- Report: #855808
Complaint Review: Edward Jones - St. Louis Missouri
Reported By:
SelfemployedVeteran -
Bloomington, Indiana, United States of America
Submitted:
Updated:
-
Author Confirmed
Why?
Edward Jones
204 Progress Parkway St. Louis, Missouri, United States of America
Phone:
Web:
www.edwardjones.com
Categories:
Business Rating:
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Edward Jones Excessive Fees St. Louis, Missouri
In 2002 I invested 500 dollars in a SEP with Edward Jones. Each year Edward Jones charges a minimum fee of $45. Unfortunately my financial position has not been good and finally this year 2012 I decided to cash the proceeds in and pay the penalty to the IRS. The value of the fund was $515. Edward Jones sends me a check for $336. They deducted the 10% penalty but added additional charges of roughly $135. To put this in perspective Edward Jones made 45 times 10 in fees plus added and additional fee of another$90.
They made $540 in fees from my investment and the IRS will most likely take even more than the their 10% penalty already taken and I am still apparently liable for even more taxes. I lost roughly 40% of my investment while Edward Jones made more than a 100% of that small investment. I've had several representatives over those years and my spouses 401K is still with Edward Jones but really why take advantage of someone already on the brink.
They made $540 in fees from my investment and the IRS will most likely take even more than the their 10% penalty already taken and I am still apparently liable for even more taxes. I lost roughly 40% of my investment while Edward Jones made more than a 100% of that small investment. I've had several representatives over those years and my spouses 401K is still with Edward Jones but really why take advantage of someone already on the brink.
