My Lending Club IRA and custodial account with Strata Trust
are now both closed. I can’t say I’ve received any official confirmation from
either, but I’ve withdrawn all my funds. Lending Club still shows the one very
late note, but I did submit the paperwork to forfeit all notes. Strata Trust
sent me my last check and shows a zero balance.
I began the process by submitting the appropriate form to
Lending Club on Wednesday, April 25th. They acknowledged receipt and
sent it along to Strata. I didn’t hear anymore from either and a week later I
called Strata. They seemed totally unaware of my submission. When prompted they
located the paperwork and indicated they would process it. I got the final
check on Monday, 13 days after the submission. There was a $50 fee from Strata
for terminating the account.
I am quite happy to have this behind me. I spent too much
time tracking the Lending Club account. Dealing with Strata wasn’t particularly
easy. I’m glad my wife won’t have to deal with this when I’m gone.
I will followup with a post reviewing my history and rate of
return with Lending Club. I also plan on posting my views of using Lending Club
as an investor. Follow me on Twitter, @billlanke, to know when these are
posted.
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