Complaints

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

• Initial Complaint

  Date:11/08/2024

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I recently changed back accounts, and the Plaid system is not showing my bank in their system. Typically, when this is the case, I can link via manual deposits, but Alto has this feature disabled in their Plaid API... Please enable manual deposit linking for your system, so that I can link my account manually. OR, assist me with linking it yourself. Check deposits are not acceptable. Additionally, my previously linked Discover account, will now not link via the Plaid system either, despite it being linked with Alto for years. This kind of problem is UNACCEPTABLE for a financial institution/provider. Please advise.

  Business Response

  Date: 11/12/2024

  November 12, 2024
  
  ****** ******
  ********************************************
  **********************
  
  RE: BBB ID ********
  
  Inquiry/Complaint:
  
  I recently changed back accounts, and the Plaid system is not showing my bank in their system. Typically, when this is the case, I can link via manual deposits, but Alto has this feature disabled in their Plaid API... Please enable manual deposit linking for your system, so that I can link my account manually. OR, assist me with linking it yourself. Check deposits are not acceptable. Additionally, my previously linked Discover account, will now not link via the Plaid system either, despite it being linked with Alto for years. This kind of problem is UNACCEPTABLE for a financial institution/provider. Please advise.
  
  Answer:
  
  Hello Mr. ******************** you for your inquiry. As indicated by the Alto Customer Experience team in your most recent inquiry, Alto cannot offer an immediate resolution to your request. The concern has been escalated internally and the importance of finding a solution is a priority. However, we have confirmed that a check deposit is the only solution available, at this time.
  
  Sincerely,
  
  AltoIRA

  Customer Answer

  Date: 11/25/2024

  Solution unsatisfactory, but merchant making an effort to resolve.

• Initial Complaint

  Date:10/15/2024

  Type:Order Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  i utilized this company as a ********* to my investment in an oil company, it is a bond maturing in a few years, after investing and using this ********* they increased their fees boxing me in to pay them since the investment cannot be liquidated before maturity this alto ira ********* is well aware of this fact and is taking full advantage of it forcing us to pay their increased fees, with no choice

  Business Response

  Date: 10/25/2024

  Our records indicate that this customer opened an *** on March 29, 2022. He made a one-time investment in *********************************** 9% bonds on April 13, 2022. Since then, he has paid custodial fees to ******* over the lifetime of his investment totaling $685.03. Customer has received regular distributions of $37.30 monthly since the date of investment. While this customers custodial fees have gone down over the course of his investment, ******* makes no guarantees against fee increases. Lastly, AltoIRA makes transparent the illiquid nature of certain investments on the platform as the customer appears to be aware of.
  
  Thank you for your inquiry.

  Customer Answer

  Date: 10/28/2024

   
  Complaint: 22427049
  
  I am rejecting this response because:you have increased your fees and i have no way to reject or cash out of your custodial relationship

  if i had known you would be doing this before invested i would have gone elsewhere and not used you as a custodian
  
  Sincerely,
  
  **** *****

  Business Response

  Date: 11/05/2024

  Mr. *****,

  Every customer that opens an account with ******* is provided with a fee schedule and is required to review those fees and acknowledge receipt of the information before opening the account. The information provided states how the fees will be charged, that they are non-refundable, and that they are subject to change upon 30 days written notice. ******* does not guarantee fees will not change.

  Sincerely,

  AltoIRA

  Customer Answer

  Date: 11/16/2024

  the company's response is not acceptable

• Initial Complaint

  Date:08/23/2024

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I have an AltoIRA account and requested the funds be transferred to my ************* account. **** is refusing to transfer the funds stating my Fidelity account is not a bank account. However, my Fideltiy account is a bank account and they've taken money from that same account in the past. They're attempting to hold my funds to keep customers. I plan to sue them for damages. I would like my funds sent to my Fidelity account via wire ASAP at my cost to me.

  Business Response

  Date: 08/26/2024

  
  Inquiry/Complaint:
  
  I have an AltoIRA account and requested the funds be transferred to my ************* account. **** is refusing to transfer the funds stating my Fidelity account is not a bank account. However, my Fidelity account is a bank account and they've taken money from that same account in the past. They're attempting to hold my funds to keep customers. I plan to sue them for damages. I would like my funds sent to my Fidelity account via wire ASAP at my cost to me.
  
  Answer:
  
  Our records indicate that on August 21, 2024, ****************, hereinafter referred to as customer, submitted a request for a one-time partial distribution in the amount of $1,289.44 from his AltoIRA account to ******************** via ACH transfer. On August *******, after a thorough review of the instructions by *******, a representative reached out to the customer to confirm that ******************** was, in fact, the correct destination, as ******************** appeared to be the name of a banking service rather than the bank where the funds were to be distributed. Further, customer had provided a routing number associated with a different bank than ******************** (UMB Bank), creating an inconsistency in the instructions that needed to be reconciled.
  
  At this time, the customer demanded a wire transfer, rather than the original ACH request, which required a new distribution form be completed. Customer provided a new distribution form with an updated delivery method and routing number. ******* submitted the distribution request to Bank of America and the distribution was successfully transmitted to the new fund destination August 23, 2024, with AltoIRA covering the cost of the wire.
  
  AltoIRA is unable to provide the desired settlement requested on the BBB complaint of a refund, as the funds have been successfully distributed to the destination account per the customers distribution instructions.
  
  Thank you for your inquiry.

  AltoIRA

• Initial Complaint

  Date:10/09/2023

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I was recently looking into ******* as a custodian for my *** account. I contacted their customer support and was told that I could set up an account but didn't have to pay anything until I signed up for one of their payment plans. If I decided not to use their services then as long as I never signed up for a payment plan then I would never be charged. So I set up an account, which included inputting a lot of personal information. Ultimately I decided not to use their services and wanted to delete the account I set up. When I called customer support they said that in order to delete my account I would have to pay a $50 fee. I told them that this was never disclosed and I was encouraged to sign up as it was free as long as I never chose a payment plan.I feel like this is unethical and a way for a business to gain sensitive customer information and hold it hostage unless they pay a fee. I am requesting as a resolution for my account information to be deleted. Here is the company's website: ************************

  Business Response

  Date: 11/01/2023

  Alto Solutions, Inc. (Alto) is in receipt of customers complaint and has reviewed the matter. Complainant claims that an Alto customer support representative said that he could set up an account but didnt have to pay anything until [he] signed up for one of [our] payment plans. Complainant created an account on the Alto platform but did not fund his account nor select a payment plan.
  
  Upon review of Altos client relationship management tool, it does not appear that Complainant called, emailed, or otherwise contacted an Alto customer support representative prior to opening an account or after establishing an account on Altos platform. **** concedes that Complainant may have contacted an Alto representative from a phone number or email address other than the one used to register an account. If Complainant wishes Alto to explore the matter further, he is welcome to provide us with the phone number or email he originally used to contact a customer representative in the course of the communication in question. However, it does not appear at this time that our team had direct communications with the Complainant, nor has it received a request to close Complainants account.
  
  Importantly, customers agree to Altos Terms of Service upon registering an email address wherein Alto provides customers a link to its fee schedule and they acknowledge they have reviewed Altos fees. At the time Complainant opened an account, Altos fee schedule clearly disclosed that it will charge $50 to close a customers account. However, Alto charges customers its account closure fee if and only if a customer has funded an account. Because Complainant never funded his account, the account closure fee will not apply to his account unless he funds his account hereafter.
  
  Alto considers this matter resolved but welcomes the opportunity to provide Complainant with further clarification if he wishes.

  Customer Answer

  Date: 11/09/2023

   
  Complaint: 20706633
  
  I am rejecting this response because:

  Upon receiving Alto's response through the BBB, I reached out to Alto to have them delete my account.  The only action they took was to change the status of the account to "closed".  The account is still there, I can still log into it and all of my personal information is still there.  I have been emailing with *******************, Senior Client Operations Associate, and he is stating that per *** regulations they can't delete my account.  I asked for the *** regulations he is referring to and he will not provide it.  I can provide copies of the email exchange if requested.  I have asked again for Alto to delete my account and all of my personal information.
  

  Also, to clarify Alto's question regarding my phone number in their email to BBB I used a different phone number to call their customer service.  That phone number is ************.
  
  Sincerely,
  
  ***************************

  Business Response

  Date: 11/09/2023

  Complainant requests the statutory citation that requires Alto to retain a record of his personal data. Alto finds it unusual to expect customer service representatives to provide legal citations, or the interpretation thereof that are memorialized in its business practices and internal policies. It is common practice for financial institutions, among other non-highly regulated organizations, to interpret guidance from government agencies in order to satisfy the underlying policy concerns of an agency in relation to its business practices. To that end, **** has reviewed IRS publications and determined an appropriate record retention schedule for *** records upon an accounts closure.
  
  We further understand that complainant does not believe that an interpretation of IRS guidance applies to his account because his account remained unfunded prior to closing. Seemingly, client expects that an account closure should result in no longer being able to access his account. Alto has an interest in providing its customers continued access to their accounts upon account closure, and standardizing the processes related to that access. It is often the case where tax forms are not delivered to a customer until some time after an account is closed. Under those circumstances, a customer must retain access to their account. In an effort to streamline user experience, we allow this access to continue for all customers who have closed an account.
  
  Moreover, financial institutions must retain customer financial data in order to respond to regulatory requests, even after a customers request to close an account. We are mindful of complainants concerns over the use of his personal data, and we take the security of all of our customers data seriously. However, to ensure that we can prove to various regulators that accounts were opened and maintained correctly, we must retain each customers data after account closure.

• Initial Complaint

  Date:12/05/2022

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  This BBB case is entered to document the lack of progress on my transfer request since it is demonstrating the exact behavior of my last transfer situation with them. The excuse that it will take 3-4 weeks to 'process a check' is convenient for them but suggests an ongoing behavior that they view *********** as their own and create barriers for me to move my own funds.11/30/2022 - You asked if they had printed and mailed your check for this transfer yet and **************** acknowledged they had not but I could follow-up in a few weeks.11/23/2022 - Notified **************** at Alto that they had the transfer request. He said "because you requested a check, processing times are higher than usual and it will be processed in 3-4 weeks" I acknowledge this claim, but dismiss it based upon previous experience with Alto - I do not share this displeasure with them.11/22/2022 - My other custodian notified me that they had faxed Alto the transfer request at 17:27 Eastern.11/21/2022 - I submitted the Alto "Transfer out of Alto" request via their web site.

  Business Response

  Date: 12/12/2022

  For sake of clarity to the Better Business Bureau and its agents reviewing this matter, portions of the response will reaffirm various statements made in the Companys response to Complaint Case # ********.
  
  Alto Solutions, Inc. (Alto) is an administrator of *** services and maintains retirement accounts on behalf of *** account holders so they may invest assets in private placement investments and digital assets. Complainant is a customer of Alto who attempted to transfer $19,320.96, via check, to another provider of *** services. While Alto has made every attempt to provide timely responses to its customers emails, delivery of the check has unfortunately taken longer than the customer or Alto would wish.
  
  Alto maintains bank accounts holding customer funds with a third-party banking partner: ****************** Customer requests for fund transfers via check must first be processed by Alto, and then separately processed by ****************** After processing, checks are distributed directly from ****************** Typically, the entire check request process takes **** days. However, upon requesting the current transfer via complainants other *** providers paperwork on November 23, 2022, an Alto customer service representative informed complainant that the check request would be delivered in 3-4 weeks.
  
  Unfortunately, processing times are currently longer than usual and our standard processing time has been delayed. We have notified our customers of these delays as they have requested checks and are attempting to facilitate the process as best that we can. Based on our third-party banks delivery schedule, the complainants check is scheduled to arrive on or about December 19, 2022.
  
  We want our customer to be heard and assure him that we value his relationship with our company. One of our Directors will be in touch with him shortly to further explain the situation.      

• Initial Complaint

  Date:10/03/2022

  Type:Customer Service Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  On 9/12/22, I filled out a transfer form with Alto to transfer ********* of my *** cash to ***** *************. On 9/13, Alto contacted me and said I was required to have ***** initiate the transfer and so I immediately contacted them to do so and they confirmed they did so via fax. On 9/21/22, I checked the status of my transfer and within my Alto account, the funds still had NOT been sent via USPS as I had requested. I called to find out what was going on and Alto confirmed they received the fax request on 9/13 and it was on oversight so the check would be going out ASAP. On 10/3/22, I contacted ***** to confirm they received the check and they had not. They said they followed-up with ******** at Alto today to check on status and was told to expect the check by 10/13/22. If they actually sent the check on 9/21, the check should have arrived with ***** by now so I'm not confident they are properly handling my transfer request at this point.

  Business Response

  Date: 10/14/2022

  Business Response /* (1000, 9, 2022/10/12) */ Alto Solutions, Inc. (Alto) is an administrator of IRA services and maintains retirement accounts on behalf of IRA account holders so they may invest assets in private placement investments and digital securities. Complainant is a customer of Alto who attempted to transfer $********* to another provider of IRA services. While Alto has made every attempt to provide timely responses to its customer's phone calls and emails, delivery of the check was delayed due to processing errors. Alto maintains bank accounts holding customer funds with a third-party banking partner: *****************. Customer requests for fund transfers via check must first be processed by Alto, and then separately processed by *****************. After processing, checks are distributed directly from *****************. Typically, the entire check request process takes 7-10 days. On September 21, 2022, Alto initiated its process to deliver a check to customer's successor custodian. However, due to a processing error the check was not sent to the customer's receiving IRA account. Then, on October 3, Alto reinitiated its process. According to our records, the check had an estimated delivery date of October 12, 2022. Typically, when a customer requests a transfer of funds on Alto's platform she receives an automated email explaining the estimated processing timeline for each transfer method (e.g. check, ACH, or wire). According to our Client Relationship Management tool, Customer did not receive such email when she initiated her transfer. We hope that our customer understands that the content of this email would have provided greater clarity over her particular situation and that we will attempt to understand why she did not receive this communication. Consumer Response /* (2000, 11, 2022/10/13) */ (The consumer indicated he/she ACCEPTED the response from the business.) The issue is resolved because today the check was received by *****. I received a call this morning from **************, who is a front-line money transfer rep for Alto and I appreciate he was pushed in front of his management to represent the company; he did a good job and I appreciated the position he was put into because that call was above his pay grade, in my estimation, and leadership should have owned that. The explanation that Alto put into this *** case is standard corporate fare and does little to build confidence that they actually take accountability for the failed processes. To restate the issue clearly, it took a total of 30 days for the check to arrive from my original request, and that includes me being required to bird-dog Alto the entire time. So no, I reject their explanation but I'm not asking for anything different or better.

• Initial Complaint

  Date:07/11/2022

  Type:Customer Service Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Alto*** received a five figure *** transfer from my institution and communicated they voided and shredded the check, supposedly due to envelope damage, upon receipt. For the last month (June 9th) my institution has tried to get them to fill out an affidavit so they can cancel the check and get my assets back to my account. My institution is getting the run around with transferred calls, dropped calls, ignored emails, and no call backs. The stress involved with having five figures of your retirement in limbo is extreme.

  Business Response

  Date: 07/28/2022

  Business Response /* (1000, 5, 2022/07/22) */ Alto Solutions, Inc. dba AltoIRA is in receipt of the customer's*********************** complaint, *** Case#: ********. AltoIRA confirms the accuracy of the consumer's case description insofar as AltoIRA 1) received a check to be deposited into the consumer's IRA account; 2) received the check in a damaged state; 3) destroyed the check due to concerns with check tampering; and 4) received an affidavit from the consumer's sending bank to confirm the check was destroyed and that the bank should reissue a check to the payee. Delays in completing the Affidavit, as provided by consumer's bank, were due to issues of control over the sending institution account. AltoIRA contends that the consumer's bank should have relied on its customer to place a stop payment on the check. Once the check payable to the customer's account with AltoIRA was cancelled, the client should have been able to request a new check, or reissue the same check, to complete a transfer to his IRA. Being mindful of the delays the customer experienced, AltoIRA completed the provided affidavit on July 12, 2022. The consumer's desired resolution states: "Communicate with my institution and provide the affidavit needed to have my funds restored." Since the affidavit has been provided to the consumer's bank, AltoIRA considers the customer's complaint to be resolved. We understand the frustration experienced by the customer and he has our sympathies. Inefficiencies in the financial industry are problems that we, as a FinTech company, hope to solve for all of customers. Especially in circumstances like these when multiple institutions are attempting to communicate with each other.