Cheddarblog

Years ago the Swiss_Mouse and Mrs. Swiss_Mouse bought insurance from Prudential.  We were young and the cheddar was flowing.

Not knowing much about insurance, we asked family members for advise.  Looking back..oh my.

Dear 1990’s Swiss_Mouse,

Do not listen to the in-laws.

Sincerely,

2000’s Swiss_Mouse

We purchase policies through the agent that sold to Mrs. Swiss_Mouse’s family.  The Swiss_Mouse realized a few months later that whole life was a joke.  We converted immediately to term.  Whew!

But at the same time, we opened what was then a brand new ROTH IRA with Prudential.

We invested $2000 and the next year $2000.  That was the last time in a decade that we saw a balance of $4000.  Over the next decade the balance was terrible, but being a “fire and forget” investor, the Swiss_Mouse let it ride.  Unfortunately every year there was a maintenance fee of $35.  Most years the funds barely made $35.  Not only was performance of funds, but add the $35 fee and their website was NOT friendly.
Finally last year the Swiss_Mouse had had enough.  We were readjusting our insurance and dropping Prudential.  So the Swiss_Mouse was going to wait until New Year’s and transfer the Roth IRA.

He did so recently to TDAmeritrade.   However Mrs. Swiss_Mouse got a strange email.  It said that the funds transfered, but there was a balance due!?!  After calling about the situation (another post sometime on where government regulations have gone wrong) the Swiss_Mouse found that indeed the funds were at TDAmeritrade but there was a negative cash balance.  APPARENTLY PRUDENTIAL CHARGED THE SWISS_MICE $120 TO TRANSFER THE ACCOUNT (All $3500!).

What a joke!  Crappy service that you pay a penalty for.  Damn you, Prudential.