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Rude, Incompetent and a VERY painful process!!!
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My husband and I had quite a few IRA accounts which were established when this was IndyMac Bank. Since the FDIC took them over and they became OneWest, we have had to slowly move all these accounts due to excessive fees. Like another reviewer described, it is PAINFUL! I had to fax in a notary statement as well since they claimed signatures didn't match... (Unless they have a forensic specialist, they do not have the tools to verify signatures.) I tried to explain that signatures change over the years-- get shortened, get sloppy and the whole married vs maiden name issue -- all to no avail.
After they finally chose to release my funds, they failed to let the other financial institution know that these were Roth IRA funds. Now the other institution is threatening to return the funds as they don't know what else to do. I had to explain to OneWest that they need to know this for IRS tax reporting purposes and they should have indicated the type of funds, when they sent the check. I had to submit another fax asking them to please do what they should have done in the first place! So far they have not sent the necessary fax. I will probably have to call yet again.
Their IRA Department needs a LOT of training! They do not seem to understand tax implications and cut a bank check with no indication as to type of funds on a Roth IRA closeout.
I am ever so grateful this is my last account with them. I cannot imagine the nightmare it must be to be one of their mortgage customers......
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