Pensco Trust Run the other way! Denver Nationwide

Run the other way. My IRA account was transferred to them by Morgan Stanley without my approval or knowledge. When I found out, I called Pensco and told them I did not approve of it and wanted it moved to another company. Because I complained, they agreed to waive all fees if I expeditiously did the paperwork to move the account. I did so, but when they finally agreed to move it, they announced that I owed them $225, and when I complained again, they said the promises not to charge me fees meant they would only charge me SOME of the fees! They held my account hostage until I paid the fee.

The reason I wanted to use another custodian is that after only a few minutes of research I discoved that they charge more than any other company I found. When I told them that, they proceeded to make specious derogatory comments about their competitiors. Rip off!!