• Report: #660336

Complaint Review: Trade King

  • Submitted: Wed, November 10, 2010
  • Updated: Mon, November 15, 2010

  • Reported By: David the Consumer Advocate — Little Elm Texas United States of America
Trade King
13024 Ballantyne Corporate Pl. Suite 500, Charlott Charlotte, North Carolina United States of America

Trade King Investors Beware - Trade King ROTH IRA ACH Form Is A Complete RIP OFF Charlotte, North Carolina

*UPDATE Employee: TradeKing offers alternatives to funding by ACH

What's this?
What's this?
What's this?
Is this
Ripoff Report
About you?
Ripoff Report
A business' first
line of defense
on the Internet.
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..

Does your business have a bad reputation?
Fix it the right way.
Corporate Advocacy Program™

SEO Reputation Management at its best!

Investors beware

I lost so much valued time trying to set up a ROTH IRA in what should have been a simple account transfer of funds from my checking account to the brokerage account. Trade King has the most ridiculous policies on ROTH IRAs. After attempting to set up the ACH from 5 times, Trade King refused to take the money out of the checking account to fund the brokerage account on reasons that make no logical sense what s ever. For example I opened a separate account for myself and my wife so we could both max out our ROTH IRA contributions for the year. We filled out Trade Kings ACH from and waited for 5 days. (Losing valuable investing time in the process since market timing is everything in light of the Feds recent QE2 announcement) Trade King sent an email stating that we can not list two Trade King account numbers on the same form. No problem or so I thought I'll just fill out a new form for my account and one for my wife, then all will be well and we can start investing. How wrong I was now Trade King stated that the we need to list deposit on the form and not withdrawal (Hello Trade King we are withdrawing from our checking account and depositing into the brokerage accounts this is not rocket science.) Great more time wasted the markets continue to climb and now the wife and I are filling out and faxing the same ACH forms. Are we done yet can we start investing now? 7 days later and I get an email from Trade King stating that we cannot transfer funds from a joint checking account to an individual Trade King account. You have got to be F$%#*&^ kidding me first they tell us to separate my Trade King account and my wife's account on separate forms and now they tell me that funds cannot be transferred from a joint checking account. I called customer service and was told that this is Trade Kings policy, I asked why and she stated that she didn't know. I stated their are no laws that govern checking account funding to ROTH IRAs and married couples are eligible to each have a ROTH provided they meet the IRS income  guidelines so why is Trade King doing this? The CS lady had no answer and even agreed with me that it was a rather ridiculous policy. So after three weeks wasted I and the wife have lost valuable opportunities in the current market and are now having to look elsewhere. Vanguard never gave us problems like this, oh well I guess we will just have to invest in index funds. Thank you Trade King for wasting three weeks of our time and money due to your inexplicable and rather stupid ACH policy. Investors beware do not try to use a ROTH IRA with Trade King total Rip off.


This report was posted on Ripoff Report on 11/10/2010 08:00 AM and is a permanent record located here: http://www.ripoffreport.com/r/Trade-King/Charlotte-North-Carolina-28277/Trade-King-Investors-Beware-Trade-King-ROTH-IRA-ACH-Form-Is-A-Complete-RIP-OFF-Charlott-660336. 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.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

Click Here to read other Ripoff Reports on Trade King

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Search Tips
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?
REBUTTALS & REPLIES:
0Author 1Consumer 0Employee/Owner
Updates & Rebuttals

#1 UPDATE Employee

TradeKing offers alternatives to funding by ACH

AUTHOR: David Dusseault, VP Brokerage Opera - (United States of America)

Dear Investor,

TradeKing offers several ways to fund your account. You can mail us a check, send us a wire transfer, transfer from another brokerage, or you can establish an ACH link with your bank.

TradeKing has certain internal requirements with the ACH process and we do require that the bank account has exactly the same ownership as the account on our side. This is not related to the IRS, or rules regarding contributing to an IRA account. This is a rule we follow in order to uphold certain AML regulations we are required to follow.

We are upfront about this policy on the website, and we do offer alternative ways to fund the account as I mention above.

If you have additional questions please contact our Service team at 877-495-5464.

Thank You,

Dave Dusseault

VP, Customer Service and Brokerage Operations

 

Respond to this report!
What's this?
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?
X