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Author: thatfoolpeter Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 25318  
Subject: Employer flipped my 401k to Schwab....GRRRRRR Date: 1/10/2006 10:41 PM
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The company I work for was acquired last year. They decided that they would "move" my 401k from Fidelity to Schwab. No chance to opt-out. They stuck me with the bill for selling some of my shares too early (some of my Fidelity funds had holding periods) and they sold me out of several Fidelity funds that were doing quite well (and at least one that is now closed to new investors).

Recently, I got access to the schwab website and reviewed what they had done with my money. It's been jammed into similar funds at schwab that I know nothing about. They promised more choices...but I swear there are less funds to choose from now. I've got to research my choices all over again and possibly rebalance my portfolio. Who knows if that is going to generate more fees:P The clincher is that the schwab 401k site doesn't support downloads into MSMoney or Quicken. Either automatically or by manual download. Apparently there is some "e-statement" I can get which gives me a link to get my transactions. Why I can't get those transactions when I log in and click activity is beyond me. I do everything in Quicken so this is a key feature for me.


FAQ states:

Can I download my account information into Quicken or MSMoney?

This capability is being developed and we plan to implement it in the future. The best way to get information to aid in your data entry is to request a 30-Day Transaction Statement via the SchwabPlan Hotline at 1-800-SCH-PLAN (724-7526).


Only had my account there for a few days. Already hate it! GRRRRRR!!!

Sorry, had to vent.

I hate, I hate, I hate Peter Pan....I mean charles schwab!
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Author: PayingFool Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 19911 of 25318
Subject: Re: Employer flipped my 401k to Schwab....GRRRRR Date: 1/11/2006 8:36 AM
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thatfoolpeter: Only had my account there for a few days. Already hate it! GRRRRRR!!!


My sympathies. I had to endure Schwab for over a year after one corporate merger, but a later takeover returned my 401(k) to Fidelity. What a relief!


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Author: Hawkwin Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 19912 of 25318
Subject: Re: Employer flipped my 401k to Schwab....GRRRRR Date: 1/11/2006 11:23 AM
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You may have some legal recourse. I don't believe, though I don't know for sure, that you should have been hit with the fees or should you have been placed in funds without notice or your approval. The fees were the fault of actions of your company and not your trading actions. As such, they company should be held responsible.

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Author: foolazis Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 19913 of 25318
Subject: Re: Employer flipped my 401k to Schwab....GRRRRR Date: 1/11/2006 12:54 PM
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When my company's 401(k) transitioned to Principal, the funds with redemption fees were transferred "in kind". You couldn't add to them, and couldn't exchange them until the redemption fee period was done. They should have been able to make the same sort of arrangement for your plan transition.

foolazis

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