Complaint Review: Farmers Insurance Group American Funds - Norfolk Virginia
Farmers Insurance Group American Funds Capital Bank, Farmers Financial Solutions Farmers Insuraance Group American Funds Bought Roth-IRA 14 years ago-returns are smaller than their fees Norfolk Virginia
*Consumer Comment: You seem confused
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I purchased a ROTH IRA from Farmers Insurance Group in July 2006. I deposited $250 and advised the agent I would wait to see if they performed. I never made another deposit. Performance was horrible.
For the first 10 years the American Balanced Fund lost money. The company always took their fees but gave me losses.
Their prospectus said they averaged 7.79% over 10 years. Hardly reality. I got mostly negative returns, and a 14 year total of 1/4th of a percent.
In my latest statement it shows I have $191.97 in gains over 14 years, BUT their subtracted fees were $130 over the same time. My yearly average was $4. Theirs was $9.25.
It is a rip for them to get fees to lose money. I never hear a word from a person. Not for 14 years.
Their street address is on Robin Hood Road. Poetic name.
I would advise all to steer away from this outfit.
This report was posted on Ripoff Report on 07/07/2018 11:19 AM and is a permanent record located here: https://www.ripoffreport.com/reports/farmers-insurance-group-american-funds/norfolk-virginia-23513-2430/farmers-insurance-group-american-funds-capital-bankfarmers-financial-solutions-farmers-1450656. 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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