I opened a brokerage account and transferred money into the account. Only after this point did they decide my address wasn’t good enough so they put a restriction on my account keeping me from doing anything with it including withdrawing the cash.
I place an order to buy $150,000 worth of stock in a Saving & Loan conversion (IPO) in my ROTH IRA. I sent it in 5 days before the deadline. All Fidelity had to do was write a check for $150,000 from my IRA acccount and send in along with my Stock Order Form. Fidelity, through their imcompetency, failed to get the form mailed in time. To be included in this offering you have to have a S&L account for many years. I had this account for over 10 years. These IPO, in general, go up 20% or more. 20% of $150,000 is $30,000. This is my loss. It may be more if the IPO goes up more than 20%.
I inherited some Schwab IRA accounts in 2012. I found a house I wanted to buy with some of my inheritance. I called Schwab and asked how I go about doing that. I had no previous knowledge of IRA’s or any other investment accounts. I relied on Schwabs guidance. I was told by several Schwab employees that I didn’t have to pay taxes on the money. So, I went through the process, under their advisement and guidance, only to get hit with an audit and nearly 40K worth of penalties, fees and taxes owed. I have told the IRS what they did to me, they don’t give a crap. Schwab said they would help when I first called but then….they back peddled and for the past few years I have been trying to get them to do the right thing and they won’t.