Where is the best place to complain about an undisclosed fee with a mutual fund company?
July 12th, 2010
I thought I was opening a mutual fund account with a large mutual fund company. I already have a Traditional IRA mutual account with them. When I opened the ROTH IRA account online I didn’t realize it was a brokerage account. I’m a saver not an investor. I have 20 years with this company, however they won’t waive the fee for this account. Worst of all it was hidden in the pull down electronic agreement so I didn’t see it. They are playing hard nose and won’t budge, not even for an old client.
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You should save your time, as you have no claim if the fee was listed, even if it was in a "pull down electronic agreement". You are essentially admitting to not having read the agreement before agreeing to it, so this will be the basis to dismiss your complaint. Save yourself the additional frustration.
If you want to move forward anyway, you can select the type of complaint you want to file on the SEC’s website at http://www.sec.gov/complaint/selectconduct.shtml
you can complain to the mutual fund association or to the treasury, but you wont win and gain any sympathy. Mutual funds are known to charge lots of fees, and it is very likely that the package they sent you for signature and for application on day one has such fee information. Therefore u need to exercise due care yourself and buyers beware.
Decades ago, I used to buy mutual funds, but no more, as it is much cheaper to buy ETFs with much less fees.