When will I be charged the monthly wrap fees?
Honest Dollar will charge the monthly wrap fee at the end of each quarter (every three months).
For individuals, Honest Dollar will start charging the monthly fee after your retirement account has been funded. This monthly fee will be deducted from your retirement account. For example, if you have one Honest Dollar active account (an account in which you have started to contribute) instead of charging you $3 each month for the first year, you will be charged $9 every three months, less any applicable discounts.
For employers, if you decide to pay the monthly fee for your employees’ retirement account, Honest Dollar will charge the monthly fee only for employee accounts that have been funded. You will pay the wrap fee for one retirement account for each employee. If an employee opens an additional Roth or Traditional individual retirement account, they will pay the wrap fee associated with this account. If you have already established, or decide to offer SEP IRAs for your employees, you will pay the wrap fee associated with the SEP IRAs. The monthly fee will be charged to your credit card on a quarterly basis.
Participating employees will bear the additional fees and expenses for the underlying investment products and any other costs associated with the program.