- Report: #1305564
Complaint Review: Options Express - Internet
Reported By:
Tax Lady -
Virginia Beach, Virginia, USA
Submitted:
Updated:
-
Author Not Confirmed
Why?
Options Express
Internet, USA
Web:
https://www.optionsxpress.com/login.asp?r=1
Categories:
Business Rating:
(0)
Tell us has your experience with this business or person been good?
Options Express G Bracco, Cash Manger Refusal to process an ACH withdrawal with false IRS rules required Claim Internet
This past week, I sent an ACH withdrawal request for my Roth IRA to Options Express. I asked for $ 205.00. I received $ 82.04. When I asked why I had not received my full withdrawal, I received a calculation from G Bracco, the cash manager that was supposedly an IRS required calculation. She quoted a page inside the IRS information publ 590A. page 38. for backup for her calculation.
IRS publ 590A page 38 states clearly that this calculation is for Traditionsl IRA's only. I reply with that information. It takes several emails to get a response that finally states the Roth IRA's page 44.
I look at that page. That page is a form to assist ME in calculating my allowed contribution. It does not state any form to calculate my withdrawals and includes items from my income tax return. I email back that my income tax return is none of their business.
She refuses to send me the full withdrawal. I have to do another withdrawal form. I refuse and tell her that I will not do that and if she does not send me my full withdrawal the next day, I will close my OX account and move everything to my Schwab accounts.
I decide to go review the withdrawal process and discover the withdrawal process has been changed since I made my first withdrawal form. It now states that if you withdraw funds that brings your account down below $ 200, that OX now requires that you take everything out and pay a $50 distribution FEE.
I regard this information to be rather significant. Why would a large brokerage firm be so needy to keep my money in my account and try to steal $50 from me. I knew then that something is very wrong here and I have started the process to get all of my funds OUT of OX and into Schwab.
Please take a moment to let this information sink fully in. They blocked me from getting $205 of MY money. The reason given is bogus and not truthful. There are NO IRS rules on withdrawals on ROTH IRA's - there are no income tax effects here. ROTH IRA's contributions have no income tax effects.
Sincerely, a lady who is an accountant and works at H&R Block during tax season
