Help. Bank Mutual Fund Fraud?

Fifi | Feb 13, 2020 | 16 posts since 2015

Helping daughter gather her many retirement accounts (Traditional IRA/Roth).

She has mutual funds through a bank. Found her December 2017 fund shows a loss of over $40K for period 1-31 December. Looked up charts for the two accounts (Symbols) and there were no losses at all - some gains.

Where do I start trying to get this corrected? I'm tempted to start with a financial analyst but think my first choice might be the CEO of the bank or a lawyer.

Appreciate you input.

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Answers

me1004 | Feb 14, 2020 | 1,379 posts since 2010

Well, we need plenty more info. We can't even really tell if you are reading things right.

For instance, December tends to be the time when mutual funds will pay out required distributions for the year, and that can be substantial. And it will lower the price of shares, while leaving the value of the fund unchanged if the payout is automatically reinvested. If it is not automatically reinvested, then it will leave the account with that much less in it. Are you accounting for such?

Fifi | Feb 14, 2020 | 16 posts since 2015

My face is red, red, red. When we called the bank this morning, the analyst (after some digging) told us that $40K mutual funds had been cashed out to send to Navy Federal Credit Union in November 2017. My daughter had forgotten about that. She wanted to buy a special rate CD. Ugh!
So sorry I made the post.

Hooked | Feb 14, 2020 | 236 posts since 2019

I am sure people here will not be mad, mad, mad at you. Smile with us on this Valentine’s Day!

Ally6770 | Feb 16, 2020 | 4,294 posts since 2010

Glad it is not just us seniors that can have memory lapses with our busy lives and maybe for other reasons.

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