Author Topic: Prosper custodian and fees  (Read 3556 times)

jdrean

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Prosper custodian and fees
« on: July 26, 2015, 10:17:33 AM »
1. Have $10k in prosper IRA account with Millennium Trust and it looks like they starting charging a $50 annual fee in 2015.  It this true ? Does Proper charge any fees for accounts over $19k
2.  MT has not been transferring my funds per Investment Directive in a timely manner.  I finally learned that one can email directly to MT (as opposed to sending first to Prosper and then to MT and then to your IRA custodian and back to MT and finally to Prosper). But on 2 separate occasions, I had call MT and had to resend my Investment Directive.  Also, once MT obtained my cash, then it took 4 to days day for MT to credit to my Proper account.  Is this normal? 


TWLMG

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Re: Prosper custodian and fees
« Reply #1 on: July 26, 2015, 06:38:49 PM »
1)   Is all of the $10,000 IRA invested in Notes and not sitting in cash? Prosper says that they will pay all fees if the $10,000 IRA is invested in Notes, https://www.prosper.com/about/media-room/press-releases/prospercom-brings-consistent,-high-yield-1046-returns-to-iras/.
2)   Also, how did you know you were getting charged a fee? Did it show up on your Prosper.com account page, did you get an email or postal mail from MT or Prosper or something else?
3)   If there are still IRA fees, of any kind, from MT or Prosper, Im sure wed all like to know that.
4)   I also have MT as my IRA custodian and was not at all happy with the process of opening it up earlier this year. It took a month from when I sent my paperwork and check to when it showed up on Prosper. I chalked it up to the process of opening the account, but with your experience, it just may be the norm.
5)   I was very interested in others experience with Prosper IRA custodians when I started, but had trouble finding any useful info. I posted a question on the form to gather info for me, as well as others that come along later, but I got very little feedback. (http://www.lendacademy.com/forum/index.php?topic=3149.0) Anything anyone can add to this will be helpful to all.

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jdrean

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Re: Prosper custodian and fees
« Reply #2 on: July 26, 2015, 07:57:33 PM »
On 6/12/2015, MT appeared to charge me ($50) for annual fee under "Transaction" tab.   Per link below, MT has a new fee schedule, effective 1/1/15 (changed annual fee from 300 to $350 and I believe Prosper pays the $300).  So, I am not sure what is going on.

http://www.mtrustcompany.com/CorporateSiteASPX/media/MTCMediaLibrary/PDF%20-%20Marketing/Special%20Announcements/Web-Communication---Fee-Change-%282%29.pdf

jdrean

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Re: Prosper custodian and fees
« Reply #3 on: August 06, 2015, 09:09:34 PM »
I just found out that Prosper paid this $50. fee for me on June 12.  I have $10,000 in notes in Prosper.