IRA Services, Inc.

Initial Business Response /* (1000, 8, 2014/11/06) */
Contact Name and Title: *** *** Compliance
Contact Phone: XXX-XXX-XXXX x ***
Contact Email: ***@iraservices.com
Investor submitted documents to close out his account on 8/4/14, but did not provide us with a brief explanation
of what caused the loss of $12,in the LLC, as he did not return any funds to the IRA account from the LLCThis is a requirementEmails were sent to him and we spoke regarding the need for this information
Since Investor would not provide us with this information, the situation was discussed with our senior manager and the decision was made to treat the difference of $12,as a distribution to the investor and close out the account
This information was communicated to Investor by email and phone call and we proceeded to close the account
All fees charged after August 4th when we first received the request for closure of the account, was reimbursed to the Investors accountThis procedure of reimbursement of fees was communicated to investor by email and by phone
The account was final closed on 10/9/with an entry made treating the balance in the LLC as a distribution to the Investor and a check mailed to Investor for the balance of cash that was held in his custodial cash account
Initial Consumer Rebuttal /* (3000, 10, 2014/11/13) */
(The consumer indicated he/she DID NOT accept the response from the business.)
All required documentation required to close the account as per the company's own IRA LLC Requirements form were providedFurthermore, my instruction was to close the account as a loss but through their own admission above the account was closed as a distribution to investorLastly, I have an email from the compliance department stating I would not be charged anymore fees and any fees charged since my submitted request to close to the account would be reimbursed however only some fees were reimbursed - there were charges to close the account which I wasn't aware of and did not approve
Final Business Response /* (4000, 12, 2014/12/01) */
Our IRA LLC requirement document states, " IF NO ASSETS ARE BEING TRANSFERRED BACK TO YOUR IRA, A STATEMENT DECLARING THE LOSS, IF ANY, FROM THE LLC"
Since Investor did not transfer any asset back to the IRA, and did not provide a statement declaring the loss, we could not treat this as a loss in the LLC, as we have to ensure that we are in compliance with the requirements of the Internal Revenue Service
All Rollovers and Transfers of qualified funds to IRA Services Trust Company is done to ensure that these funds maintain the same qualified fund status, and not treated as a distribution to the InvestorWe have to maintain that reporting process unless we have proof of a loss in the IRA
Investor should submit this proof to the IRS,so that the amount of $12,can be treated as a loss by the IRS, and not a distribution
The Termination and disbursement fee charged to the account is our customary fee, as stated on our fee ScheduleThis fee is charged regardless of when an account is closed
The fees that were reimbursed, were fees that would not have been charged if the account was closed on the same date requested by the Investor
Final Consumer Response /* (4200, 14, 2014/12/03) */
(The consumer indicated he/she DID NOT accept the response from the business.)
First, the response by the business above stating I did not provide a statement declaring the loss is falseA statement declaring the loss was provided along with the other required documentation to close the accountProof of this is in my email correspondence with the business
Second, I was unaware of this "customary fee" to close the account as the account was set up through a third party and since removedIf I was aware of such fees I would not have gone into business with themFurthermore, I have in writing from the compliance department of the business during our correspondence regarding the closing of the account that no fees would be charged

Initial Business Response /* (1000, 6, 2014/04/21) */
Contact Name and Title: [redacted], Trust Off
Contact Phone: (XXX)XXX-XXXX x 222
Contact Email: [redacted]
I spoke with the wife of the account holder, and since she is also an investor in this property, I...

agreed to allow her receive any correspondence provided a copy is forwarded to us, for the benefit of her husband's account.
I thought this was taken care of when the account holder's wife had sent me a message that she had contacted the Revdex.com to inform you that this situation had been resolved.