Alto

If you enjoy endless waiting, vague emails, and the thrilling sensation of your retirement funds trapped in digital limbo -- congratulations, you've found your dream platform. Alto does not move money out easily. Judging by the other review, and my own experience this directive probably comes from the very top, like top toppy top of the company's leadership. Think Wells fargo minions running scared and opening illegal accounts under customers names without being requested or without consent even. Better luck can be found wrestling a raccoon for meat. Like, why did I think I could come on top of this? It's crouched in a dimly lit alley behind a Waffle House, eyes twitching, teeth visible, clearly mid-battle with a discarded chicken wing -- and somehow I thought, Yeah, this seems like a solid place to put my retirement money. Ten minutes later, I've lost a shoe, gained tetanus, and are screaming at a CVS pharmacist about expedited rabies vaccines. That's the emotional arc of using Alto -- but with more paperwork. Keep your retirement funds far, far away until they learn how to behave like a real financial institution -- not like a sketchy side quest dreamed up by someone who's watched too many entrepreneur youtube clips and thinks being a "gangsta founder" means moving fast, breaking things, and then leaving everything broken and everyone broke. Another reviewer mentioned how to complain to the government -- This might be one recourse. Google for Tennessee Department of Financial Institutions and locate the consumer complaints link.

I was one of the Lending Club customers who had my custodian changed from STRATA to ITSC, then again from ITSC to Alto IRA when Lending Club stopped allowing retail investors to invest in consumer debt/loans. I didn't pay attention originally, and didn't activate my Alto IRA account when they first sent out notifications. There was some weirdness with the transfer to Alto IRA, but the money showed up in the Alto account, so I didn't worry about it. Once all of the loans I was invested in were paid back, I logged in to Alto and tried to initiate a transfer to a different custodian where I have other retirement money, and Alto told me there was no money in the account, and that there never had been, even though I could see a number of transfers into the account on past statements. They told me to check with Lending Club. I thought I was screwed and was going to have to start filing complaints and opening cases, etc. I thought there was no way I was going to get my money back in a timely manner. I logged into LC and told it to transfer everything to Alto and started getting really worried because once the money left (almost immediately), LC didn't show any transfer of funds or transaction history or anything. After 2 or 3 days, the money did show up in the Alto account, so I immediately initiated a transfer to my other custodian. After a day, my custodian told me everything was with Alto, but I couldn't see any status on Alto's website, so I emailed them and got a response back about a day later. Eventually, I got a status that my transfer would be completed around March 20, but no other communication, so I was still a little worried. Last week, a week before the status message said the transfer would be complete, it went through! I got a $100 charge for an annual fee, stating it was for last year, so I emailed customer service again and they reversed that fee. All in all, I expected this to be a horrible experience, and the information on Alto's website regarding the transactions could have been clearer, but I was pleasantly surprised by the outcome. This experience was quicker, easier and more pleasant that I anticipated and, even though they have pretty bad reviews historically, I would consider them in the future if I decide I want to have alt investments in my IRA.

Since Alto became the custodian for Lending Club IRA accounts it has been a disaster. First the accounts were inaccessible for weeks due to them being hacked (for which I sure don't hold them responsible.) However, since then the customer service has been terrible. It takes many business days before money transferred into Alto show up in my account. It takes many weeks to try to get money transferred out of my Alto account to other institutions. When I ask them about it they have repeated lied as to when the money would be transferred. Most of the time they won't answer the phone. My whole experience with them has been frustrating and downright terrible.

What a terrible service. LendingClub automatically moved my IRA funds in without getting my permission. In order to wire my funds to another custodian they require that I provide a credit card and then immediately charged me $100. They also charge a fee to close the account and to wire funds out. They are also raising their fees to $100/quarter. I think it’s going to cost me at least $200 just to get my money out. I can’t even say I regret picking them since I didn’t. I regret picking LendingClub. I guess it isn’t surprising that LendingClub picked these guys.

I have had a great experience with Alto. I did extensive research for the best Crypto IRA and they by far had the best/lowest fees. I have had no issues using them and would recommend for anyone looking for a Crypto IRA. Looks like all of the 1 start reviews are from a miscommunication from LendingClub and Alto's alternative (non crypto) IRA. I have no experience with this but once again for Crypto I would highly recommend Alto.

Like others, I never signed up for Alto IRA but rather my Lending Club account was transferred to Alto IRA. I immediately regretted it, as my Lending Club account was "free" in that there was no monthly/annual fee. But Alto immediately started charging me for there $100/year plan. I complained and they told me they waived the first year for Lending Club users and I just had to pay now and they would reimburse me. It took me THREE MONTHS of following up every 2 weeks to get reimbursed. Every time the guy responding told me it would happen very soon. Now that my account has fully dispersed into Alto, I can close it and be free. But of course on my way out, they're trying to charge me a $50 fee for closing. I NEVER SIGNED ANY AGREEMENTS WITH ALTO. LET ME GO. (for free)

Alto became the custodian for my Lending Club IRA. I submitted forms to transfer the IRA to another custodian. On November 29, Aaron sent me an email stating that he had requested a check be sent to my new custodian. On December 20, I sent an email asking if the check had been mailed and, if so, what date it was mailed. Carson replied that the estimated delivery date was that day -- December 20. The funds arrived at my new custodian on December 27. An image of the check was posted to my account. It was dated December 20 (see photo). They didn't even cut the check until I contacted them to find out why the money had not yet arrived.

Without question the most horrific custodian I have ever dealt with personally or professionally. They received $19,000.00 of my money from an investment and did not credit my account. In fact they still have not and its been over three weeks. Essentially they keep your money in an ops suspense account until YOU reach out to them and tell them how to allocate it for tax purposes. I assume the IRA and OCC are well aware of these sloppy operations. Again use them at your own risk. My investment was NOT even crypto...a simple VC investment was beyond their skill set.