PENSCO
PENSCO Overview
The aggregated data is based on reviews and questionnaires provided by PissedConsumer.com users.
PENSCO has 1.3 star rating based on 7 customer reviews. Consumers are mostly dissatisfied.
- Rating Distribution
Recent recommendations regarding this business are as follows: "Go else where", "I am sending my Clients to REiiRA dot com".
Most users ask PENSCO for the refund as a solution to their issues.
The aggregated data is based on reviews and questionnaires provided by PissedConsumer.com users.
PENSCO has 1.3 star rating based on 7 customer reviews. Consumers are mostly dissatisfied.
- Rating Distribution
Recent recommendations regarding this business are as follows: "Go else where", "I am sending my Clients to REiiRA dot com".
Most users ask PENSCO for the refund as a solution to their issues.
Consumers are not pleased with Billing Practices and Reliability. The price level of this organization is high according to consumer reviews.
No internet servicee for reason stated
Fees up the a___
Preferred solution: Let the company propose a solution
User's recommendation: Go else where
Poor Service and High Fees
User's recommendation: I am sending my Clients to REiiRA dot com
TRUST ISSUES
- Lack of professional ethics and communication
PENSCO HAS BEEN A MATERIAL DISAPPOINTMENT
It has proven to be our experience, PENSCO TRUST COMPANY has proven to be unprofessional, unethical, under staffed, and under trained, with signs of overpriced services for the accommodations’ we are attempting to receive. With a straightforward (beneficiary) distribution from my deceased Mother's IRA to my Sister and I, the process (you would think) would be swiftly completed within a few weeks; not many months.
Our (my Sister and I) experience of the lack of professional trained staff has proven to be too much of a technical challenge for the PENSCO Staff to understand a simple distribution and IRA setup. The nature of the requested transaction was a hard number particle distribution with the remaining 50% going into a set-up IRA Account and a distribution. What is disturbing, is it took 9 months and over 15 telephone calls to receive the simple distribution. The request to set-up an IRA (for example) was made in November 2018 and today (2/2/2019) the IRA has yet to be setup.
The nature of the problem they (A Brentiny PENSCO Employee) claims, she is missing the signature page but received all the other documents. I suspect, because they were mailed return receipt. Please note - before I mailed the original documents to Brentiny, I copied them. Mailed one copy to my Sister, who reports to have the signature page in her files and one copy for my file (yes, containing the signature page).
Nevertheless, as a CPA for over thirty years, it has always been our practice, to contact our client when requested documents are missing. With Brentiny, she has been missing a needed document for almost four (4) months to set up an IRA. Not one telephone call or letter was ever received from PENSCO Employee inquiring as to the omitted signature document. There are many more issues (four) involving PENSCO TRUST COMPANY AND THEIR EMPLOYEES deficient nature.
But this narrative is getting too long, so I will not continue with the other issues we have with PENSCO. Safe to say, we have zero confidence in PENSCO's professional abilities. PENSCO's technical understanding and their ability to follow through has proven to be a material concern for us. The nature of the communication between us (my sister and I) and PENSCO brings up ethical concerns as the explanation for PENSCO'S failures do not appear to reconcile to the facts as we know them.
Because our experience(s) with PENSCO TRUST over the last years appears to be unprofessional throughout the application, distribution and interpretation of the laws and rules.
We have filed a SEC complaint requesting an investigation into the failures of PENSCO TRUST as it pertains to our ordeal. Which is ongoing.
SEC COMPLAIN FILED
Horrible. Stay away!!!
Horrible Customer Service
Dismal customer service, inaccessible by phone, exorbitant managent fees
Not helpful
My husband and I had accounts with Pensco for about 3 years. Not only were their fees very high but when we were closing out our accounts they delayed transferring our monies to our new IRA company for 4 months making us jump through hoops and causing so much red tape along with extra fees.
When we emailed and called the company to get things moving we could not get a call back from them. It was very frustrating indeed.
The only time they were helpful during our relationship was when we were depositing money into our Pensco accounts. I advise not to do business with this company.
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Verified Reviewer | Denver, ColoradoLost thousands
Pensco Trust Experience
High Fees!
The fees at Pensco are VERY high and have gotten worse since (I believe) they were purchased by another company. I closed my account and they got me one last time -- charging me $460 for the pleasure of not doing business with them.
They suck! The fees at Pensco are VERY high and have gotten worse since (I believe) they were purchased by another company. I closed my account and they got me one last time -- charging me $460 for the pleasure of not doing business with them. They suck!
The fees at Pensco are VERY high and have gotten worse since (I believe) they were purchased by another company.
I closed my account and they got me one last time -- charging me $460 for the pleasure of not doing business with them. They suck!
Preferred solution: Full refund
Are pensco and Morgan Stanley in bed together
My REIT II was transferred to Morgan Stanley along with other investment monies. After a couple of months and a lot of lost money.
Morgan Stanley transferred my REIT II to Pensco, without my knowledge. Once I found out, I tried to get my REIT II transferred. they told me it would cost $212 to get it transferred. The money was sent and the transfer request.
Well the $212 was placed in my account and I get another bill for $262. they still have not Transferred. Made calls no luck. I think we need to get a class action suit against all parties involved in this kidnapping.
that's right I said kidnapping. when your investment is held for ransom and you can't get it out. If this was a person then it would be kidnapping. Does anyone see anything wrong with this.
My money is held captive. The BBB needs to take another look at this company along with Lightstone and Morgan Stanley.
Run the other way from this company!
Preferred solution: Full refund
Pensco--Horrible company
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Agree, we have been experiencing similar issues with Pensco Trust Company
Pensco is well beyond lacking as a fiduciary with their operation clearly in the realm of criminal.