After over twenty years, I liquidated a small IRA. I was told the current value of the account and specifically asked if there were any fees or hidden costs associated with the withdrawal.
I was told there would be no additional fees or costs. The funds were direct-deposited into my checking account minus $75. I called and was told this was either an annual fee or a close-out fee and would not be refunded.
Besides paying an exorbitant annual fee relative to the value of the account, these last minute, arbitrary and unspecified charges are fraudulent and a bad business practice. UBS should not be able to bilk the consumer so readily and should be avoided.
Product or Service Mentioned: Ubs Account.
Monetary Loss: $75.