C
Compufiler
Guest
What is the name of your state? California
Is it legal for a brokerage house to liquidate stocks in my small IRA acct. for past IRA custodial fees? They did this at the bottom of the stock's value and despite my having more than enough in their money market account to cover the fees. Moreover, I received no proper notice of their intentions. When I complained to their corporate offices I was told that they had the right to do so based on the agreement I signed when opening the account. They did offer to forgive the bill for the difference.
Is not an IRA protected by Federal law? If so, what is my recourse? Arbitration would cost too much, so can I take it to Small Claims Court? I had 100 shares of the stock that initially cost $21/share and hit $1.93 at it's low when they liquidated it. It went up to $4 a month later. The custodial fee was $235. To add insult to injury, they billed me for the difference: $42. I know this is very small potatoes but...it's the principle.
Is it legal for a brokerage house to liquidate stocks in my small IRA acct. for past IRA custodial fees? They did this at the bottom of the stock's value and despite my having more than enough in their money market account to cover the fees. Moreover, I received no proper notice of their intentions. When I complained to their corporate offices I was told that they had the right to do so based on the agreement I signed when opening the account. They did offer to forgive the bill for the difference.
Is not an IRA protected by Federal law? If so, what is my recourse? Arbitration would cost too much, so can I take it to Small Claims Court? I had 100 shares of the stock that initially cost $21/share and hit $1.93 at it's low when they liquidated it. It went up to $4 a month later. The custodial fee was $235. To add insult to injury, they billed me for the difference: $42. I know this is very small potatoes but...it's the principle.