Pensco Trust Company Poor service, excesslve fees San Francisco, California

Pensco Trust Company is a Third Party Administrator (TPA) that handles administrative work for investment companies.  As stated on their website, PENSCO Trust Company does not provide investment advice, does not sell investments, and does not offer tax or legal advice. PENSCO does not evaluate, recommend or endorse any advisory firm or investment.  Investments are not FDIC insured and are subject to risk, including the loss of principal.

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.