Complain about a product or service

American Century

Kathy of Canyonville , OR May 9, 2009

My 3 children were given 250 American gift trusts in 1995. 2 of my children added 1000 in 1996 that they earned hauling hay. At no time did these funds make money. In 2005 when they were allowed to withdraw these funds, they had 200 less then they started with. I believe these trusts are completely fraudulent. Most of these gift trusts are given to children, this company steals money out of the mouth of babes. This was a considerable investment for teenagers. The money would have benefitted their college fund. It was a hardship

Mary of Scramento, CA June 23, 2008

I invested two gifttrust accounts for my daughters' education and the money I had invested is decreasing. What's going on?

I'm very worried because they look forward to recieving a college education but I'm not sure how I'll pay for all of it.

Carol of La Quinta, CA March 30, 2005

My complaint is the same as Larry of Toms River, NJ dated 1,04. My husband and I, in all good faith, started trust funds through 20th Century Gift Trust- now American Century Gift Trust -for 6 of our grandchildren. We emphasized to these children the importance of saving. Needless to say, this fund was a disaster and we could not take the money out - we were stuck and we had bitterly disappointed children. These funds were to help with college, although with tuition the way it is today, now they might be able to buy a book or two with what is left.

One child, Jarratt, had 6612 in Aug. 2000. He now has a little over 2000. This is pathetic. Is there NO management of the funds whatsoever ?

The chidren could have done better. At least they could have taken their money out and put it in a piggy bank and been better off. Now AC will let you withdraw the funds. We are filling out the papers now. They, AC, said they sent out notices informing us that we could take out the money, BUT, none of the 6 received such notices. I just happened to call to check on the statua of the funds.

There should be compensation for the children and penalty for AC. It wasn't as if we just chose a bad stock, we chose an entire BAD fund. SHAME.

My grandchildren will still attend the universities because we were lucky and raised very capable children, who wil never let American Century touch there money. The result to the grandchildren is lack of faith in their grandparents and in the venture of Saving.

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