Author Topic: Fee TRowe Price and I feel hoodwinked. Need advice.  (Read 2449 times)

yelrach11

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Fee TRowe Price and I feel hoodwinked. Need advice.
« on: November 30, 2014, 04:44:13 PM »
Sep 2013….was charged $20.00 each for 5 accounts with TROWE PRICE.  It was labeled Account Service Fee and was due to the fact I was still receiving paper mail from them and had not signed up for electronic delivery.

Thought I had signed up for electronic delivery.  I did for statements and confirmations but somehow forgot to click on the prospectus and shareholder reports box. 

I argued and argued and argued but they refused to refund me the money.   So, I say fine.  Get me on e-delivery.  The guy on the phone walks me through it.  End of story…..

Still received stuff in the mail from them.  Decide to call back.  Complain etc. etc.  Guy tells me I am not signed up for e-delivery.  Again the guy takes me step by step through the process.  I get the green button to appear on my homepage that says Account Service Fee Waiver Met.  Hooray.  The guy on the line says I am good to go.

Fastforward to today.  I have not looked at my account lately and BINGO BANGO in Sept of this year they charge me the same fees as last year.  I look at my account and the prospectus and shareholder report box is not clicked and the red button is staring me in the face saying Account Service Fee Waiver Not Met.

I am livid beyond belief.  I honestly feel like I have been hoodwinked.  Of course it is Sunday and no one is there.  I am worried they are just going to give me the same old song and dance. 

Has anyone else had a similar experience with them??  I feel like I am someone being ripped off.  Like they went in to my account and changed it to get my money. 

Any advice on how to deal with them??
Charlie

Dodge

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Re: Fee TRowe Price and I feel hoodwinked. Need advice.
« Reply #1 on: December 01, 2014, 01:15:24 AM »
This is perfect, now you have proof that something is wrong with their system! When you call on Monday, tell them to check their notes/call-log, and they will see you have called in multiple times to sign up for electronic delivery, and each time the rep tells you it's done, but the change doesn't stick.

Use that as evidence to get a refund for both THIS year, and 2013, since the same thing happened back then (you DID click all the right buttons on the website), and now you have proof that their system is messing up.

Derek

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Re: Fee TRowe Price and I feel hoodwinked. Need advice.
« Reply #2 on: December 01, 2014, 07:28:50 AM »
Just switch to Vanguard or Betterment.  They don't deserve your business.

ioseftavi

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Re: Fee TRowe Price and I feel hoodwinked. Need advice.
« Reply #3 on: December 01, 2014, 09:15:00 AM »
Just switch to Vanguard or Betterment.  They don't deserve your business.

I would agree with this, long term. 

Short-term, however, you can follow Dodge's advice.  Literally all investment firms have CRM software that keeps track of your interactions with them.  Tell them to please pull up your interactions from a year ago, in which you had a rep walk you through signing up for e-Delivery.  If they don't refund you your $100, tell them, "listen, I'm perfectly willing to accept that your system made a mistake.  That's OK.  What I can't accept is that you won't fix it and make it right."  If they continue, just say, "OK, my next call is to vanguard to request account transfer paperwork.  Thanks anyhow for the help."

Then head on over to https://investor.vanguard.com/account-transfer/ or call 877-662-7447 and tell the nice folks at Vanguard you're looking to transfer some accounts over. 

Another Reader

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Re: Fee TRowe Price and I feel hoodwinked. Need advice.
« Reply #4 on: December 01, 2014, 09:25:04 AM »
Never had a problem with T Rowe Price.  Is there something about the type or size of the account that requires you to get paper mail?  Perhaps the CSR's made the switch and the account was automatically switched back because something about your accounts requires snail mail document delivery.

Vanguard is no better at handling account issues.  The CSR's can't overcome poorly written software.

Scandium

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Re: Fee TRowe Price and I feel hoodwinked. Need advice.
« Reply #5 on: December 01, 2014, 09:27:43 AM »
My wife used to have T-rowe for her 401k and even though she called several times they still kept sending garbage in the mail. Simple refused to stop. Don't know if they charged her a fee for it though, I hope not.