Complaints

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:07/11/2025

  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 am filing this complaint to formally report my unacceptable experience with Matrix Trust Company regarding my *** account.On [insert date], I called Matrix Trust using the phone number listed on my mobile account documents to ask two simple questions about my account. The representative who answered gave me a hard time and claimed I did not have an account with them. When I asked if he could double-check the information he entered, he outright refused and said no.I hung up and called back, asking to speak to a manager about the situation. I was told I could not speak with one unless I verified my account information. I provided the requested information, but the representative who identified himself as ***** continued to insist I had not fully verified my account because I needed to add a number, without clearly explaining what was missing.During the call, ***** was extremely condescending, even going so far as to demand that I say yes instead of sure when confirming the address they had on file. This was unnecessary, disrespectful, and unprofessional, especially given that I was simply trying to resolve a concern about my retirement funds.When I finally believed I had properly verified my account, I again asked to speak to a manager and was told no. At this point, I had already been placed on hold for over 10 minutes, with no resolution or escalation of my concerns.I find this behavior completely unacceptable for a financial institution entrusted with my retirement savings. The representatives unprofessional attitude, the refusal to escalate my concerns, and the general lack of basic customer service have caused me to lose confidence in Matrix Trust.I intend to withdraw my funds from this company as a result of this experience.I am requesting a formal apology, acknowledgment of the incident, and confirmation that the company will address these issues internally to prevent similar treatment of other customers.

  Business Response

  Date: 07/15/2025

  Thank you for bringing Ms. Hills concerns to our attention. After a thorough review of her interaction with the representative, we acknowledge that her experience did not meet our standards for professionalism and customer service. We sincerely apologize for the inconvenience and frustration this caused.
  
  Upon reviewing the call, we found that the representative did not adequately address Ms. Hills questions and did not appropriately escalate her concerns when requested.  As a result, this representative has been removed from customer-facing duties while we conduct an internal review and further training.
  
  As part of our commitment to resolving this matter, wed like to offer a direct call from a *********** manager to Ms. **** to both acknowledge her experience and personally assist her with any remaining questions about liquidating her account.

• Initial Complaint

  Date:05/07/2025

  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.

  Every year, for 10 years, Matrix sends me a statement showing that they have charged my *** account another $50 in fees. The ***, which started with a ******* of over $1000 was transferred without my knowledge to Matrix in exchange for a $15 kickback to the small advertising company I worked for one summer. The *** ******* is now down to $447.40. Matrix refuses to give me the money because I refuse to sign their user agreement which lists their extraordinary fees.

  Business Response

  Date: 05/18/2025

  Matrix Trust Company serves as the custodian to automatic rollover ***s.  The plan sponsor of the retirement plan set up a safe harbor *** in Mr. ******** name.  *** ****** has sent an email to work with him to have a distribution processed at ***********************************.  

  Customer Answer

  Date: 05/18/2025

   
  Complaint: 23301815
  
  I am rejecting this response because in Ms. ******** response to my complaint to BBB about my Safe Harbor **** she claims that the fees associated with account were disclosed to my employer. However, disclosure does not imply awareness: when I informed the employer of the *** fees and they tried to get the money back, the request was denied. Similarly, when I tried to get the money back, the request was denied. Forgive me for questioning Ms. ******** definition of the words "custodian" and "Safe Harbor" because she apparently thinks they mean something very different from what I think they mean.
  
  Ms. ******** response makes no mention of the $15 kickback to my employer for opening the account.
  
  Ms. ******** response also doesn't mention the exact amount of the distribution fee that she is working with her team to waive. Given that the fees already extracted are over $500, it would be nice to see the amount of this proposed waiver.
  
  Sincerely,
  
  **** ******

  Business Response

  Date: 05/22/2025

  Matrix Trust Company did not issue a payment to the former employer for $15 to set-up the IRA.  The account was established at the direction of the former employer based on an agreement between the former employers plan sponsor and Matrix Trust Company.  The waived fee is the distribution fee of $20 which is outlined in the fee disclosure provided to Mr. ****** in the complaint.  

  Customer Answer

  Date: 05/22/2025

   
  Complaint: 23301815
  
  I am rejecting this response because waiving an additional $20 distribution fee but keeping the accumulated fees of over $500 would be an extremely unbalanced settlement. When I talked with the *** of my ex-employer about why they transferred my *** with over $1000 in it half way across the country (from central ******** to ****** *** for such a bad "Safe Harbor" offered by such an untrustworthy Trust Company, she told me the company received $15 in return for opening the account.
  
  Sincerely,
  
  **** ******

• Initial Complaint

  Date:03/06/2025

  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 had a 401(k) with **** ******* Pensions. I called them and they informed me that the fund was transferred to Matrix Trust Company on December 15, 2016. They also confirmed that I was on the account at the time of transfer.When I call Matrix Trust Company, they claim they have no record of me on the account and they cannot explain what happened to my money. All they have done is spin me, give me the runaround, and blame other ************ my entire retirement fund completely vanished the moment Matrix took hold of it.

  Business Response

  Date: 03/13/2025

  Matrix Trust Company Trust Officer reached out to Mr. ***************** His monies were moved to Matrix Trust as part of a plan provider change.  Matrix Trust Company maintains plan level accounts and not participant level accounts.  We are working with the recordkeeper for the plan when it was with Matrix Trust Company (it has since left) to identify the provider it moved to and obtain contact information for Mr. ************************

  Customer Answer

  Date: 03/13/2025

  Complaint: 23032141
  
  I am rejecting this response because:

  I still don't know where my 401(k) account is held.  I was only verbally told that the account is no longer held by Matrix.  Could you please provide proof of when the account was transferred out of Matrix, where it was transferred to, and proof that I was on the account at the time of the transfer?  Once I have that proof, I will be able to inquire with the next company.  Thank you!

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

  Customer Answer

  Date: 03/14/2025

  Hello,
  
  My complaint, BBB Case #********, can now be closed.  Matrix Trust did not help me resolve this issue, however, I was able to resolve it through other means.
  
  Thank you!

• Initial Complaint

  Date:02/21/2025

  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.

  Today's Date is February 21, 2025. My husband and I have 403B retirement funds that we were transferring from ************ to *************************. ************ was told to make out a check to Matrix Trust, who would become the Custodian of our money. Two paper checks (who even does this anymore since we're in the 21st Century???) were mailed on January 28, 2025. We have been trying to track down our checks that total approximately $140K since this date. We have contacted Aspire, they have not been able to find it and therefore none of this money is shown in our respective retirement accounts. We have reached out by phone to Matrix Trust numerous times but have not been given a call back to help us track down our money. It's been 25 days now that our money can't be found and hasn't been invested. This is very troubling to two retired teachers. $140K might not be much money to some people, but it is to us. We need action from Matrix Trust to tell us if they have received our two checks AND if they've been cashed. AND why hasn't this money been deposited to our two retirement accounts? We actually started the process of trying to access our OWN money on Dec 16, 2024. If I had to draw a flow chart of how many steps I've had to go through to get to our money, it would be as long as the street that I live on. This madness is now at Day 68 without access to any of our money. Please. Please do something. L and ********

  Business Response

  Date: 03/04/2025

  Matrix Trust Company contacted Ms. ******* the issuer of the checks (Paclife), the recordkeeper for the account (where the checks were mailed), and ************ financial advisor and provided the necessary contact information to all parties to work together to resolve the issue.  

  Customer Answer

  Date: 03/04/2025

   
  Complaint: 22972419
  
  I am rejecting this response because: as of today, March 4, 2025 my money is still not deposited to my Aspire account nor  held by Matrix Trust that I know of as the custodian of my 403b funds. 
  
  While I appreciate the efforts made by Matrix Trust, the original problem has not been resolved. 
  
  For the life of me, I just dont understand why it is now 40 days after I closed my account at Pacific Life and my money is still nowhere to be found. 
  
  In todayss world of electronic funds transfers and wire transfers, surely moving money can be done easier than it has been done with my situation. 
  
  Sincerely,
  
  **** ******

  Business Response

  Date: 03/12/2025

  Ms. ****** replied to *** ****** via email on March 6, 2025, confirming she had received her funds from *******.

  Customer Answer

  Date: 03/12/2025

   
  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. I appreciate the attention provided to me by their President, **** *. 
  
  Sincerely,
  
  **** ******

• Initial Complaint

  Date:08/11/2023

  Type:Delivery 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.

  My employer has contracted with ************** for book-keeping of 401k with Matrix as the custodian. I initiated the withdrawal on June 14, 2023 in the amount of $124,000. Money was withdrawn on June 20. Up until today (August 11, 2023), I have not received the funds. I was told that the check was mailed out on July 19 but there is no trace of it. Then, I was told that the initial check was voided and another check was issued on August 9 and would be sent via overnight delivery ******** When I was provided the tracking number on August 10, it says that only the label was created but the package has not been picked up by ***** or delivered to *****. I called Matrix today on August 11 and was given the phone number of ***********************. I have left a message for him to call me back. Atrocious, incompetent, and lack of professionalism on the part of Matrix and **************.

  Business Response

  Date: 08/23/2023

  The check was cashed on August 15.  

  Customer Answer

  Date: 08/28/2023

  Thank you for following up on my complaint. I accept the business response although there is no explanation on why it took them
  8 weeks to process my withdrawal. 
  
  **********************; 

• Initial Complaint

  Date:06/23/2023

  Type:Product 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.

  Have been trying to close an *** ******* with Broadridge Matrix Trust company. I started the process on June 10 and I was told it would be 5 to 7 business days to receive my disbursement.. as of today June 23 I have yet to receive my disbursement, nor can they give me a timeframe of when I should receive my dispersement. I have emailed and have records from two different customer care support members and I spoke with *********** on the phone yesterday.. I was told to give it one more day because of the holiday by *********. ****** told me that it was a miscommunication between the company and the custodian but they did not know when I would receive my funds and *********** told me that it was because my bank rejected the funds and he could start another ticket to have my money dispersed. The money left my *** ******* on June 12. I would just like to have my distribution that is owed to me deposited into my ******* because of their delay and lack of respect for customers it has cost me fees at the bank, as well as late fees for a couple of bills.

  Business Response

  Date: 06/28/2023

  We have contacted the *** support team for this complaint.  The manager confirmed the distribution was processed on 6/27/2023 at 10am ET.  I have also reached out to the accountholder to confirm she received the distribution.  

  Customer Answer

  Date: 06/28/2023

   
  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. I did receive deposit only after contacting the Better Business Bureau then I was allowed to speak with a supervisor and things are handled much better
  
  Sincerely,
  
  ***********************************