttal to RipOff #5718.

It was sent by Robert DeCaro at [email protected]



BANC OF AMERICA 'Shame on you' for Charging $72 to transfer my Roth IRA *Consumer Suggestion *REBUTTAL7/13/01 (Last Modified: 7/13/01)



They filed the following rebuttal to the above Rip-Off Report:



Their email: [email protected]

Their name: Robert DeCaro



Their relationship to the company: Consumer Suggestion



Rebuttal:

While it's regrettable that the client lost money in this market, the fees that she experienced are quite normal. An ACATS (Automated Customer Account Transfer Service) transfer fee was probably assessed of $50 to move the account from one brokerage firm to another and an IRA termination fee of $20-25.



These are fees that are standard throughout the industry

with regards to transfering retail and IRA accounts.



Perhaps if they spoke with their account representative at Banc of America, he would charge off the fees to his Rep account. Then again, by the tone of this person's email, they aren't likely to be in the Representative's good graces.
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