PENSCO TRUST CO. - PENSCO TRUST WILL NOT RESPOND

Posted on Monday, December 12th, 2011 at 11:03am CST by 6864a0e8

Product: IRA'S

Company: PENSCO TRUST CO.

Location: 560 MISSION ST., SUITE 1300
SAN FRANCISCO, CA, 94105-2907, US

URL: http://WWW.PENSCO.COM/

Category: Other

Pensco has taken two months to complete a transaction that took two day when I contacted the CEO. They do not respond to e-mails or phone calls. They don't care about deadlines even after repeated reminders. Now after completing one process to meet their requirement they will not transfer needed money to complete a real estate transaction. Again no response to repeated communications. They had all week to make a wire transfer. My attorney and I have spent over two months trying to complete a simple transaction. This my IRA


2 Comments

d7b9fea9, 2011-12-13, 01:54PM CST

The process for taking a distribution from a self-directed IRA is much more complex when compared to publicly traded securities, as self-directed IRA's typically hold illiquid assets. PENSCO works with clients to facilitate the process and communicate the steps accordingly, but transactions can be complex and take longer than traditional investing.

fe5f9ce8, 2012-02-13, 01:42AM CST

You are absolutely right about Pensco. I also have an account with them and it is nearly impossible to reach a representative on the phone.

I conducted a real estate transaction with them and every step was agonizing. I never knew if they received important paperwork or how long it would take for them to sign it. When I tried to call them to confirm they had received something or to find out when they would be returning papers my calls were NEVER answered. The escrow company said they had never seen anything like it. The deal almost fell through.

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