Review Time
I signed up with IRA Financial to be custodian of a private placement in a self directed IRA, and it has been a very frustrating experience trying to get them to sign the investment documents. They continue to ignore my emails and calls. Wish I had picked a different custodian- I chose them due to good reviews but things appear to have gone downhill.
Follow-up Review After 6 Months of UseI’m writing this update after using IRA Financial for six months, and unfortunately my experience has been consistently poor.First, I was charged unexpected and unexplained fees multiple times. These charges were not clearly disclosed upfront, nor were they proactively communicated. Each time, I had to reach out myself to investigate what the charges were for.Second, customer support is extremely difficult to get through. Long hold times and slow responses appear to be the norm. Based on my experience, this seems to be a systemic issue—likely due to the volume of customer complaints related to billing and account issues.Finally, the most frustrating issue: my distribution check was rejected without any clear explanation. Resolving this required over five hours of my time across emails and phone calls just to trace where my money was and why it was being held up. This is unacceptable for a financial services company handling retirement funds, where accuracy and reliability are critical.Overall, the lack of transparency, poor customer service, and operational inefficiencies have made this an extremely disappointing experience. I would strongly caution others to consider these issues carefully before using this firm.
I have been trying to get a wire distribution from my account for over 2 weeks now. I finally conceded to paying their "expedite" fees, which don't actually do anything at all. After dozens of phone calls and emails, I was finally told my wire would go out on Tuesday, and they were waiving the expedite fee due to all the issues.Tuesday came and went with no wire. I called Wednesday morning and they said the wire was on hold because I hadn't paid the $25 wire fee. Why wouldn't someone contact me to let me know this rather than just let it sit on hold?? Also, there was no mention of the wire fee in all my conversations and emails prior to this.So I paid the wire fee and now I'm told the wire will DEFINITELY go out on Wednesday. Well, Wednesday came and went with no wire...surprise surprise.So here I am on Thursday, over 2 weeks since the initial request, with 2 days of "its guaranteed to go out today", and still nothing. Who knows how many more phone calls it will take before they release my funds.For reference, when I sent an unrelated wire from my local bank earlier this week, the entire process took 20 minutes from my initial phone call, to completing the wire forms, to sending the wire. 20 MINUTES FROM START TO FINISH. It's not that hard.I will most likely be finding another IRA custodian sometime this year. You've been warned.
Was I just scammed?I've been a client of IRA Financial Trust for 4 years now, using their IRA LLC service and a capital one account. Historically, they've been very good and responsive. However, something has changed in the past 3 months where they are no longer responsive and I can't withdraw my money. I've emailed them over 10 times, to different departments. I called them and the first time someone answered and I had asked for them to check the balance of my Capital One account (because you can't see it online). The rep said he had trouble seeing my capital one account and would call me back later once resolved. I never heard back. I've since tried calling back over 10 times and no one answers. I have money stuck there that I want to withdraw but am unable to because the company is not responsive.This now feels like a scam and I will be reporting it to the South Dakota Division of Banking where they are regulated
5 years with this company and the experience has been so disappointing. Wiring a contribution in and getting access to these funds to invest took over 3 weeks and we kept getting different explanations and excuses. They are not competent and they don’t care.
(1) They strongly recommended a Capital 1 bank account for my LLC, which I set up. Then, the phone app did not ever work, spent hours trying to get it set up. The website worked, but no way to deposit checks. Then I tried to find out where I could deposit a check. At a branch... Yeah, no branches within 400 miles. So I opened account at another bank. I think the C1 account is still open but I tried for weeks to close it.(2) Trying to do an in-kind distrubution. To accomplish what I want, they insisted that it required FOUR deeds rather than one. They insist it is an IRS requirement. Um, no. It is not. Then they said I could not do an in-kind distribution of more than 49%. IRS requirement. Again, NO. New custodian does not have this rule. Hmmm...These people have an overzealous control issue and compliance issues. They claim things to be IRS requirements so you are less likely to push back on them. In the course of trying to do this in kind distribution, I was told by one rep that it was impossible, then by another that I just had to fill out a form, and then by the person who actually OKs it, seems to not understand how deeds work. They want YOU to draft the deeds, or have them drafted, but they don't know what should be in them. They recommend quit claim deeds ... This custodian has been extremely hard to work with and is rife with misinformation.
Becky was courteous and friendly when I called for help filling out some distribution forms for my retirement account. It's so good to get that consistently good phone support from IRA Financial that I have come to take for granted. Keep up the good work!
I am an attorney who tried to send clients to this company. It was extremely difficult to deal with this company: My emails went unanswered my calls were never returned, their phones went unanswered; just the very worst experience I have ever had dealing with a financial institution.
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