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Customer service
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As usual at tax time, I opted to reduce my tax burden by sending some money to my traditional IRA, held in a mutual fund. As it happens, my broker of many years had recently changed his affiliation to LPL Financial (not having any reason to doubt his choice, I signed the paperwork to accept the related changes to my account with him).

I admit I was down to the wire in timing, waiting until the day before Tax Day. It was at that point I realized I was out of checks. Who uses checks anymore? I haven't purchased new checks in years, since I do almost all my banking online. So I walked into my bank to ask about my options for sending money to my IRA. They offered two options: cashier's check or "counter check." They explained that a counter check is essentially the same as a cashier's check for all intents and purposes. They took a blank check, imprinted it with my account number, and said it was good for any purpose. Of course it lacked my printed name and address, which I penned onto the check. I sent this legal instrument to my broker (in another state) by post.

After a couple weeks, I called to get confirmation of the transaction and was informed that LPL Financial had rejected the check on the grounds of possible fraud; apparently, unprinted checks are seen by LPL Financial as a red flag. My broker had sent it back to them for a second attempt, explaining my situation: that we (he and I) had been doing business for nearly 20 years, that I move often with my job, that I do not have need of checks for most of my banking transactions. LPL Financial STILL rejected the check! They will not take the word of THEIR OWN BROKERS, who are essentially their clients!

Shocked by this lack of professional trust, I wrote a sharply worded, but professional, letter and sent it to LPL Financial's San Diego headquarters, using a printed #10 envelope, addressed to Customer Service. That was in early May. I have had no response to date. It is now nearing the end of June. Nor has my broker received any communication from them. Clearly, this organization is not interested in customer service or satisfaction. I am a small-potatoes investor, and I'm sure they filed my complaint in the circular file.

So now I'm left in the uncomfortable position of having to consider leaving my broker, who has been very helpful to me over these many years, because he is doing business with people I DO NOT want to do business with. I'm carefully considering this unpleasant option.

Reason of review: Poor customer service.

Monetary Loss: $125.

Preferred solution: Let the company propose a solution.

I didn't like: Lack of professional courtesy zero customer service.

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Anonymous
#1560157

your broker should NOT have accepted YOUR check. Due compliance reasons that types of check is not allowed bbecause it is no longer a "legal" instrument after it has been 'altered' with your hand written identification information.

due to your time constraint your broker should have given you wire for your bank to wire funds to your Ira at LPL.

just imagine this...if someone tookyour 'non addressed' checks and went to write themselves a check and cash it...you would suffer the loss. compliance rules and regs ate made for a reason..to protect the consumer...MY ADVICE ne t time Ira season rolls around...DONT WAIT TILL THE LAST MINUTE...AND IF YOU DO...PAY THE 25.00 WIRE FEE AND BE DONE WITH IT.

Anonymous
to kitty 23 #1562562

My banker disagrees with your statement. Do you have any legal citation to back up your statement?

Regardless, LPL should absolutely have responded to my complaint. They should also have given a reason to my broker. They did neither. You certainly have an opinion about my lateness; makes no difference to me.

The fact remains, LPL clearly has no interest in customer service, or at least not in service to any of their small accounts—which amounts to the same thing. FC

Anonymous
#1513094

I have had the same expierence with thier customer service. I have been disabled for 9 years and they have managed my retirement account.

I have repeatedly sent them my paperwork confirming my disability and yet every year my 1099R's are marked as a normal distribution which would cost me a 10% penalty for early withdrawl. I fight with my brokers every year to get this corrected. This year I have had to file extensions on my taxes because every corrected 1099R has a mistake on it. The last on reported a $13000 distribution as a $130000 distribution.

Got that corrected and now we are back to them reporting it as a normal distribution and not disability. Back to square one. Its now July and I am facing penalties for filing late on taxes I owe.

One very large irritated nerve away form changing establishments all together. I feel your pain!

Anonymous
to Mark Vought #1560169

your CPA OR TAX PREPARER NEEXS TO FILE THIS FORM EITH YOUR TAX RETURN...MAYBE ITS TIME TO GET A NEW TAX PREPARER...LPL OR ANY OTHER BROKERAGE FIRM IS NOT IN THE BUSINESS OF 'VERIFYING A DISABILITY' . its your job to tell your tax prepare your withdrawl was for a disability.

As case as the late filing....WRONG!!!!!!

you have yourself and your tax prepare to blame....guess what?? you could have filed what we call an 'extension' ..SOUNDS LIKE its time go get a prepare that knows what they are doing.

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