US Bank Now Charges State Farm Bank 'Transferred Accounts' Maintenance Fee On Roth IRA CD

SailorBoy | Jun 8, 2022 | 12 posts since 2020

Just got notice from US Bank they are now charging me Maintenance Fee for Roth IRA CD purchased from State Farm Bank before they went down and transferred all their accounts to US Bank few years back. Told by rep US Bank waived the maintenance fee a short time but now decided to charge fee. Oh well, guess former State Farm Bank customer's just have to 'grin and bear it'. Any thoughts out there about this?

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jamesstewart | Jun 9, 2022 | 64 posts since 2011

US Bank is notorious for raising IRA maintenance fees or even initiating new fees in the middle of IRA CD terms. If you locked in a good rate on an IRA CD , they have a history of chopping down your return later on with new or raised fees. I dumped them in 2011 when they did this to me. Read the past comments on this bank in Deposit Accounts. Not surprised that they would do this to accounts that they acquire from other institutions. Very unethical bank.

Choice | Jun 9, 2022 | 937 posts since 2020

I echo James’ comment…they are not consumer oriented at all. One lowlight…a few years back they were assessed $100s million in penalties and still proudly display its ethical award over all the years and their ethics officer is ineffective

buckeye61 | Jun 9, 2022 | 454 posts since 2011

When your State Farm Bank accounts were transferred to US Bank did they give you a no penalty withdrawal option? I would never want to use a big B&M Bank for an IRA.

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