BBB Business Review

BBB Accredited Business since 11/13/2008

IRA Services, Inc.

Find a Location

Phone: (650) 593-2221Fax: (650) 591-2168PO Box 7080, San CarlosCA 94070

BBB Business Reviews may not be reproduced for sales or promotional purposes.

Description

IRA Services Trust has been providing retirement program services for over 30 years. We currently service over 35,000 accounts invested in approximately $3 billion worth of assets.

BBB Accreditation

A BBB Accredited Business since 11/13/2008

BBB has determined that IRA Services, Inc. meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses pay a fee for accreditation review/monitoring and for support of BBB services to the public.

BBB accreditation does not mean that the business' products or services have been evaluated or endorsed by BBB, or that BBB has made a determination as to the business' product quality or competency in performing services.

Reason for Rating

BBB rating is based on 13 factors. Get the details about the factors considered.

Factors that raised IRA Services, Inc.'s rating include:

  • Length of time business has been operating.
  • Complaint volume filed with BBB for business of this size.
  • Response to 6 complaint(s) filed against business.
  • Resolution of complaint(s) filed against business.

Customer Complaints SummaryRead complaint details

6 complaints closed with BBB in last 3 years | 2 closed in last 12 months
Complaint TypeTotal Closed Complaints
Billing / Collection Issues1
Problems with Product / Service5
Advertising / Sales Issues0
Delivery Issues0
Guarantee / Warranty Issues0
Total Closed Complaints 6

Customer Reviews Summary Read customer reviews

0 Customer Reviews Customer Reviews on IRA Services, Inc.

Customer Experience Total Customer Reviews
Positive Experience
Neutral Experience
Negative Experience
Total Customer Reviews 0 Customer Reviews

Complaint Breakdown by Resolution

Complaint Resolution Log (6)BBB Closure Definitions
05/08/2014Problems with Product / Service | Read Complaint Details
X

Complaint
My husband (using IRA funds) and I (personal account) are buying an investment condo. The IRA wants us use their address only, a big problem.
We followed all directives from IRA except for the address. The title company cannot list two addresses in the legal document. Although I have no problem about having the IRA hold the title, but I need to know all legal communications about the property in order for us to manage the property. THe person we worked with kept saying we cannot benefit from the property. IF we cannot benefit from the property, why should we invest? Speaking with him on the phone was worse since we didn't understand what he was saying. I have reached out to ******* ******, and hope he's still there. However, today is the deadline for us to have an opportunity to cancel the contract without losing my $10,000 Earnest Money, and I cannot take the risk. If we pull the account out now, it's not only too late for us to purchase the property after I have spent money on inspection, etc; the IRA will also charge fees for us to close the account.

The person we work with is like a parrot kept saying the same things over and over, and not solving the problems for us.

Desired Settlement
I need to list my husband and my mailing address in the legal document so that we get all the communications about the property such as paying taxes, paying insurance, paying condo fees and anything else related to it.

Business Response
Contact Name and Title: ******* ******, Trust Off
Contact Phone: (XXX)XXX-XXXX x 222
Contact Email: **************@***************
I spoke with the wife of the account holder, and since she is also an investor in this property, I agreed to allow her receive any correspondence provided a copy is forwarded to us, for the benefit of her husband's account.

I thought this was taken care of when the account holder's wife had sent me a message that she had contacted the BBB to inform you that this situation had been resolved.

03/22/2013Problems with Product / Service
02/26/2013Problems with Product / Service
02/11/2013Problems with Product / Service
06/07/2012Billing / Collection Issues
02/24/2015Problems with Product / Service | Read Complaint Details
X

Complaint
Request to have account closed not yet granted and fees are still being charged to the account.
On August 4, 2014 I submitted a request to have my account closed and submitted all required documentation as per the IRA LLC Requirements form under section D entitled Requirements for Dissolution. To date the account has not been closed as instructed and requested, fees are still being charged against the account, and my numerous inquiries by email and phone are not being responded to. Most recently I've been in communication with :

Romina Hinojales Compliance Representative
**** ********** Rd Suite 1, PO Box ***** *** ******* CA XXXXX
(tel) XXX-XXX-XXXX EXT. *** (fax) XXX-XXX-XXXX
******@IRAServices.com www.IRAServices.com

and

***** ******* Compliance Department
P.O. Box ***** *** ******* ** XXXXX
(tel) XXX-XXX-XXXX ext: *** (fax) XXX-XXX-XXXX
*****@iraservices.com.

Desired Settlement
Refund of fees and account closing as instructed.

Business Response
Contact Name and Title: ***** ******** Compliance
Contact Phone: XXX-XXX-XXXX x ***
Contact Email: *****@iraservices.com
Investor submitted documents to close out his account on 8/4/14, but did not provide us with a brief explanation of what caused the loss of $12,000 in the LLC, as he did not return any funds to the IRA account from the LLC. This is a requirement. Emails were sent to him and we spoke regarding the need for this information.

Since Investor would not provide us with this information, the situation was discussed with our senior manager and the decision was made to treat the difference of $12,000 as a distribution to the investor and close out the account.

This information was communicated to Investor by email and phone call and we proceeded to close the account.

All fees charged after August 4th when we first received the request for closure of the account, was reimbursed to the Investors account. This procedure of reimbursement of fees was communicated to investor by email and by phone.

The account was final closed on 10/9/14 with an entry made treating the balance in the LLC as a distribution to the Investor and a check mailed to Investor for the balance of cash that was held in his custodial cash account.



Consumer Response
(The consumer indicated he/she DID NOT accept the response from the business.)
All required documentation required to close the account as per the company's own IRA LLC Requirements form were provided. Furthermore, my instruction was to close the account as a loss but through their own admission above the account was closed as a distribution to investor. Lastly, I have an email from the compliance department stating I would not be charged anymore fees and any fees charged since my submitted request to close to the account would be reimbursed however only some fees were reimbursed - there were charges to close the account which I wasn't aware of and did not approve.

Final Business Response
Our IRA LLC requirement document states, " IF NO ASSETS ARE BEING TRANSFERRED BACK TO YOUR IRA, A STATEMENT DECLARING THE LOSS, IF ANY, FROM THE LLC".

Since Investor did not transfer any asset back to the IRA, and did not provide a statement declaring the loss, we could not treat this as a loss in the LLC, as we have to ensure that we are in compliance with the requirements of the Internal Revenue Service.

All Rollovers and Transfers of qualified funds to IRA Services Trust Company is done to ensure that these funds maintain the same qualified fund status, and not treated as a distribution to the Investor. We have to maintain that reporting process unless we have proof of a loss in the IRA.

Investor should submit this proof to the IRS,so that the amount of $12,000 can be treated as a loss by the IRS, and not a distribution.

The Termination and disbursement fee charged to the account is our customary fee, as stated on our fee Schedule. This fee is charged regardless of when an account is closed.
The fees that were reimbursed, were fees that would not have been charged if the account was closed on the same date requested by the Investor.

Final Consumer Response
(The consumer indicated he/she DID NOT accept the response from the business.)
First, the response by the business above stating I did not provide a statement declaring the loss is false. A statement declaring the loss was provided along with the other required documentation to close the account. Proof of this is in my email correspondence with the business.
Second, I was unaware of this "customary fee" to close the account as the account was set up through a third party and since removed. If I was aware of such fees I would not have gone into business with them. Furthermore, I have in writing from the compliance department of the business during our correspondence regarding the closing of the account that no fees would be charged.

Industry Comparison| Chart

Retirement Planning Service

Additional Information

top
BBB file opened: 09/30/2008Business started: 12/22/1969
Type of Entity

Corporation

Incorporated: December 1969, CA

Contact Information
Principal: Mr. Edwin Blue (C.E.O.) Michael McNair (Trust Officer)
Number of Employees

18

Business Category

Retirement Planning Service

Products & Services

IRA Services Trust Company offers self-directed retirement accounts since 1979 - where experience, service, diversification and low fees provides you with more choices, more control and a better retirement.

Hours of Operation
Mon: 08:00 AM to 05:00 PMTue: 08:00 AM to 05:00 PMWed: 08:00 AM to 05:00 PMThu: 08:00 AM to 05:00 PMFri: 08:00 AM to 05:00 PM
Service Area

Nationwide (US)

LocationsX

2 Locations

  • 1160 Industrial Blvd. 

    San Carlos, CA 94070(650) 593-2221

  • PO Box 7080 

    San Carlos, CA 94070

Industry Comparison ChartX

The information in the table below represents an industry comparison of businesses which are of the same relative size. This is based on BBB's database of businesses located in the San Francisco Bay Area and Northern Coastal California. Businesses may engage in more than one type of business. The percent of time the business engages in a type of business is not accounted for. There is no known industry standard for the number of complaints a business can expect. The volume of business and number of transactions may have a bearing on the number of complaints received by BBB.

*IRA Services, Inc. is in this range.

X

Types of Complaints Handled by BBB

BBB handles the following types of complaints between businesses and their customers so long as they are not, or have not been, litigated:

  • Advertising or Sales
  • Billing or Collection
  • Problems with Products or Services
  • Delivery
  • Guarantee or Warranty

We do not handle workplace disputes, discrimination claims or claims about the quality of health or legal services.

X

BBB Complaint Process

Your complaint will be forwarded to the company within two business days. The company will be asked to respond within 14 days, and if a response is not received, a second request will be made. You will be notified of the company's response when we receive it (or notified that we received no response). Complaints are usually closed within 30 business days.

X
X

Industry Tips for Retirement Planning Service

X

What is BBB Advertising Review?

BBB promotes truth in advertising by contacting advertisers whose claims conflict with the BBB Code of Advertising. These claims come to our attention from our internal review of advertising, consumer complaints and competitor challenges. BBB asks advertisers to prove their claims, change ads to make offers more clear to consumers, and remove misleading or deceptive statements.

X

What government actions does BBB report on?

BBB reports on known government actions that are relevant to the business's marketplace dealings with the public.

X

About BBB Business Review Content and Services

Some Better Business Bureaus offer additional content and services in BBB Business Reviews. The additional content and services are typically regional in nature or, in some cases, a new product or service that is being tested prior to a more general release. Not all enhanced content and services are available at all Better Business Bureaus.

X

Thank you for your feedback.

Help us improve by taking our survey.

X

BBB Customer Review Rating plus BBB Rating Overview


BBB Customer Reviews Rating represents the customers opinions of the business. The Customer Review Rating is based on the number of positive, neutral and negative customer reviews posted that are calculated to produce a score.

Customer Review Experience Value
Positive Review 5 points per review
Neutral Review 3 points per review
Negative Review 1 point per review

BBB letter grades represent the BBB's opinion of the business. The BBB grade is based on BBB file information about the business. In some cases, a business' grade may be lowered if the BBB does not have sufficient information about the business despite BBB requests for that information from the business.
Details

BBB Letter Grade Scale

BBB Rating Value
A+ 5
A 4.66
A- 4.33
B+ 4
B 3.66
B- 3.33
C+ 3
C 2.66
C- 2.33
D+ 2
D 1.66
D- 1.33
F 1
NR -----
Star Rating scale

  Average Score
5 stars 5.00
4.5 stars 4.50-4.99
4 stars 4.00-4.49
3.5 stars 3.50-3.99
3 stars 3.00-3.49
2.5 stars 2.50-2.99
2 stars 2.00-2.49
1.5 stars 1.50-1.99
1 star 0-1.49

BBB Customer Review Rating plus BBB Rating is not a guarantee of a business' reliability or performance, and BBB recommends that consumers consider a business' BBB Rating and Customer Review Rating in addition to all other available information about the business. If the BBB Rating is NR then only Customer Reviews are used for the Star Rating.

As a matter of policy, BBB does not endorse any product, service or business.

BBB Business Reviews are provided solely to assist you in exercising your own best judgment. Information in this BBB Business Review is believed reliable but not guaranteed as to accuracy.

BBB Business Reviews generally cover a three-year reporting period. BBB Business Reviews are subject to change at any time.

X

What is a BBB Business Review?

We offer free reviews on businesses that include background, licensing, consumer experience and other information such as governmental actions that is known to BBB. These reviews are provided for businesses that are BBB accredited and also for businesses that are not BBB accredited.

X

BBB Reporting Policy

As a matter of policy, BBB does not endorse any product, service or business.

BBB Business Reviews are provided solely to assist you in exercising your own best judgment. Information in this BBB Business Review is believed reliable but not guaranteed as to accuracy.

BBB Business Reviews generally cover a three-year reporting period. BBB Business Reviews are subject to change at any time.