My wife was laid off in 2009. she had 72k in a roth 401.
Recieved a check for the money, and went to BOA. Opened a roth IRA (we thought). Couple years later we withdrew 10k for our sons college, and found out it was not a Roth but a traditional IRA. Notified BOA, they said oh sorry we will reclassify.
A cpouple years later we wanted invest the money in the stock market about 2014. found out that it was never reclassified so didn't invest it. Tried several times to get them to rectify, got lead on long wild goose chases, finally gave up about a year and a half ago. Why would they have put after tax money in a traditional IRA in the first place.
This money came out of a Roth 401. Had we invest in the total stock market fund, ( what we did with the other part) it would be double now.
They offered us no help at all. My wife has been a customer for over 40 years!
Reason of review: totally mishandling lifelong customer.
Monetary Loss: $5000.
Preferred solution: Let the company propose a solution.