Over a month after I cashed out my ADP-run 401(k) from my old job, I finally got a statement from those jokers. They charged me $50 for closing the account.
Nice. Those fat cats charged me $50 to cut a check to Vanguard (the wrong corporate Vanguard entity, even), which they sent to me, and I had to send to Vanguard. Nice. Now that I'm a more educated consumer of financial products, I don't tolerate nonsense like that.
That ADP 401(k) was the lousiest I have seen. The expense ratios were all above average, and there weren't that many funds to choose from. I'm just glad to be done with them. I'm grateful to the Bogleheads book and to the PF blogosphere for showing me how pathetic those choices were. Back then I didn't think anything of expenses and just picked the one with the highest recent returns.
2 comments:
Is that even allowed?! Did you pay the $50 closing fee?
They just took it out of my balance. I'm sure it was somewhere in the small print. All the more reason to be scared of their small print.
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