Consumer complaint received 2022-03-30
Company: PACIFIC PREMIER BANCORP, INC.
State: WA
Product: Checking or savings account
Sub-product: Other banking product or service
Issue: Managing an account
Sub-issue: Fee problem

Complaint:
I originally learned about XXXX when seeing a simple ad in my XXXX advertising a 3.5 % yielding money market fund. In hindsight, I should have avoided this company as it seemed to good to be true. Turns out it was. 

I signup for a Roth IRA with them and decide I'm going to be investing {$1000.00} a year while I keep contributing {$5000.00} a year to XXXX which will still be invested in the stock market ( this is important as you will see later ). 

The rep from XXXX XXXX was very nice and sent me a form I needed to fill out to do my initial {$1000.00} contribution. The form was with their banking partner, Pacific Premier Trust. I fill out the form and ask if I'm going to have to fill out this form for every {$1000.00} contribution and I'm told they can setup auto ACH from my bank account, which works well. 

So now I have filled out the forms, submitted cancelled checks and I ask XXXX XXXX what fund I need to buy on their website for the 3.5 % money market fund ( or if my idle cash will simply earn 3.5 % ) and I'm told that the 3.5 % fund is not for IRA accounts and you need to be an accredited investor ( with requirements that are significantly higher than I'm comfortable parking with XXXX XXXX ). The only fund you can invest in is their " XXXX '' Fund which owns artwork and other alternative assets, certainly not an asset class I want included in my IRA and a far cry from a 3.5 % yielding money market fund that was advertised. So fortunately my account was showing a {$0.00} balance and I tell XXXX XXXX to cancel my account being setup and they oblige. I thought I was done with XXXX XXXX. Turns out this was just the beginning. 

Despite my account having a {$0.00} balance on their website and my email chain clearly confirming I don't have an account with them I start getting statements in the mail from Pacific Premier Trust. I found the statements odd, I don't recall ever having an account with them so I ignore them for a few months. 

Then I realize my bank account is being debited monthly into a Roth IRA with Pacific Premier trust and adding insult to injury this is causing me to make excess contributions to my Roth IRA. I contact XXXX XXXX and I'm advised that yes, the money is being withdrawn as I setup automatic withdrawals and even though the XXXX XXXX site shows a {$0.00} balance, it is going into an account with Pacific Premier, despite the fact that I didn't want to invest and withdrew my consent to invest.

I've now gotten ahold of Pacific Premier, I'm going to eat the 6 % IRS penalty for the excess contribution and now Pacific Premier advises me that there's a {$270.00} account closure fee! This is on a $ XXXX balance at this point, quite excessive if you ask me. 

I would encourage anyone investing their money avoid companies like XXXX who hold your money at another entity and who may charge fees totally undisclosed on their site. I would also encourage anyone who happens to be an accredited investor to avoid the 3.5 % money market fund after the paperwork nightmare I've documented here.

Company response to consumer: Closed with explanation