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Report: #1338573

Complaint Review: BPAS - Nationwide

  • Submitted:
  • Updated:
  • Reported By: John T — Tempe Arizona USA
  • Author Not Confirmed What's this?
  • Why?
  • BPAS Nationwide USA

BPAS BPAS bpas.com/BPAS is a national provider of retirement plan administration and related services Charged exorbitant fees Utica NY Nationwide

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After leaving a company I had approximately $350 in my 401K. I informed the company to disperse me a check so I could roll it over into my IRA. Several months went by and I received a letter from BPAS that my company rolled over my 401K into an IRA that they would be managing for me

 I tried calling their customer service half a dozen times but was never able to talk to anyone. They have a phone loop and I was on hold for 5 to 15 minutes every time I called and sometimes the phone just disconnected. Mind you I was calling from a land line many times so it was not my bad cell phone connection.

 After over 6 hours of my time I was finally able to talk to someone to close out my account. By this time I was charged a “Fee Expenses Other” of $19.50 every time I received a statement from them. When I finally talked to representative I informed them I wanted those fees reimbursed and to close out my account. When closing it I asked if there was anything else I needed to know and told them I needed to have those “Fee Expenses Other” returned to me before they made the distribution. At no time did they tell me no or mention that I would also be charged another fee yet to come.

 I just called today to make sure they were processing my check correctly to close out my account and was informed that the check was for $242. I was extremely upset to say the least the call center rep could not give me any reasonable answers and I asked for a manager. After several more minutes I was transferred to a Kathy Rodriguez. She was not able to give me any satisfactory answers or refund any of my money. She said they have a $50 fee to close out an account and she also could not do anything about the “other fees”. This is a perfect example of layers of personnel within an organization designed to filter any problems. They do not have their customer’s best interest in mind at all. They must have major contracts with large companies to take over their 401Ks and look at small accounts as a nuisance.

 

DO NOT do business with this company. They have systems in place where they will bill you out of your hard earned money with their fees and no-one in the company cares.

 

This is the perfect example of “there should be a law against this” This appears to be a legal way BPAS is ripping off the average guy.

 

This report was posted on Ripoff Report on 11/17/2016 06:54 AM and is a permanent record located here: https://www.ripoffreport.com/reports/bpas/nationwide/bpas-bpas-bpascombpas-is-a-national-provider-of-retirement-plan-administration-and-rela-1338573. 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. READ: Foreign websites steal our content

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