Report: #1499937

Complaint Review: PENSCO -

  • Submitted:
  • Updated:
  • Reported By: Paul — Ocean Isle Beach NC United States
  • PENSCO PO BOX 173859 United States

PENSCO Wiped 56% out of my account in 7 months!! POOF! GONE!

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In SIX months, PENSCO wiped out most of my account (56%) with their outrageous fees.I opened a ROTH IRA with them on January 28, 2020 and deposited $1000 cash into it. My intention was to later deposit more, for the purpose of investing in alternative investments.

This account remained 100% in cash. I made NO investments and NO reallocations of any kind while the account was open. I didn't like their $110-per-quarter account management fee, and in addition, my plans changed over the seven months that followed. So, in July 2020 I requested the account be closed. 

Here is what I got back:

Distribution check: $352.06. Add $88.02 for fed. witholding (I requested 20% W/H rather than 10%). That is a total of $440.08. So out of my original $1000, I got back only $440. That's 44%.

So, 56% of my cash was sucked into the Black Hole that is PENSCO (now Premier).

BEWARE of these people.

This report was posted on Ripoff Report on 09/16/2020 02:22 PM and is a permanent record located here: https://www.ripoffreport.com/report/pensco/wiped-account-months-poof-1499937. 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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