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    Merchants Bank

    2.3 (3 reviews)
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    Rex Running - Ameriprise Financial Services

    Rex Running - Ameriprise Financial Services

    (1 review)

    Further update. I am FINALLY able to get out of the "alternative investment product" (Highlands…read moreREIT) sold to my father and inherited by me after his death (earning Ameripreys agents a commission) as an investment product for retirement income. Highlands as a company is already very suspect (CEO earns a handsome bonus every year yet the REIT generates no income for investors). It's amazing how unscrupulous Ameripreys (intentional misspelling since the company preys on potential investors) is in peddling its products. Motivated more by commissions than any sense of fiduciary responsibility. In any case, after repeated phone calls and inquiries about my account (the fees being charged were soon to be greater than the Highland REIT's value), I finally was told that the funds could be transferred to Computershare. This was not an option in any of my previous inquiries. Meantime, Ameriprise continued to assess at least $200 in fees for a REIT that I was unable to liquidate. I have requested that at least the fees be waived since I was not told about the option to move shares to Computershare in previous inquiries. They also waived fees for my sister, who held the same funds (we inherited this REIT from my father). The company has declined that and claimed that they have no responsibility to find alternative places to hold my crappy REIT ("I am sorry to hear about your negative experience with this REIT, but it is not our job to find an alternative place for you to hold this REIT (Ex Computershare)." It may not be your job but withholding information about an option that was ultimately available is just shady business practice. Just google "ameriprise sucks" to see other reviews about the company. They're notorious. I never have such issues with Vanguard and TIAA, which are handling my retirement accounts now. Avoid Ameripreys at all costs (literally). Now, I'll await my next letter from a company VP.

    Merchants Bank - banks - Updated May 2026

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