Really Frustrated That It Is Taking Long To Open Ira A/c At Bank

Discussion in 'Community Chit-Chat' started by ChennaiExpress, Feb 4, 2018.

  1. ChennaiExpress

    ChennaiExpress IL Hall of Fame

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    I am trying to open IRA at certain US bank (keeping info generic) for past almost 2 months.

    First, people at bank are outsourced, so you don't get proper info after hours.

    Then when you get someone in US (who by the way is licenced financial person), they are not exactly meticulous and detailed.

    Hence I spent another month talking other other licenced financial representatives to understand the process.

    Now I am at the signing stage of pre-filled form.

    1. Some places form uses my full name, others it doesnt. Because it is pre-printed, I cannot alter it.
    2. The docu-sign program doesn't give me an option to correct my full name. It totally omits my middle name. So when I sign, it is only First and Last name.
    3. People who are in charge of opening new accounts are accessible by email only. I sent email on Thursday, and didn't hear from person on Friday.

    Maybe I am overthinking, but at the end if the customer misses a dot on "i" or cross on "t", they get bitten in the @$$.

    I'm just frustrated, that's all. This is the only forum where I can vent about these unique life-skill issues that I encounter now and again.

    Happy Weekend!
     
    Last edited: Feb 4, 2018
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  2. Naari

    Naari Platinum IL'ite

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    CE, why are you doing this through Bank? If you have some of your funds managed by a brokerage company say fidelity or Charles schwab or Merrill Lynch, you can contact a rep & it shd happen way too faster. Or if you see your investment specialist at back , schedule a meeting & get it done. No phone business.
     
    Last edited: Feb 4, 2018
  3. ChennaiExpress

    ChennaiExpress IL Hall of Fame

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    Well, because I already have accounts at the bank, and transferring funds would be easier (once I open the IRA account).

    Will see if I can meet someone face-to-face at local branch if things aren't moving.
     
  4. Naari

    Naari Platinum IL'ite

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    CE, if you don’t get a response by Monday or Tuesday , write an email to customer service & ask them why it is taking so long or ask your personal banker. US is one country where customer is the king in the real sense & if you express even a little dissatisfaction, I have seen most companies go above & beyond to please you & keep you. Just make sure you explain your situation well. Good luck.
     
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  5. ChennaiExpress

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    That's a great idea. Will do that.
     
  6. ChennaiExpress

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    So I got in contact with the person who opens these accounts.

    And on the forms she keeps making mistakes.

    1. Type of IRA account
    2. My correct name (left out middle name)
    3. Customer is unable to correct DocuSign name, which is the digital signature for the bank

    Finally the representative says she will send me new DocuSign form, only this time it will send text message to my desk phone instead of my cellphone.

    One more mistake and I'm going to my local branch or elsewhere.

    Why don't they allow people so speak in person, or in phone? Lot of doubts will be cleared, and lot of mistakes will be avoided.

    Only thing about going outside my bank is the higher fees I may have to fork over.

    I'm just trying to relax from this silliness right now.

    I know if I have to fill out documents I check, once, twice, thrice. And these people do it for a living and give to customers to sign without pre-checking!

    And this is a big bank I'm talking about!

    I'm just wondering if it's frustrating to create an account to GIVE money, how will it be when I have to WITHDRAW money.

    Ok, I'll stop typing now.
     

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