Those worried about hidden fees in their retirement accountsmight want to investigate FeeX, a service that was launched in the U.S. this spring. Free at the moment, eventually the company plans to introduce optional premium services for which it will charge.
Founders Yoav Zurel, David Weisz, Eyal Halahmi and Uri Levine — Levine being the cofounder of map software provider Waze, which was sold to Google last year for $1.1 billion — brought the new company to the U.S. to pursue its larger market. FeeX began life in Israel in mid-2012.
“Fees can drain a third or more from a typical retirement savings plan, with average American household unknowingly paying $155k in hidden 401(k) fees over a lifetime,” FeeX says in its press materials.
However much fees are eating into accounts, that’s certainly a powerful argument for people to search for a more economical way to save for retirement, and FeeX claims to be that way, going so far as to style itself the “Robin Hood of fees.”
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“There’s a failure of transparency in the market and we’re working to expose that – one fee at a time – giving users the tools they need to understand where their money is going and how to avoid each and every fee,” Zurel said in a news release.