Complaints

• Initial Complaint

  04/15/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Preferred trust handles the retirement investment for **************** ******* always pay early so I get the money on the 10th of every month. Preferred Trust keeps the money as long as they can before distributing it.

  Business response

  04/15/2024

  Thank you for reaching out to the Better Business Bureau, **************. We appreciate your feedback and we apologize if you experienced any delay in payment of your monthly distributions. In review of your account, I found the following.
  

  We process recurring distributions on the 10th and the 20th of each month, as outlined on the Recurring Distribution Form you completed. The timing of the interest we receive from your Investment Sponsor varies during the month, being received anywhere between the 5th and the 10th. If we do not receive funds from the Investment Sponsor then we cannot process your requested distribution on the date scheduled.

  Each year we send multiple communications to our clients that have recurring distributions scheduled to verify the distribution information. We ask clients to verify the information by December 31st of each year to ensure distributions can continue. We sent you emails on November 3, 2023, December 7, 2023, January 11, 2024, and February 8, 2024.The email clearly states that if we do not receive a response from you by February 29, 2024 then your month recurring distributions for 2024 will be discontinued. You did not respond by the deadline, therefore, your distributions were stopped. You did not contact Preferred Trust until March 15, 2024 to inquire as to why you did not receive a distribution for March. A ****** Service Agent reviewed your account with you and referred you back to the emails that were sent regarding recurring distributions. You completed a One-Time Distribution Request form which we received on March 15, 2024. We processed the distribution on March 20th which is well within our 3 - 5 business day processing time (the time-frame is outlined on the form you signed). That processing time may not take into account the time it takes the bank to post funds to your account. Once we were able to confirm the information we were requesting, your recurring distributions were added back into the monthly scheduled distributions for ***** and your payment was processed on ***** 15th.

  Please let me know if you have any questions. We have no desire to hold your funds longer than necessary - that is why we make recurring distributions available. However, as the owner of a Self-directed **** you must be engaged and respond to our email communications in a timely manner.

  Sincerely,

  *************************, Director of Operations
  

• Initial Complaint

  12/09/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Preferred Trust has suddenly charged me an extremely high fee that was not agreed upon when I bought my gold coins.

  Business response

  12/09/2022

  To Whom It May ******************************* completed an application to open an account with Preferred Trust Company. The application was signed and dated by **************** on April 7, 2022. Her account was opened on April 8, 2022. **************** agreed to the Fee Schedule associated with account which was included in the application.By signing the application **************** also agreed to the Preferred Trust Custodial Agreement which specifically states the following in Article VIII, Section 3,Letter h:
  

  "We have the right to charge an annual fee or other designated fees for maintaining your **** We have the right to collect or otherwise receive as an additional fee, any interest or other earnings generated from the pooled trust account and any un-invested cash funds. We have the right to be reimbursed for all expenses, including legal, we incur in connection with the administration of your **** We may charge you separately for any fees or expenses, or we may deduct the amount of the fees or expenses from the assets in your *** at our discretion. We reserve the right to charge any additional fees upon thirty (30) days written notice to you that the fee will be effective."
  

  **************** received forty-five (45) days written notice that the annual fee for her *** with Preferred Trust Company would be increasing for 2023. Ms.********************* has not yet been assessed the 2023 fee.

  The fee is due on January 15, 2023.
  

  **************** has not attempted to contact Preferred Trust Company to discuss the fee increase or the notification and invoice she received. We have no record of communication from **************** regarding this matter.

  Sincerely,

  ********************************* - Director of Operations
  

*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. ↩