ComplaintsforAST Trust Company (Canada)

• Initial Complaint

  06/04/2022

  Complaint Type:

  Customer Service Issues

  Status:

  Resolved

  More info

  A year ago I asked the Company to transfer the ownership of shares from ***** ** **** (my wife) to that of the Hood Family Trust. I provided all of the documents requested by the Company, some were returned without explanation. Many letters and emails have been exchanged to no avail. The shares owner died recently, I have notified the Company requesting information on how to proceed given the change in circumstances. An email response indicated a further response would be forthcoming in 5 to 7 days. That was 46 days ago. Before the owner's death, I had her Power of Attorney, I am the Trustee of The Hood Family Trust and I believe, the survivor beneficiary of the shares

  Business response

  26/04/2022

  I apologize for the delay in our response.  AST Trust Company (Canada) was acquired by *** ***** ******* and amalgamated with *** ***** ******* as of September 1, 2021. .  **** ****** is no longer an employee of *** ******  I will get back to you in the next few weeks with a contact at *** ***** so that we can respond in a more timely manner.
  
  
  We have assigned the Supervisor, Investor Correspondence to work with ** **** on the transfer of the shares.   Attached is our response to ***** *****

  Business response

  03/05/2022

  *** **** was contacted by the Supervisor, Investor Correspondence on Friday April 29th.  During the call *** **** was advised of the requirements for obtaining a replacement share certificate and the requirements to transfer the shares into the family trust.

   

   

  Customer response

  27/06/2022

  
  Better Business Bureau:

  Good morning,

  Thank you for your and BBB’s help in my case involving *** **** ********* **. The case has finally, after 18 months, been resolved to my satisfaction.

  This would not have happened without your help, the service provided is/ was appreciated.

   

  ********** ** ****** *****

   

• Initial Complaint

  02/12/2021

  Complaint Type:

  Delivery Issues

  Status:

  Answered

  More info

  My spouse passed away while owning shares in ****** and **** ************** held at AST Trust. The share certificates could not be located. All appropriate documents to reissue share certificates and transfer into my name were received by AST Trust on July 26th, 2021. ****** **** tracking # ****************. This included 4 certified cheques. Payable to ****** ***** & **** ******* Amount $55.04 Re : **** ************** Class B Shares Amount $231.95 Re : ****** ************** Class B Shares Payable to AST Trust Company (Canada) Amount $141.25 Re : **** ************** Class B Shares Amount $141.25 Re : ****** ************** Class B Shares On July 29th, my representative contacted AST and was told the process would take 4-6 weeks. On Aug 24th my representative was told that all documents were in good order and the transaction would be complete in 1-2 weeks. On Sept 22, Crystal from AST told my representative that it has not been completed and she will escalate and to expect a response in 5-10 days After several attempts my representative received a call back on Oct 8th from a team leader Fouad who said they would escalate to another team lead and return call within 48hrs. On October 12th my representative was told they couldn't find the documents and to email a copy in. A few hours later Fouad called again saying they did have the documents and don't email them in. Several more attempts at contact have been made and the answers vary between 24-48 more hours to 5-10 days. Often calls and messages are not returned and another attempt needs to be made. In the meantime my ****** shares have declined by 20%. It has been over 18 weeks since AST received the paperwork.

  Business response

  10/12/2021

  AST Trust Company (Canada) was acquired by *** ***** ******* and amalgamated with *** ***** ******* as of September 1, 2021. *** ***** ******* (“****”) acknowledges receipt of the documents to replace and transfer the ****** ************** Inc. shares and **** ************** Inc. shares submitted by Mr. ******* **** ****.  We apologize for the delay in completing the transactions.  The replacement of, and transfer of the ****** ************** Inc. and **** ************** Inc. shares has been completed, and the shares are enroute to Mr. **** by courier for receipt early next week.  We now consider this matter now closed.

• Initial Complaint

  08/10/2021

  Complaint Type:

  Customer Service Issues

  Status:

  Resolved

  More info

  I am the executor for my fathers estate and I am unable to get AST to sell his *** shares for distribution back to the estate. The first paper work was rejected, I resent the corrected paper work and have confirmation of delivery from ****** ****. I have been trying to reach them for over 2 months and all I get are automated response that someone will return my call within 5 business days. It has been 14 days since my first automated response and still nothing. The paper may or may not be OK but I have no way of knowing because I can not speak to anyone live or get a return call or email.

  Business response

  15/10/2021

  AST Trust Company (Canada) (“AST”) received Mr. ********’s submission to sell the estate shares in *** and are processing the request after the upcoming October 15th dividend due to a blackout period.  AST emailed him on October 12, 2021 to confirm AST will be processing his request after the dividend date (on October 19th).  Mr. ******** filed a complaint with *** on the October 7, 2021 and **** from *** advised him of the status of the submission on October 8, 2021.  Mr. ******** replied back to AST on October 12, 2021 and confirmed that *** provided the information he wanted.
  

  Customer response

  15/10/2021

  
  Better Business Bureau:
  
  I thank you for your assistance and accept the response. I assume the payment will be made on the 19th as they state but hope that I can still re-open the case if payment is not made as stated.

   

  
  Sincerely,
  
  ****** ********

   

• Initial Complaint

  01/10/2021

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  I have been trying to get *** **** common stock, held with AST Trust, transferred from my Mother's estate. I have emailed, telephoned repeatedly since June, 2021 and sent documentation and certified checks via trackable **** mail. I was told that after receiving the checks and documents that it could take up to 60 days to process this transfer. The documentation was delivered on July 27th, 2021 to their Montreal address. On the 60th day I contacted AST Trust by phone and was told they had no information about this stock transfer and that it would take 15 business days to find that information. Additionally it would take up to another 3 months to process. Their customer service staff has been evasive and unhelpful to my requests for assistance and information on this transfer.

  Business response

  27/10/2021

  AST Trust Company (Canada) (“AST”) acknowledges receipt of Ms. *******’s estate transfer documents related to the estate’s *** **** shareholdings.  AST apologizes for any delay in responding to Ms. *******’s request.  Ms. ******* was advised by email on October 21, 2021 that although the estate transfer documents were not in good order, AST was going to make an exception and process the transfer of the shares to the beneficiaries and DRS statements would be sent to each beneficiary showing their shareholdings once completed.  On the same day, AST processed the replacement of the missing share certificate and transfer of the shares to the three beneficiaries and sent out DRS statements to each beneficiary. Therefore, AST considers this matter closed.

  Customer response

  27/10/2021

  
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  ***** *******

*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. ↩