- Report: #917509
Report - Rebuttal - Arbitrate
Complaint Review: Pensco Trust Company
Pensco Trust Company560 Mission St. San Francisco, California United States of America
Pensco Trust Company Poor service, excesslve fees San Francisco, California
*Consumer Comment: Pensco's Fees reasonable and normal
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Pensco does, however, charge exorbitant fees for whatever it is that they do.
I opened an account with an investment company that used Pensco as it's TPA. The account with the investment company was $500,000, and there were no purchases, sales, or transfers after the initial investment. Pesco required that I maintain a cash account of $500, and also to give them a credit card number.
After 9 months, I was unhappy with the service and service fees that Pensco Trust charges, so in I decided to transfer the account to another TPA. When Pensco received the transfer request they would not close the account until I paid them a closing fee of $115.53. They sent an authorization form to charge the credit card on file which was signed and returned to Pensco. Three weeks later the transfer still had not been completed so I called Pensco who informed me that there was another quarterly fee due of $275, this was after they had just charged my cash account for a quarterly fee of $340.64, leaving a balance of $150 cash in the account. After telling them I was going to file a complaint against them, they said they would get the transfer done. I checked the cash account today and they had deducted the balance for "Administrative Fees." When the account closes they will probably charge my credit card the $115.53. In less than 1 year they have charged me over $1,100 in fees.
This report was posted on Ripoff Report on 07/25/2012 05:36 PM and is a permanent record located here: http://www.ripoffreport.com/r/Pensco-Trust-Company/San-Francisco-California-94105-2907/Pensco-Trust-Company-Poor-service-excesslve-fees-San-Francisco-California-917509. 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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