Wells Fargo 401K warning

Discussion in 'The Pipe' started by sjflyer, Oct 22, 2018.

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  1. Oct 22, 2018 #1

    sjflyer

    sjflyer

    sjflyer

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    Heads up if you already have or for when you transfer/rollover / close your account

    I closed my XJT WF 401K account and rolled 100% of it to a different institution. Wells Fargo kept the dividends that arrived after I closed the account, never notified me of them and kept charging fees on the money for the better part of a year. In the big picture, it is not a lot of money but I find the practice highly unethical and when you multiply 40 + bucks times tens of thousands, if not hundreds of thousands of participant it becomes real money really quickly.

    I filled a complained with the SEC. If you have experienced the same, I would like to urge you to bring light another Wells Fargo unethical practice.
     
  2. Oct 22, 2018 #2

    Zero-G

    Zero-G

    Zero-G

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    Sounds like the old "deposit the extra half penny in my personal account" scheme (referenced in Office Space).
     
  3. Oct 22, 2018 #3

    Springfield

    Springfield

    Springfield

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    Mention it to the company and to the union too. You saying something is the only way they will know.
     
  4. Oct 23, 2018 #4

    Flying J

    Flying J

    Flying J

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    would they have let you keep the dividends had you rolled over all your funds but NOT closed the account?
     

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