Self Directed IRA Custodian Issues

[Jackie P.]

Just wondering if anyone else is having these issues with their IRA custodian and recommendations that you might have as to how to address it.

In the last 6 months these have all happened to me:

1) Checks being sent to wrong people for purchase of assets.
2) Tax bill sent to me that was really the tax bill for the custodian's office.
3) Monthly recurring payment suddenly not paid one month.
4) Taking 5 or more business days to credit incoming funds from a sold asset.
5) Assets missing from my list of holdings.

[Brian Eastman]

@Jackie P.

That is unacceptable and you should certainly look to transfer the account to a different custodian.  In light of the nature if the issues, you should be able to convince the current custodian to release your account without any termination fees, since they clearly are incapable.  

Once all is said and done, you should let the BBB and the Bigger Pockets community know who that custodian is so they can be avoided.  Probably best not to muddy the waters until your account is elsewhere.

Marketing a service is different from delivering that service.  As clients seeking the services, we are the marketplace that determines who has earned the right to earn our business.  This company clearly should not and by sharing your experience, you protect other investors and hopefully improve the industry - as companies that do well are rewarded and companies that fail to deliver, ... fail in the marketplace.