ComplaintsforEquity Trust Company

• Initial Complaint

  07/23/2024

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  I signed up with Equity Trust about 4 years ago with a Roth IRA account. When I enrolled there were very modest annual fees, (I think $50). Approximately 6 months ago, I liquidated my assets with them and tried to execute a complete rollover. These failed because of a technical glitch on their side. This was confirmed by an Equity Trust rep when I called in. Since I was not able to close my account, I simply withdrew my funds... meaning the account was not closed. This also means that come tax season, I will have to pay out the nose in taxes as this will be viewed as an early roth distribution. So I am already out hundreds of $ because of this company. Now they are sending me invoices for an annual fee of over $200 and late fees of $50 per month. 1. These are fees I never agreed to when I enrolled. 2. My account was not closable because of issues on their side. Lastly, I spoke with a kind young lady there last month (June 2024). She agreed with me and told me she would waive the annual fee and the late fees. Now in July, I received another invoice with another late fee added. I called in today and spoke with another rep. This new rep informed me that the account cannot be closed until the late fee is paid. Now they are threatening to send my account to collections, all over fees that should never have been charged. This is absurd. My request is simple: 1. Waive the annual fee. 2. Waive the late fees. 3. Close my account.

  

  Business response

  08/06/2024

  *** *********,

  We apologize for any frustration you may have experienced in attempting to close your account. As I confirmed by email earlier today, your account is now closed. Please let us know if you need further assistance. Thank you.

  Sincerely,

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

  Legal Counsel

  Equity Trust Company

  Customer response

  08/06/2024

  [A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.]
  
  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. 
  
  Regards,
  
  ******* *********
  
  
  

• Initial Complaint

  07/11/2024

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  Back in December one of my grandmother's surviving siblings came forward with some information in regards to my Uncle passing and, leaving my mother all of his assets in his Residuary Estate The executor of my Uncle's estate (sibling of both my mother and deceased uncle) hid financial documents. Let me explain for further clarification. In the will it states that I, ********* ***** leave the entirety of my residuary estate to my half sister ***** *****. if Enola is deceased at the time of the reading of the will, then the entirety of my residuary estate goes to my half brother Wince Batton(the executor). So In hopes my mother would die first, he did not divulge a single shred of documentation. but what they failed to realize is we already had the will. And before he passed he told my mother he was going to leave her everything Now let me bring you up to speed, and why we filled the complaint with the BBB. The surviving sibling stated that my deceased uncle had an IRA account with Equity Trust Company, and that he was sorry that he didn't come forward sooner. l So I sent an email to the Equity Trust Company customer service department, explaining i would like to verify if ********* ***** was a client of the equity trust company, and the status of the IRA(s) account(s).Equity Trust responded to the email and said that the accounts of ********* ***** were indeed inactive. I then proceeded to send all identifying information to their mailing address in Ohio.No response. Called Equity Trust Company customer service, and I keep getting transferred to different departments with but still no response.This is not fare whatsoever. the response email from Equity Trust Company is irrefutable proof that the accounts are indeed there. It is not a coincidence that the surviving sibling gave the name of the company, and the company verifying the accounts inactive. My mother is barely eating. we don't wanna make this a legal matter. but we refuse to wait any longer.

  

  Business response

  07/24/2024

  Dear *** *******,

  One of our associates recently reached out to inform you that Equity Trust does not have any records pertaining to an individual named ********* *****. We apologize for any confusion regarding a possible account.

  Sincerely,

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

  Legal Counsel

  Equity Trust Company

• Initial Complaint

  07/10/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  With F******* *** ******* ********** it is always a pleasant, quick and easy transaction. Equity Trust is the most inconsistent “service” I’ve ever encountered when dealing with a retirement account. I’m not earning interest, yet I’m paying a yearly fee. As such, I wanted to transfer my money to a 403B I have. Every time I speak with someone, the solution is different. Finally decided I’d just let them cut me a check, but they had put my email into their system incorrectly. Underwent a process of correcting this error, then called again today. The person I spoke with directed me to their site to do it myself and claimed to have the correct email. They were supposed to send step-by-step instructions on what to do, but I never received anything (my money says they didn’t correct my email. Went to the site anyway and it asked me for an account number from an invoice I don’t have. Apparently, I have to pay my storage fee before they can do anything. Fine, I’ll pay whatever storage fee, I’ll pay whatever cancellation fee, I don’t care. I just want my money, and I’m done tap dancing around every hurdle this awful company has thrown at me. It’s been months, and this is getting ridiculous! I’ve done business with Fidelity, Lincoln Financial (Heck, even acorns!), and I have never had a fraction of the trouble or dissenting information I’ve encountered with Equity. I want my money back.

  

  Business response

  07/24/2024

  Dear *** ***********

  We apologize for any frustration regarding closure of your Equity Trust account. I understand that one of our associates recently reached out to assist you in submitting your distribution request. Your request has been completed and your account will be closed. Please allow 7 business days for USPS delivery. 

  Sincerely,

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

  Legal Counsel 

  Equity Trust Company

• Initial Complaint

  07/10/2024

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  I have had several accounts with Equity Trust and unable to access or liquidate the accounts and have them walk me through their process of doing that. My understanding is that the investment was in litigation and was illiquid. That's not their issue, however, I'm still getting charged fees on an account that may have no cash value. I've emailed their customer service many times, with no response. It makes no sense paying 100's of dollars in fees, for an asset that likely is worth zero. I just need them to respond and advise me how to manage this issue and liquidate the account, etc. The only correspondence I get is to pay the fees.

  

  Business response

  07/24/2024

  Dear *** *********,

  We apologize for any difficulty you have experienced in your attempts to communicate with Equity Trust. I understand you have been in contact with one of our associates, *******, and you have scheduled time to meet and discuss with her this week. Please continue working with ******* and let us know if you need additional assistance.

  Sincerely,

  Katie B***********

  Legal Counsel

  Equity Trust Company 

• Initial Complaint

  06/10/2024

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  I opened an IRA account with this Company as a custodian for gold purchases from the ****** Group in September 2023 and January 2024. This Company assisted with withdrawals of IRA funds to purchase $27k worth of coins from the OG and charged all related fees including a storage fee. All the while this Company was in a legal dispute with the seller and made no attempt to disclose that this seller was not delivering their products. There attitude has been cold and unprofessional. They had a professional responsibility to represent my interests instead of allowing me to step into a bad situation. They failed to serve the interests of their retired client.

  

  Business response

  06/18/2024

  *** **********
  
  We are sorry to hear that ****** **** has not delivered the precious metals that you purchased through your self-direct IRA account at Equity Trust Company. As you know, Equity Trust serves as the custodian of your IRA account. In that capacity, Equity Trust’s duties are very limited, and we do not engage in the purchase or sale of metals, nor are we affiliated with the precious metals dealer that you selected for your investments, ****** ****.
  
  Regarding your BBB complaint, Equity Trust is not a party to any litigation involving ****** ****. Also, Equity Trust does not give advice or recommend which precious metals dealer to use, or not to use. Rather, clients decide which dealer to use.  
  
  In your statement for the BBB complaint, you also complain about the service from of our customer service team. I assure you that Equity Trust takes customer service seriously and strives to provide the information available in a professional and courteous manner. I understand that you spoke with our customer service agents on two occasions and were provided the information that Equity Trust has concerning your unsettled precious metals investment. In case you have any additional questions, please let me know and I will ask an agent to reach out to you again. In the meantime, please continue to reach out to ****** **** to obtain more information about the fulfillment of your precious metals order.
  
  Thank you,
  
  ******* ********** ****** ***** ******* ****** ***** *******

  Customer response

  06/26/2024

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
  I understand the vagaries of the precious metal price fluctuations and I presume that Equity is separating with ****** over this kind of problem, i.e. broken sales transactions.

  What I don't understand is how the seller and the custodian can just go silent and leave people hanging for months or even years without a word.****** isn't talking and it seems likely that they are stuck with price rises. But no one in this loop is communicating with customers or attempting to solve peoples problems. Seems simple to me. Can't get the coins, here is your money back, *** ********** Instead, silence! How long before the State or Federal agencies find a target? What I want to know is can you request cancellation of my sales and convince ****** to unwind the transactions?Short of that give us the plan to make this right.  If they fail to supply the funds or the cash, what exactly am I supposed to be paying fees to you for?

  I'm sure there is a solution to this for reasonable, honest business folks. I just don't see any action here.
  

  
  Regards,
  
  **** *********  
  
  
  
   

  

  Business response

  07/02/2024

  *** **********
  
  Thank you for your response.  As you know, Equity Trust has no relationship or affiliation with ****** ****, and thus we have no control over whether ****** **** is responsive to its customers’ inquiries. 
  
  However, we respectfully disagree with your statement that Equity Trust has not been responsive to its customers’ inquiries regarding ****** ****. Since February 2024, Equity Trust has had a dedicated customer service team available to assist and answer any questions from Equity Trust customers concerning ****** **** or transactions with that precious metals dealer, and that customer service team has been responsive and has provided information available regarding ****** **** or the transactions at issue.  Equity Trust also has consistently reported on quarterly statements to its customers the settled or unsettled status of their precious metals transactions, along with up to date information regarding those transactions on its customer account portal at ************* 
  
  ****** **** is the company that is responsible for ensuring that it fulfills the precious metals purchases that you elected to make through your Equity Trust account.  Please continue to reach out to ****** **** to demand that they either fulfill those transactions or return your funds to your Equity Trust account.
  
  Thank you,

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

• Initial Complaint

  05/23/2024

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  Started a business relationship in December, paid fees totaling $974. By February, Equity Trust was unable to satisfy the agreement and we agreed to refund the fees previously paid. They still have not sent the money.

  

  Business response

  06/04/2024

  Mr. *****,

  We apologize for any frustration you may have experienced. I have confirmed that the refund to your credit card has been processed. Please let us know if you need additional assistance.

  Sincerely,

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

  Legal Counsel

  Equity Trust Company

• Initial Complaint

  05/21/2024

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  I have no less than 10 emails requesting a dispursment and no less than 10 from the company telling me one of the forms were filled out incorrectly. I've sent the corrected form 2x already yet they keep copying and pasting the same response asking me to correct the form. I asked for a second callback from **** who never returned my calls. My emails are either being ignored or several days pass before the same copy and pasted message comes thru. I wish I had read the reviews before going with this company because I never would have dealt with them.

  

  Business response

  06/04/2024

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

  We apologize for any frustration. In reviewing your account, we can confirm that your request to liquidate metals has been completed and funds from the sale are now in your account. If you need further assistance, please reach out to our Customer Service Team at ************ or *****************.

  Sincerely,

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

  Legal Counsel

  Equity Trust Company

  Customer response

  06/04/2024

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
  
  The funds are not in my account so that makes yet another mistake added to your long list of ineptitude.
  
  Regards,
  ******* *********  
  
  
  
   

  

  Business response

  07/01/2024

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

  We apologize for any frustration you may have experienced relating to this transaction. As *** ***** confirmed, the funds were sent by wire from your ETC account on 6/26. Please let us know if you need further assistance.

  Sincerely,

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

  Legal Counsel

  Equity Trust Company

  Customer response

  07/01/2024

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
  
  There is still no money in my account after 1 month. A wire should not take 7 days.
  
  Regards,
  
  ******* *********
  
  
  
  
   

  

  Business response

  07/11/2024

  *** **********
  
  I apologize for any frustration you may have experienced relating to this transaction.
  
  Equity Trust received paperwork regarding a transfer request on 5/8/24.  Additional clarification was required in order to complete your request, and our associates made attempts to contact you by email and phone on 5/10, 5/16, 5/22, and 6/11.  Because we were unable to reach you, the transaction was cancelled.
  
  Equity Trust received new paperwork regarding a transfer request on 6/17/24.  Again, additional clarification was required in order to complete your request.  After speaking with an Equity associate on 6/19, you submitted new paperwork regarding this request.  Your request was completed on 6/26 when Equity wired funds out of your account per your instructions.  As a courtesy, the wire fee associated with this transaction was waived.  Please contact the institution to which your funds were sent regarding the current status of your funds.
  
  Sincerely,

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

  Legal Counsel

  Equity Trust Company

  Customer response

  07/12/2024

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
  
  Why do you insist on arguing with a customer when they are right about their experience.
  
  Regards,
  
  ******* *********
  
  
  
  
   

• Initial Complaint

  05/15/2024

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  On December 21, 2022, I had my IRA transferred from Fidelity to a gold and silver IRA, to be stored in their repository. It was all transferred originally to ****** ***** ***d. I received a letter dated February 6, 2024, that they have ceased doing business with ****** ****. The transfer always reflected that it was “unsettled”. In my latest quarterly , it reflected my gold and silver for the prices I paid for them. I contacted Equity Trust numerous times, asking them to ship it to me. They would never answer their phones and then return my call a week later. Then the owner called me and said that he would let me know where I was on the list. No return call by him, or anyone. I have emailed them, also, and no response. I am worried sick that they aren’t being legit.

  

  Business response

  05/28/2024

  *** *******,
  
  We are sorry to hear that ****** **** has not delivered the precious metals that you purchased through your self-direct IRA at Equity Trust Company. As you know, Equity Trust serves as the custodian of your IRA. In that capacity, Equity Trust’s duties are limited, and we do not engage in the purchase or sale of metals, nor are we affiliated with the precious metals dealer that you selected for your investments, ****** ****.
  
  Regarding your BBB complaint, you are correct that on your quarterly account statements from Equity Trust, your precious metals purchases from ****** **** have been consistently reported as “unsettled.”  That means that ****** **** has not delivered your precious metals to your selected depository. It is ****** ****’s responsibility to deliver those precious metals that you purchased.
  
  In your statement for the BBB complaint, you also state that you contacted Equity Trust asking us to ship the metals and that you spoke with the owner. I believe you are referring to ****** ****, not Equity Trust. Our customer service team is dedicated to respond to any customer inquiries. In the meantime, please continue to reach out to ****** **** to obtain more information about the fulfillment of your precious metals order.
  
  Thank you,
  
  ******* **********

  Senior Legal Counsel

  Equity Trust Company

• Initial Complaint

  05/14/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I opened an account with equity trust in November 2023. I was using my IRA to purchase gold. I was not told of any fees other than a $150 fee to open the account. In April 2024, I discovered that this was a bad investment and planned to liquidate this account, I sold the metals and the money was held at Equity Trust. 5/7/24 I received a bill for $480 for shipping of metals. I do not understand this bill when the silver and gold were liquidated in April. Also I was not informed of this bill prior to this time.

  

  Business response

  05/30/2024

  Ms. *****,
  
  We apologize for any frustration you have experienced.
  
  As you stated in your complaint, Equity Trust Company received instructions to liquidate precious metals held in your IRA by selling them to ******.  Equity Trust processed this request, which involved shipping precious metals from one depository, where precious metals were stored on behalf of your IRA, to another depository, where precious metals are stored on behalf of ******.  The invoice you received relates to the shipping costs associated with this liquidation.  These costs are disclosed in the precious metals fee schedule, as well as on the sale/liquidation paperwork.
  
  Sincerely,
  ***** ************ ***** ******* ****** ***** *******

• Initial Complaint

  05/13/2024

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  There was a deposit of $10000 into an Equity trust account in November 2023 to purchase gold from ******** **** company out of the Equity trust account but the purchase was reversed in February of 2024 due to misinformation from the company. Once the purchase of the gold was confirmed refunded from ******** **** company to the Equity Trust account I contacted my investment advisor to take the funds out of Equity Trust and put them into an account with her company so I could do additional investing. When the transfer request was initiated Equity trust said they did not have the funds. However, ******** **** company did the refund into my account, there was never a credit shown though on my Equity Trust account. I have been trying since February 2024 to get my $10000 out of Equity trust and have had no success. I just want my money back.

  

  Business response

  05/28/2024

  *** ********

  We apologize for any frustration relating to your transfer request.  After following up with the precious metals dealer, the funds were credited to your account and transferred according to your instructions.  Please let us know if you require additional assistance.

  Sincerely,

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

  Legal Counsel

  Equity Trust Company 

  Customer response

  05/29/2024

  [A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.]
  
  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. 
  
  Regards,
  **** *******
  
  
  

*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. ↩