Complaints

This profile includes complaints for Equity Trust Company's headquarters and its corporate-owned locations. To view all corporate locations, see Find Local Branches.

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  Equity Trust Company

  1 Equity Way Westlake, OH 44145-1050

  
• 

  Equity Trust Company

  320 N Main Ave Ste C Sioux Falls, SD 57104

  
• 

  Equity Trust Company

  225 Burns Rd Elyria, OH 44035-1512

  

The complaint text that is displayed might not represent all complaints filed with BBB. 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.

• Initial Complaint

  Date:09/20/2024

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I've had three transactions within the last 2 months with this company where I have sold metals and they are the company responsible for providing the funds to me. Their checks were not able to be cashed on the banks they were drawn on (********). The checks were placed on hold for up to a week by my bank unable to be verified. My most recent transaction was to be an ACH transfer of over $25000.00 they "claimed" was being held up for a week after charging me $30.00 for the ACH transfer. Before this, I was charged $80.00 twice for expedited cashier's checks. The first check wasn't a chasiers check and the second was in fact a cashier's check that, again, couldn't be verified. This is a criminal organization in my opinion. All their employees work from home and only offer "their apologies" with absolutely no accountability or leadership in their organization. I have additional documentation (emails), however, they contain personal banking information. I am happy to provide ALL the information you require.

  

  Business Response

  Date: 10/04/2024

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

  We apologize for any frustration you may have experienced relating to your distribution requests. I reviewed your account and sent a more detailed response to you via email, as sensitive information was included. Please refer to those emails and let us know if you need further assistance. 

  Sincerely,

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

  Legal Counsel

  Equity Trust Company

  Customer Answer

  Date: 10/15/2024

  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.
  
  [To assist us in bringing this matter to a close, we would like to know your view on the matter.]

  To start the first time i sold my my Gold they charged me 130.00 for expediting fees. The check could not be cashed at any of three ******** location I drove to all across the Las Vegas Valley. Approximately a week later i was finally able to verify funds on the check. At this point I used a check cashing service that actually followed up on the check for me. This of course cost a a percentage of the check.

  The second time I sold more Gold they held up my funds for over a week even though I paid again for the expedited service using ACH. I finally was so frustrated I voiced my complaint on social media and reported the issues here.I received other members of the public voicing similar experiences on my Twitter posts and Facebook. This is obviously not an isolated case but rather a pattern of behavior.
  

  
  Why is My Equity trying to move the conversation out of the view of BBB? I have nothing to hide am obviously not concerned about the personal information. They are trying to hide something that's my guess.
  

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

• Initial Complaint

  Date:09/04/2024

  Type:Customer Service Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I spoke to Justin regarding opening a self directed IRA for the specific purpose of purchasing a specific virtual currency. He told me multiple lies, the main one being that I could pay fees upfront or put a card on file for fees to be paid as they came up during the year. He said I only needed to fund the account. I agreed to an opening deposit of 100.00, much to my surprise my debit card was charged 275.00. When I was finally contacted by the on-boarding team, weeks after Justin had promised, I told Mae what happened and how Justin first had called and called when I had an appointment with a local representative. He continued to be high pressure telling lies to get me to open the account. Thank God I was too young to transfer my 401k as I wanted to. I was told by on-board rep Mae S****l. I contacted Mae today after Equity canceled my refund, verified with my bank, and she said she should have followed up but didn't and transfered me to sales manager Ken who left me on hold 40 minutes before sending my call to his voicemail.

  

  Business Response

  Date: 09/18/2024

  *** ******,
  
  We apologize for any frustration you may have experienced.  We take customer complaints seriously and have researched your account and interactions with members of the Equity Trust team.  Earlier today, I sent an email to you detailing our findings and also requesting more information. Again, Equity Trust takes these allegations seriously and is committed to providing excellent client service.
  
  Sincerely,
  Katie B***********
  Legal Counsel
  Equity Trust Company 

• Initial Complaint

  Date:08/08/2024

  Type:Customer Service Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  They keep on changing people, the right hand does not know what the left hand is doing. Asked me for the same documents three or four times, even after I sent them. Took weeks to enable a simple transaction.

  

  Business Response

  Date: 08/21/2024

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

  We apologize for any frustration or delay you may have experienced relating to completion of your account activity.  I have confirmed that the activity is now complete.  Please let us know if you need further assistance.

  Sincerely,

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

  Legal Counsel

  Equity Trust Company

• Initial Complaint

  Date:08/05/2024

  Type:Customer Service Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  In February’24 I contacted this company to close out my mom’s account and receive her retirement funds. I filled out the required forms at that time. Over the next 4months and approximately 15 emails they advised me that a whole extra set of paperwork needed to be completed which updated my mothers information and added me to the account so that I could speak on her behalf. Another 2 months and 5 emails later I am still waiting… I recently called and spoke with a representative who stated there was no paperwork on file even though I have emails from the company stating they have received it and the changes have been completed. Today I have made 4 phone calls to the company, twice I was mysteriously disconnected. A third stated she needed to confirm some details with my mother and would call my mother immediately which she never did. I have been working for my mother the last 6 months to obtain these funds of hers which are needed now as she is struggling in these difficult times as a widow, elderly disabled person. I have done ever This company has asked and filled out every paper required. It is blatantly obvious this company is fraud and depriving my mother of her retirement funds. All paperwork and emails can be sent on request.

  

  Business Response

  Date: 08/19/2024

  *** *****, We apologize for any frustration or delay you may have experienced in attempting to close your mother’s account. It has been confirmed that the account is now closed and all funds have been distributed. Please let us know if you need further assistance.
  
  Thank you.
  Sincerely, *******  **********
  Senior Legal Counsel
  Equity Trust Company

  Customer Answer

  Date: 08/27/2024

  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.
  
  [To assist us in bringing this matter to a close, we would like to know your view on the matter.]
  
  Regards,
  
  ******* *****
  
  
  
  
   

  Customer Answer

  Date: 09/03/2024

  This financial company holds two accounts for my mother.  One is small and consists of cash. The second is much larger and consist of a REIT from a 3rd party company. As i mentioned before, I am on my mother's accounts as an Advisor and have been working with this company for approximately 8 months to have them close all accounts and transfer the funds to my mother, with no luck.  They recently contacted me and asked if they could cash out the smaller account and send the money to my mother, but they would release all interest in the larger account, release all responsibility and have me track down this new company and start all over in trying to cash it out.  I have filled out and submitted numerous documents they needed to cash out this larger account over the last 4 months and did not want to start back at the beginning with a new company.  As the Advisor on the account, I specifically denied this request and ordered them to continue on both accounts. They acknowledged this request and asked that I fill out two more forms, which I did and sent back to them.  

  Shortly after the BBB contacted ETC, I re-contacted them and was advised that a small check had been sent to my mother and all other accounts with their company were closed. This company made un-authorized changes to my mother's accounts, even after i specifically told them not to.  I have asked this company for any signed forms allowing them to make these changes or recordings of any phone conversations with my mother or me. I have not heard back from this company or received any paperwork detailing what they did.  What this company has done is unethical and possibly illegal. This is just another example of this companies attempt to delay or prevent my mother from receiving her assets.  

  

  Business Response

  Date: 09/13/2024

  *** *****,

  We apologize for any frustration you may have experienced relating to *** ******* Equity Trust account.  A more detailed response was sent to you earlier today by email.  An Equity Trust representative, ****** *., has reached out to you by phone to further assist and I included her direct contact information in my earlier email.  Please continue working with her and let us know if you need additional assistance.

  Sincerely,

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

  Legal Counsel

  Equity Trust Company

• Initial Complaint

  Date:08/04/2024

  Type:Customer Service Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  My wife is one of 4 children heirs to ***** ******** who passed away last August. ***** was using his IRA funds to complete a housing development which has since sold and the money from the sale of the property went back into his IRA. There is a will and trust clearly identifying the children as owed his inheritance. The executor of the trust, ***** ******** has been attempting to transfer the funds totally approximately 1 million USD to either the trust account or to create inherited IRA accounts for each of the 4 children. He has spent hours of his time and had the children complete a variety of forms but no progress has been made in dispersing the funds. Our impression is that Equity Trust is obstructing transfer of funds out of their institution because the transfer of money to equity trust following the sale of the property was fast and without issue. The grieving children are frustrated with the absent/misleading communication. If there is not any progress over the next two weeks, the trust will engage an estate attorney and move to file suit for dispersement of the funds and lost interest over based on current market APY (the funds have been sitting in cash rather than accruing any interest).

  

  Business Response

  Date: 08/15/2024

  *** ********,
  
  We cannot share any further information regarding *** *********s account with you, as you are not the beneficiary. I assure you we are working directly with the authorized beneficiary of the account and will follow their direction once received.  
  
  Sincerely,
  ***** ************
  Legal Counsel
  Equity Trust

• Initial Complaint

  Date:07/31/2024

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I transferred my Traditional IRA into a Self directed IRA with Equity Trust that purchased gold and silver. I was not made aware nor understood, nor have any documentation that i signed that stated i agreed to a 21% or more mark up on the purchase of said metals, nor was i given any information on what was being purchased. After research, after seeing my account go down in value by a dramatic amount, when Gold and Silver are both worth more than what i purchased it for, i see how much i lost and was taken by this company. Over $30K, I am looking to get my money back and transfer to a different self directed IRA company. Right now with how they have this setup, had i known and understood at the time what they were purchasing with my funds, I would not have. Gold bars and larger metals are definitely more appropriate. I was taken advantage of by this company and will have to wait if Gold gets to $4000 an oz, just to break even when i purchased in April of 2023 the spot price was $1900. Make this make sense. Highway robbery of hardworking Americans looking to protect their only retirements.

  

  Business Response

  Date: 08/14/2024

  Dear *** *********
  
  We apologize for any confusion or frustration relating to your precious metals purchase.  We reached out to your precious metals dealer, who indicated that they offered to buy the precious metals back from your IRA and that you accepted this offer. We received instructions confirming your agreement to sell precious metals from your IRA back to your dealer, and this transaction is currently processing.
  
  Please let us know if you need additional assistance.
  
  Sincerely,
  ***** ************
  Legal Counsel
  Equity Trust Company 

• Initial Complaint

  Date:07/26/2024

  Type:Service or Repair Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  On 7-25-2024 I was contacted by a company I invest with asking that I intervene in completing a transaction being processed by my IRA custodian, Equity Trust. Equity Trust had been ask 4 times over about a 45 day period (5/31, 6/6, 6/20, 7/11) to finish the paperwork. That is in addition to the document submitted to initiate the transaction. The action needed was for Equity Trust to sign the document as Custodian and send it to the company I invested with. On 7-26-2024, I called Equity Trust to make the request. The flippant Customer Service rep told me that she had no idea what I was talking about; that Equity trust doesn't sign anything and if anything needed signing, I should sign it. I replied that the signature needed was on page 38 of document and that Equity Trust has signed that document for my previous purchase and for other customers who have made purchases from the company I and others invested with. The rep never bothered to look at the document in question. The conversation ended with the rep sending me a document that was already on file. If I had signed the document as Custodian as the rep instructed me to do, I would have violated IRS regulations; would have been a criminal act and would have disqualified my IRA. Next, I contacted the company I invested with; gathered additional information and called Equity Trust again to see if I could resolve the issue. After going through the lengthy identification process, Equity Trust's system told me I would experience a 3 minute wait. Over 30 minutes later, I was disconnected without ever having spoken to anyone. An additional problem is that Equity Trust released payment without having finished the paperwork which is a violation of their fiduciary responsibility. This was not my only bad experience with Equity Trust as this was typical of their poor customer service. I would move my account but they charge $250 account termination fee which is something I will be discussing with Equity Trust.

  

  Business Response

  Date: 08/09/2024

  *** ******

  We apologize for any frustration experienced relating to your investment. I have spoken with our investments team and understand that the necessary documents have been signed, with copies returned to you and to the investment sponsor. Please let us know if you need further assistance.

  Sincerely,

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

  Legal Counsel

  Equity Trust Company

  Customer Answer

  Date: 08/09/2024

  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.
  
  Earlier today I received correspondence from ****** stating that they received some documents from you and they are not the documents that still remain unsigned. I believe there is a preliminary set of documents to be signed and a final set of documents which have not been signed. I am not involved in the interactions between you and ****** so I suggest you contact Kristiana at ****** directly to avoid further confusion.

  When your representative contacted me by phone this week and stated that the documents in question had been sent by email in a timely manner, I requested that those emails be forwarded to me for verification of that assertion. Your representative sent me some signed forms but not the emails that contain proof that they were sent in a timely manner.

  Further, you have not addressed my request for Equity's termination fee be waived. I no longer want to do business with Equity Trust and under these circumstances, I don't feel I should have to pay to terminate the account. 
  
  Regards,
  ******* *****
  
  
  
  
   

  

  Business Response

  Date: 08/21/2024

  *** ******

  As indicated in my email to you earlier today, the final documents have been executed and returned to you and the asset sponsor. If you wish to close your Equity Trust account, please submit the appropriate forms and we will ensure that your request for waiver of the termination fee is reviewed.

  Sincerely,

  Katie Ba**********

  Legal Counsel

  Equity Trust Company

  Customer Answer

  Date: 08/21/2024

  [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

  Date:07/23/2024

  Type:Billing Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  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

  Date: 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 Answer

  Date: 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

  Date:07/18/2024

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  On 7/16/2015 I purchase property in Townsend, GA for $18,900 through funds with Equity Trust property ownership being ETC Custodian FBO *** *** ***. I kept my property taxes current including the Custodian fees to Equity Trust. From 2019 to 2023 I became very ill ultimately diagnosed with cancer. In March 2022 I looked to see if my property taxes had been paid since I never received any notices from the County (they had an incorrect mailing address for me). In March 2022 I noticed there was a zero balance of property taxes due, assuming they were paid until I noticed that there was a new owner. I contacted the County to see what happened and was informed that the property was sold for nonpayment of property taxes for 3 years going back to 2019 totaling only $615.31. I informed them that I was never notified and if so I would have paid such a small amount. Then I asked them if they notified Equity Trust, and they weren’t sure. Immediately I notified Equity Trust by phone that if they were aware of this. They said they were not and should have been notified of any transfer of ownership to approve it. Because my health worsened over the next few years, I wasn’t able to revisit the matter until now. My concern is, despite me notifying Equity Trust that I no longer owned the property, they never removed the $19,835.82 funds from my account and subsequently have been charging me the custodian fees plus late fees/penalties now being over $600. My complaint is that from the date I notified Equity Trust that I no longer own the property, they should not be charging me custodian fees on virtually a zero balance. Therefore, I am requesting that they waive all fees/penalties from March of 2022. Thank you for your attention to this matter and I hope Equity Trust will waive these fees and late fees dating back to March 2022. Additionally, I feel that Equity Trust had a fiduciary to manage my account correctly, which caused me financial hardship and a lost of $12,315.11.

  

  Business Response

  Date: 08/01/2024

  *** ****

  As we discussed today, Equity Trust can make the appropriate updates to your account after receiving the requested documentation. Please let us know if you need further assistance.

  Sincerely,

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

  Legal Counsel

  Equity Trust Company

• Initial Complaint

  Date:07/11/2024

  Type:Customer Service Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  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

  Date: 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