sunnysideup
Recycles dryer sheets
Sorry for the long story but I need to vent.
So I know that the fees are supposed to be more transparent now, but I honestly don't think they are that easy to decipher. I have been rolling over my 401ks over the past few years to consolidate, and never paid much attention until recently.
I had one 401k that I let sit for almost 10 years since it was in VG and I like it's performance. I finally rolled it over early in 2012. No problems with the rollover. The company underwent a merger that year, and apparently after the merger the new company "ABC" moved the 401ks to Fidelity.
Meanwhile I have 2 brokerage accounts for my rollovers, one is Fidelity. Something weird happened early in 2013, a new account showed up, it was $140 in a 401k from the new company ABC. I am not sure where the $140 it came from, (interest or a settlement) but that is a moot point. I recently noticed that in less than a year they already took 2 x 10 dollar fees out, and decided it was time to roll it over before my entire windfall of $140 disappeared....
It took me less than 5 minutes on Fidelity this week to do the rollover of the $122 that was the balance in the account. I got the paperwork on Friday and they showed a $102 balance transfer. Another $20 had disappeared.
I call the rep at FIdelity and could only say are you kidding me? 30% fees in 9 months? He could only tell me that $20 is the rollover fee. I commented that it isn't even noted on the transaction paperwork. Seems less than transparent to me.
And all I keep thinking is that since I typically don't have small balances, the fees probably are not a large percentage to me, but what about the lower income workers. This is incredible.
So the rep wouldn't give me a company employee's name but told me he would email my comments to the company. I asked him to tell the person I would appreciate a call back and gave him my cell number.
I don't expect diddly from this but I really want to complain to someone, I just don't know who? How can ridiculous fees like this be allowed?
PS Forgive my naivete...
So I know that the fees are supposed to be more transparent now, but I honestly don't think they are that easy to decipher. I have been rolling over my 401ks over the past few years to consolidate, and never paid much attention until recently.
I had one 401k that I let sit for almost 10 years since it was in VG and I like it's performance. I finally rolled it over early in 2012. No problems with the rollover. The company underwent a merger that year, and apparently after the merger the new company "ABC" moved the 401ks to Fidelity.
Meanwhile I have 2 brokerage accounts for my rollovers, one is Fidelity. Something weird happened early in 2013, a new account showed up, it was $140 in a 401k from the new company ABC. I am not sure where the $140 it came from, (interest or a settlement) but that is a moot point. I recently noticed that in less than a year they already took 2 x 10 dollar fees out, and decided it was time to roll it over before my entire windfall of $140 disappeared....
It took me less than 5 minutes on Fidelity this week to do the rollover of the $122 that was the balance in the account. I got the paperwork on Friday and they showed a $102 balance transfer. Another $20 had disappeared.
I call the rep at FIdelity and could only say are you kidding me? 30% fees in 9 months? He could only tell me that $20 is the rollover fee. I commented that it isn't even noted on the transaction paperwork. Seems less than transparent to me.
And all I keep thinking is that since I typically don't have small balances, the fees probably are not a large percentage to me, but what about the lower income workers. This is incredible.
So the rep wouldn't give me a company employee's name but told me he would email my comments to the company. I asked him to tell the person I would appreciate a call back and gave him my cell number.
I don't expect diddly from this but I really want to complain to someone, I just don't know who? How can ridiculous fees like this be allowed?
PS Forgive my naivete...