Custodian Fees - Are These Normal? Feeling a bit fleeced…

Robert Thompson

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🥇 Gold IRA

Custodian Fees - Are These Normal? Feeling a bit fleeced…

robert_thompson💰Established (100-250k)

about 4 hours ago

Key Takeaways

•I rolled over about 150k from an old retirement account back then into my Gold IRA, splitting it between gold and silver, mostly bullion.
•I’m up to around 200k now, which is great, especially living here in Phoenix where every penny counts with the rising cost of… well, everything!
•My question is about custodian fees.

The 3-step rollover process explained

Okay, so I’ve been with my current Gold IRA custodian for a good few years now, ever since I really started getting serious about physical gold after the '08 crash wiped out a chunk of my 401k. I rolled over about 150k from an old retirement account back then into my Gold IRA, splitting it between gold and silver, mostly bullion. I’m up to around 200k now, which is great, especially living here in Phoenix where every penny counts with the rising cost of… well, everything!

My question is about custodian fees. I'm currently paying a flat annual maintenance fee of $250, plus a separate storage fee that depends on the value of my metals, which works out to about another $100-$150 annually given my current holdings. So, all in, I’m looking at around $350-$400 a year just for the privilege of keeping my gold in a vault and having someone administer the account. It felt reasonable enough when I first set it up, but now, as a retired teacher living on a fixed income, every dollar spent feels magnified.

I’ve been poking around online, and some companies advertise much lower flat fees, or fees that only kick in after a certain asset value. Is what I’m paying out of the ordinary for a portfolio of my size? Are there better options out there for a Gold IRA custodian that someone with a similar portfolio size might recommend? I’m all about protecting my assets, but I also don’t want to be overpaying for a basic service if I don’t have to.

What are your experiences with custodian fees? Have any of you switched custodians to save on fees, and if so, was it a huge hassle?

3 comments

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Best Answer▲ 8 upvotes

catherine_bell🏆Advanced (250-500k)

Hmm, I hear your frustration, but "fleeced" might be a strong word. While no one wants to pay fees, sometimes you get what you pay for. A higher fee could mean better security, more robust insurance, or even just better customer service when you actually need it. Have you actually compared what you're getting versus what a cheaper custodian offers beyond just the fee schedule? It might not be apples to apples.

Comments (3)

kenneth_parker💎Premium (500k-1m)Real Investor✓ Verified•less than a minute ago

Ugh, I feel you on this one. I had a similar experience with a previous custodian a few years back. The fees gradually crept up and I didn't really notice until I did a deep dive into my statements one quarter. It wasn't quite "fleecing" but it felt a bit like they were taking advantage of my inattention. Definitely worth shopping around!

michelle_collins🏆Advanced (250-500k)Real Investor•less than a minute ago

Hey, I hear you on the fees. It's always a bit jarring when they add up. You mentioned you rolled over about 150k initially, do you recall what that original fee structure looked like compared to what you're seeing now?

catherine_bell🏆Advanced (250-500k)Real Investor•less than a minute ago

Hmm, I hear your frustration, but "fleeced" might be a strong word. While no one *wants* to pay fees, sometimes you get what you pay for. A higher fee could mean better security, more robust insurance, or even just better customer service when you actually need it. Have you actually compared what you're getting versus what a cheaper custodian offers beyond just the fee schedule? It might not be apples to apples.

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