Charlie's Drain Service

After receiving notice of this complaint, we reviewed the account and saw that a resolution was already underway. We issued the client’s payment on April 12, 2017, and we shipped it to her via [redacted] overnight delivery free of charge. We did not have all the information and documents needed to...

complete the client’s distribution until March 27, 2017. This account has an annual account fee, which was charged upon account opening in December 2016; and the account did not lose any value during the time our client was working with us on her distribution.
This account was opened for our client by her former retirement plan provider on December 21, 2016. The address provided to us for our client was invalid, so we ran a search to find potential current addresses. Our search efforts were a success. As a result, we were able to quickly find and connect our client to her retirement funds. We first spoke to our client on January 31, 2017. At that time, we explained the options available to her with her IRA.
On March 9, 2017, we received the client’s IRA distribution form dated March 6, 2017. The form did not contain the client’s handwritten signature. A signature guarantee stamp was missing. The payment section was blank. The client had completed the “systematic payment” section in error. Systematic payments are a series of IRA payments made to a client; however, our client wanted a lump sum distribution. Our records indicate that we spoke to our client on March 9 and March 10 about the issues with the form.
On March 23, 2017, we received the client’s updated distribution form dated March 14, 2017. It contained her handwritten signature and a signature guarantee. For this type of account, the IRA owner’s identity has to be verified when the IRA owner takes control of the account, which occurred here when the IRA owner submitted her IRA distribution form. We requested a copy of her driver’s license to help verify her identity and confirm her current address, and we received a copy on March 24, 2017. On March 27, 2017, as we worked to complete the processing of her distribution, we noticed that the ABA# she provided was invalid. A payment cannot be processed with an invalid ABA#. We informed the client of this and also asked her to provide verification of her tax identification number, as it did not match the number provided to us to open the account. On April 10, 2017, we followed up to request a copy of the client’s social security card; and then we took additional actions to verify the social security number she provided. On April 11, 2017, we informed the client that she did not need to provide any additional documentation. We informed our client that we would overnight her payment to her, at no charge. We shipped her payment to her April 12, 2017, and we provided her with the tracking number for the shipment.
We actively try to find our missing clients quickly and reunite them with their retirement funds, and we did that here. We feel that we responded quickly to our client’s requests and direction for payment. We apologize for the last delay in processing as we were trying to resolve the discrepancy on the social security numbers, between March 27, 2017 and April 12, 2017.  We did find an alternative solution to resolve the discrepancy. We hope this response and the completion of our client’s IRA distribution resolves the issues reported in the complaint.  We wish our client the best, and we are happy to have reunited her with her retirement funds.