I wanted to open an IRA. I told the representative I wanted to bring my husband back to look at documents before I signed anything. We played telephone tag once and then no one returned my calls for weeks until the manager finally called to insist I come in that day to sign the documents. I told them I could not make it and would go in the next day... The representative and manager were not in the next day and no one could find my documents... After a bit of back and forth over the next few days, I looked online and they went and opened an IRA which was showing with my accounts.
I had had enough and I finally went in to close all my accounts and the manager had me sign a form for the IRA which stated premature disbursement of funds. I told her that did not seem right and I should not have to sign anything to close something I did not open, but she insisted it was what was required to return the funds to me and it would not matter because not enough time had gone by for anything to "stick". She assured me it would never even make it to the IRS. She refunded me the money from the IRA (which showed in my accounts as having $5000.13 in it now) along with the money from my other accounts.
I then received a phone call later from the manager stating that the $5000 they gave me was never mine and the IRA was never funded - they gave me their money and they wanted it back NOW. We were worried about the IRS coming after us and wanted something in writing stating the bank messed the whole thing up but she would not write a letter (because she may lose her job over this). We took the printouts she gave us and went to another branch and we worked it out and yes they gave us $5000 of their money. We told them we needed a few days to get it as the bank I was now dealing with did not have checks for me yet and they had us missing work etc. To fix THEIR problem so we needed a couple of days.
Shortly after, I was told that they were going to debit my checking account within a few days (had a little bit left in there to cover final checks) and so we scrambled to get the money in. They swore it would never get to the IRS as it was never funded (do have something that states that, along with a letter saying I never signed the documents to initiate the IRA), but now I just received a 1099 tax form in the mail which shows premature disbursement of $5,000.13. I called the 2nd branch again and she swears she just needs to complete a form and send it in and they will correct it to reflect $0.in short, I have a 1099 tax form that shows a premature disbursement of $5,000.13 that was never mine from an IRA that was never funded.
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