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).
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!!
Pensco Trust Company Reviews
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.
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!!