Roth IRA rollover question

[QuarterMillionMan]

I guess that's their attorney fees for 15 minutes of work to document that this was a rollover to tax purposes.

[Like2Plan]

What did Merrill say when you called them to ask?

[QuarterMillionMan]

I never called them. I hate dealing with humans but maybe I should have asked how much are the fees.

[Like2Plan]

I don’t like making calls, either, but for $310 I sure would. That is in crazy high expense territory- and it would be good to understand why it happened.
Was it imposed by Merrill or trade station?
What was the fee for- wire transfer? Did you receive a bonus from trade station that they took back?
Most financial institutions I’ve dealt with don’t charge to receive $$. (It generally happens when leaving)
But, maybe this is unique to Merrill?

[QuarterMillionMan]

Merrill imposed it. I called Merrill's 24 hr customer service (Saturday at 9:00 pm) and they suggested that I call back during business hours and the Roth IRA department would be able to explain the charges. Trade Station didn't charge anything and my full balance of $7195 transferred into Merrill.

[Like2Plan]

I am curious as to what they say. I had considered opening up an account at Merrill (for redundancy), but holy smokes! - I wouldn’t want to pay fees for transferring $$ into an account (especially as high as what you were charged).
I noticed Merrill does charge a fee for closing an account, too. (But, I’ve read that if you ask in advance, Fidelity will reimburse you for exit fees …)

[disneysteve]

I am curious as to what they say. I had considered opening up an account at Merrill (for redundancy), but holy smokes! - I wouldn’t want to pay fees for transferring $$ into an account (especially as high as what you were charged).
I noticed Merrill does charge a fee for closing an account, too. (But, I’ve read that if you ask in advance, Fidelity will reimburse you for exit fees …)

Stay far away from companies like Merrill. Stick with places that are customer-friendly like Vanguard, Fidelity, or Schwab. Very low fees and great customer service. Places like Merrill or Edward Jones and other places are focused on sales and commissions and fees, not what’s best for the customer.

[QuarterMillionMan]

Merrill said Trade Station placed those transfer/adjustments.

[QuarterMillionMan]

Trade Station was the culprit. They cannot reverse the $210 but they will be crediting back the $100, which is better than nothing. Not sure which was which but $50 closing fee, $100 crypto fee, $100 admin fee, etc. They said there might be tax implications due to new money being added to my Roth IRA but to me it is the same money that I had in my account which Trade Station stole from me being added back, sheesh. Highway robbery.