We have reviewed and resolved the complaint with the customer, and ensured that the funds were sent back to the customer's bank on November [redacted], 2016.
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me and the matter has been resolved.
Sincerely,
[redacted]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID# [redacted], and have determined that my complaint has NOT been resolved because:
[Your Answer Here]
It is a problem of the platform where the following year is a selection default. It reverted back to this default despite selecting the desired year. This is the major reason why this happened. Second, I don't remember receiving a "follow up" notification. If I did, this wasn't clear. Lastly, other custodians have a mechanism to fix this issue, even after a cutoff date and having submitted the information to the IRS. The IRS also specifies that custodians (i.e. Betterment) can MANUALLY correct these issues IF IT DOESN'T NEED TO/CANNOT be done electronically. Hence, it is the responsibility of the custodian to have a corrective mechanism in place of the agree to handle clients retirement accounts. This is not an inconvenience. It's a custodial lack of responsibility.
In order for the Revdex.com to appropriately process your response, you MUST answer the question above.
Sincerely,
[redacted]s
We have reviewed and resolved the complaint with the customer, and ensured that the funds were sent back to the customer's bank on November [redacted], 2016.
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me and the matter has been resolved.
Sincerely,
[redacted]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID# [redacted], and have determined that my complaint has NOT been resolved because:
[Your Answer Here]
It is a problem of the platform where the following year is a selection default. It reverted back to this default despite selecting the desired year. This is the major reason why this happened. Second, I don't remember receiving a "follow up" notification. If I did, this wasn't clear. Lastly, other custodians have a mechanism to fix this issue, even after a cutoff date and having submitted the information to the IRS. The IRS also specifies that custodians (i.e. Betterment) can MANUALLY correct these issues IF IT DOESN'T NEED TO/CANNOT be done electronically. Hence, it is the responsibility of the custodian to have a corrective mechanism in place of the agree to handle clients retirement accounts. This is not an inconvenience. It's a custodial lack of responsibility.
In order for the Revdex.com to appropriately process your response, you MUST answer the question above.
Sincerely,
[redacted]s