Customer ReviewsforPENSCO Trust Company

In December 2012, my husband (now deceased) and I purchased a real estate investment in ************** which we funded using monies from both of or *** accounts and a capital contribution from my savings. Since this investment contained *** funds, we were mandated to have it administered by a custodian, a function for which we selected, Pensco, now Pacific Premier Trust.The funds used were: 50% from my ***********************, 23% from my *** and 27% from savings.After the death of my husband in 2018, the *** accounts were combined in my name.Upon the sale of the property in November 2020, I requested that 73% of the funds realized from the sale be sent to the institution which holds my *** and 27% be sent to me. This 27% had already been taxed as regular income. The problem arose when PPT issued me a 1099R stating that the entire amount of funds realized in the sale were *** funds, meaning that the 27% sent directly to me were viewed as a withdrawal subject to taxation. Plees to PPT to issue a corrected 1099R were met with the demand that I put my request in writing in the from of an email. Such written request was sent on July 31, 2022 and I am still waiting for a response!The email was directed to **************************** my opinion Pacific Premier Trust has failed miserably in their role as a custodian and they have abdicated their fiduciary responsibility to me.Having kept detailed records of this investment, I was able, with the help of my accountant to obtain a ruling in my favor after about 18 months of correspondence,Deal with Pacific Premier Trust at your own risk!!

I have been with Pensco Trust, now Pacific Premier Trust, for about 5 years. They were the custodian of my self Directed **** account holding Private Equity. The fees when I first came to Pensco where $100.00 per account per quarter for administrative services, but when they became Pacific Premier Trust the fees were greatly increased to $187.50per quarter! I just paid $312.50 last quarter. (They charged me an additional $50.00 fee for so called yearly tax services to file a simple form with the *** for a ****. They made me pay a $75.00 per quarter penalty for not having the minimum cash on hand in the account.) In order to get rid of the $75.00 fee they require $1000.00 on hand. When calling this company you can be put on hold for hours. It took several days of trying to get someone. So frustrating and time consuming. I was Number 42 in line on the phone waiting for technical/customer service support. After the last quarterly ****, I decided I could not afford to pay their fees and found another custodial company and requested a transfer from Pacific Premier Trust. That was 1/20/2022. I was told in writing from them that it would take **** days. I was billed immediately for the transfer and closure for $447.01. Outrageous!! After 10 days I emailed them to see the status of the transfer only to be told by the same customer service person, that it could now take up to 6 weeks. I responded by email to ask why and was told that they I should have the transfer completed in 72 hours and was given a FED-EX tracking number. This was on 2/11/2022. Today is 2/21/2022. No transfer of the private equity was done. I called FED EX and a label was created but they never received a package. This is now 31 days since the transfer request. Something is terribly wrong with this company. There is a total lack of customer service response and for the $187.00 a quarter for administrative services you get absolutely NOTHING!!!! Stay away from this company!!!

My mom (now deceased) was a client with Pensco now Pacific Premiere Trust for over 20 years. I called to inform them of her passing on 6/22/21 in the hopes to get some direction on how to proceed as beneficiaries. I received a ticket number and was told someone would call me, that never happened I had to call again and received another ticket number which would be linked to the other one. Even after notifying them of her passing I received her statement which is still charging maintenance fees. I then called again (6/29/21) and was told I had to first send in the Death Certificate in order to verify beneficiaries and receive the paperwork,******* stated an email would be sent to me with the mailing addresses. Nothing was received I had to call ******* again and he then sent me an email (funny why wouldnt you forward the initial email IF it was sent in the first place) with the mailing addresses. I mailed the Death Certificate along with a letter stating who I was and providing updated contact information via priority mail on 7/2/21 scheduled to arrive on 7/6/21. I followed up again on 7/12/21 and the DC was not in the system. It is now 7/26/21 and I have not received any paperwork or s phone call. I sent an email today requesting information and the paperwork. This is a nightmare to have to experience the loss of a loved one and go through all this extra work to be verified as a beneficiary. All her other accounts with other establishments have been closed and the paperwork was sent first and the DC mailed back with completed paperwork. This is unprofessional and alarming.