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T Rowe Price steals fees
In a $4, 800 account - open since the 1980s - Price stole a $20.00 "service fee" at the end of the September 2011 quarter. Supposedly applicable because the account was less than $10, 000. Never agreed to, of course. Acted like the thieving ### they are on the phone.
An excellent fund if you wish to be robbed. Otherwise useless.
Buried in the T Rowe Price website:
"Closeout Fee—a $20 fee is deducted from each IRA or ESA mutual fund account that is fully redeemed, transferred to a non-IRA or ESA, or transferred out of T. Rowe Price. The closeout fee also is deducted from SEP-IRA, Money Purchase Pension, Profit Sharing Plan, 403(b), and Individual 401(k) accounts that are closed without being transferred or rolled over to another T. Rowe Price retirement plan account. The fee is not charged to any accounts that have already been assessed the account service fee for that calendar year. More information on Small Business Retirement Plans.
Brokerage Fee—this annual $30 fee is assessed each September to Brokerage and Brokerage Advantage accounts. It is waived for investors with at least $100, 000 in qualifying assets with T. Rowe Price. It also is waived for investors with at least five commission-generating trades in the past 12 months or for investors with at least $50, 000 in T. Rowe Price mutual funds. The minimum initial investment for a Brokerage Advantage account is $10, 000, and there is a $40 cash management fee for accounts with activated debit card or checkwriting services. Customers subject to the $40 cash management fee will not be charged the $30 annual account fee."
None of this theft was in the agreement in force when this account was opened. It was buried in later camouflaged mail items.
At least we have located one theft fan who will run right over and sign up for these multiple aveniues.
Trowe just took $20 from each mutual fund in my daughter's $750 IRA account - 6x20=$120 or almost 20% of the value of her small account. We have hundreds of thousands of dollars within the company plan invested with TRowe and they would NOT work with me to refund $1 dollar. Not even meet us half way. Supervisor said we cannot waive any money. I replied that it doesn't make sense to lose the account over $120. She said sorry nothing can be done. I said yes there is, we are pulling our entire employer account if they are unwilling to meet us half way. She replied sorry nothing I can do.
Reading the BASIC paperwork and asking about fees should be a basic thing for any prudent investor... Just sayin'
I had same experience being a new customer with this company. Being charged for $20 for each mutual fund. They said they have notified about the fees. Was it so hard to warn people about the fees when they are subjected to? Without people's knowledge, it is a sneaky hidden fee. Talked to the customer service and they just repeat the policy. A company treat customer very poorly and I will try to avoid it in the future.
Our sons' IRAs at TRP were each charged multiple $20 fees. TRP said we had been notified of the introduction of fees but, like other posters here, we hadn't seen it. The response from customer service to my request for reimbursement and then threat of closing accounts was useless. We had been TRP customers for about 25 years and had large accounts with them. We filed complaints against TRP with the FTC and also the Better Business Bureau and eventually all of the fees were refunded. Even so, we were so disgusted with their treatment of us that we closed all of our accounts over the next few years. We now have accounts at Vanguard where the management fees are much lower than those at TRP.
I also have the same issue as the comments mentioned here, but worse. The customer service reps that I spoke to over a period of 2-3 years never gave me the option to make changes to my account online! How stupid is this? I have accounts with other organizations (several) and now with Schwaab and Fidelity and never ever would have to ask permission to do this--its something that should be granted automatically!
I started working at a company and after 3 weeks TRP started withholding 6 percent of my pay. Only after I called the company benefits department and was I told that they had an agreement with TRP to run the companies retirement accounts. I told them, that I wanted to opt out and wanted my money back. They said I had to contact TRP. And here the saga begins. When I called TRP I was told I had money in their account and could get it when I turned 59&1/2. I told them I didn't want to have anything to do with this account, they said I could fill out a form and send it to them. I asked for that form, then was told they would also have to send me a 1099 form. And wanted to know if I wanted to sign-up on-line to get that form early. I said no, you need to send me the form by the closing date of next years tax season, The person then "I am sure by mistake" told me that there was a 90 cooling off period and that I should have my money within that time. He also said, I could sign up on line to get the 1099 form (Again) I told him no, just send it when you should and we will be O.K.
Here is the rub: I had never agreed to this, nor was I ever told, that they would deduct 6 percent of my pay. Then as I learned of it the company and TRP did everything they could to delay my recouping my money.
The Long and the Short of this is: Stay clear of TRP and anyone that is foolish enough to do business with the.
I agree. I just went through this.
I was told, "Didn't you read the prospectus"? Really? Really?
What a stupid remark.
I asked that the paperless demand was done for me, and I thought that was done last August. It wasn't.
Three supervisors said they dug out my call from almost a year ago, and said it wasn't true. Are you kidding?
$120 in question. How much are they paying these guys to steal from customers.
I said I am moving all my funds to Fidelidy or Vanguard, who would NEVER to this to customers.
T Rowe Price couldn't care less. What a bunch of ####.