About T. Rowe Price
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My account was inherited from my parents. Unfortunately, my experience has been something less than good. Price has a very high opinion of themselves, and a very low opinion of us----the clients. To them we are sheep and we need herding. They do not believe we have brains. Price's web page is extremely confusing and totally unfriendly and difficult to navigate. Price makes you wait on hold interminably for help either online or thru a broker. The brokers will make recommendations that are unwise and money-losers and foolish just because they have quotas to fulfill. Price has high fees that reduce your return, and if you leave, they keep a portion of your money just to be spiteful. DO NOT INVEST WITH TR PRICE. ANYWHERE ELSE IS BETTER, THIS PLACE IS A RIP-OFF!!!!
Requested a withdrawal from my 401K on 13 April 2021. Total amount requested was withheld for taxes, plus 20% for Federal taxes, despite my paying for express delivery. Told that it would take two to three weeks for me to receive my proceeds. Have not seen proceeds or heard from T.RowePrice. Sent letter to CEO and filed a complaint with BBB.
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I recently paid off a loan. The money was debited from my bank 7 days prior to my 401k account being credited. Where was the money for 7 days? That's 7 days I'm losing making money on that amount. That is wrong. In today's world of electronic money handling, there is absolutely NO reason to hang onto my money, or anyone's, for 7 days. SO disappointed.
I have a 401k loan with T. Rowe Price. They've been deducting money from my pay check but the balance that I owe has not changed. I called and they told me that the money is going toward interest. I asked for loan amortization schedule, but I was told that that's not going to be provided for me. So much for transparency. So I have no idea how are my money being applied toward the loan, how is the interest calculated, how is the monthly payment determined. I'm not supposed to know any of that. As long as I work for the current employee they have complete access to my paycheck and they can do with my money whatever they want to. I believe that's unacceptable.
This is the second time in a year I tried to transfer an inherited IRA account From T.Rowe to another Inherited IRA account at a different broker. I gave up the last time due to significant roadblocks from T.Rowe. The reason... they are totally inept and offer nothing but interference. I called today (1/21/21) to ask a few simple questions about scheduling ongoing RMD distributions at 2:01 pm and waited 53+ minutes on hold to get to an 'agent'. After telling her my situation she had to put me on hold again so she could do some research. After another 15 minutes on hold, she hung up on me. Pissed to no end, I immediately went into my other broker's inherited IRA account and submitted a request to transferred my entire T.Rowe IRA account to them. Enough is enough! Let's see if they try to run interference again on this transfer. I will surely consider harsher actions to get my money out of T.Rowe.
I have an inherited IRA account at T. Rowe Price. Can't get away from this company soon enough. Took several hours and 3 or 4 phone calls in an attempt to exchange from a money market fund into an equity fund. I am an experienced investor and have accounts at other much more user friendly companies where I trade and invest without issue. I have spent endless minutes on hold listening to the same 20 notes of music torture without any sign of help. Every person who answered transferred me to someone else where the music torture on hold started all over again. Avoid this company. I gave up and am moving the funds to another company.
I’ve been attempting to cash out my 401-K for 3 days. I filled out all the necessary paperwork to wire the money to my bank account. The agent said the information I provided didn’t match. I provided the same information in October 2019 and my withdrawal was approved. Every agent you speak with tells you something different about your account but every one of the agents pulls up your information the same way. T. Rowe Price has all kinds of road blocks to keep you from withdrawing money you invested. I requested a Customer Survey Form and NEVER received one, you’re told you would receive a survey at the end of your call but you never receive it.
I wanted to take distribution from my 401K as allowed by Cares Act under hardship and Coronavirus today on Dec 29, 2020. They denied that to me saying that the deadline was December 28, 2020. However, the Cares Act and IRS read the deadline to be December 30, 2020. Who is making law in this country? Companies themselves or Congress and government agent? I am in hardship and unable to pay my bills while congress provide such relief. I am not happy at all. This company should be punished.
They froze my account without notice. They refused to unlock it. Customer service unable and unwilling to help. They froze my account because I hung up on a nasty representative. Now I have to get something notarized so they can unlock it.
I was told by a TRP rep that when I funded an old margin account I would be able to short a stock. So I sent them a check for $7,000, then they told me I needed to submit additional paperwork which would take weeks to process. I told them to cancel my account and return my money, their rep said this would take several more weeks and I would get my $7,000 only, no interest. I think they make it so difficult to close an account so they can use my money to make money for trp.
T. Rowe Price author review by ConsumerAffairs Research Team
T. Rowe Price offers a wide variety of financial products, including mutual funds, to investors. Its mutual funds are all actively managed, and many have low fees. The company was founded in 1937 and is headquartered in Baltimore.
Financial services: T. Rowe Price offers financial services and products to meet many investors’ needs. In addition to mutual funds, its products include college savings plans, non-retirement accounts, traditional IRAs, Roth IRAs and more.
Fund costs: T. Rowe Price prides itself on providing investors with low-cost mutual fund options. The company manages over 120 no-load mutual funds, and many of its funds have an expense ratio below that of similar funds managed by other investment firms.
Information: Interested investors can easily find information about all T. Rowe Price’s mutual funds. They can search for funds and compare them to find one that meets their goals. The website also makes it easy to download prospectuses, shareholder reports and fact sheets.
Client education: Consumers who want to learn more about investing can find several tools on T. Rowe Price’s website. The site has articles about retirement, college, tax and estate planning as well as charitable giving.
ActivePlus Portfolios: Investors looking to broaden their portfolio may be interested in T. Rowe Price’s ActivePlus Portfolios. After answering a few questions online, investors are matched to one of 10 portfolio types based on their financial goals. Portfolios consist of investments in 8-13 of the company’s mutual funds, helping to give investors additional diversification. The minimum investment for an ActivePlus Portfolio is $50,000.
T. Rowe Price Company Information
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- T. Rowe Price
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