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Business Profile

Trust Company

LT Trust Company

This business is NOT BBB Accredited.

Find BBB Accredited Businesses in Trust Company.

Complaints

Customer Complaints Summary

  • 3 total complaints in the last 3 years.
  • 2 complaints closed in the last 12 months.

If you've experienced an issue

Submit a Complaint

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.

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Complaint status

Complaint type

  • Initial Complaint

    Date:01/03/2025

    Type:Product Issues
    Status:
    Unanswered
    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.
    LT ********************** manages the 401k for my old employer. I left that employer in May of 2023 and I am STILL trying to move that money into my new Fidelity 401k.Every time I attempt to log in to the website, my credentials don't work which is interesting because it's the ones I have saved in my password manager. No problem, I'll try to log in with my SSN and DOB. Nope, can't do that must contact plan admin. The first couple times this happened, I called and spoke to someone who reset my credentials for me and I was able to log in once before getting locked out again. I asked if they could just send the check to me or Fidelity but no apparently I can only do that on the portal. Now I keep calling and no one answers, they force you to leave a voicemail which they seem to just toss directly into the ether because I've never once received a call back. There's no email on their website and no address. A year and a half I've been trying and I have made zero progress with them while they make money off the thousands of my hard earned dollars they're sitting on.

  • Initial Complaint

    Date:08/08/2024

    Type:Product Issues
    Status:
    Unresolved
    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.
    The fact that this company is in control of anyone's money at all is absurd considering the incompetence of its employees. Never in my life have I delt with a team this stupid. My wife was laid off a month and a half ago. Luckily, we have her 401k as an emergency to pay our bills in the meantime....WE THOUGHT. And if our money was with a competent company we would have. I had had to do the similar thing with my 401k with 2 other companies as well as my business partner and we had OUR money...because it is ours...in no more than 3 days. -First of all, the money failed to go through as a direct deposit to our account upon request on 7/4/24. So after a week and us having to ask where it is instead of being notified, we then were informed it had been mailed. -We waited just over 2 weeks (as they said was required.) That check never arrived. Now, having been 3 weeks since we had paid any of our bills we asked that this check be overnighted. Which we paid for.-We then waited another week and a half because it apparently takes the company 4-6 days to get the money back to their account before they can send it. A week and a half later my wife calls again and that person says "oops, we sent it yesterday and it wasnt overnighted"..leaving us to wait ANOTHER 2 weeks for it to MAYBE show up. So, I took it upon myself to call back. This person (****) then said "I dont know what they looked at, it wasn't sent yet, Ill put in a request and call you back in about 30 minutes or, at worst, tomorrow morningit is now tomorrow evening. So I call back. This gentleman then tells me **** was wrong, it was mailed 2 days ago, and no it wasnt overnighted. What the h*** is going on?!? I mean seriously. Theres hundreds of millions of dollars in customer accounts and you cant even mail a check properly. We are literally about to have our utilities shut off. FIND BETTER EMPLOYEES!! No one should trust a company like this with their life savings. They holding our money!!!!

  • Initial Complaint

    Date:12/04/2023

    Type:Product Issues
    Status:
    Resolved
    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.
    Per my employer JCurve, my account was closed back in October 2023 per my request (10/7/2023). Additionally, I requested that my address and email be updated on October 4, 2023. Per conversation with LT ********************** via phone and received emails, my account was not closed. On 12/4/2023, I called LT ********************** and they (*******************************) stated that my account's address had been updated - without my consent. Additionally, they(*******************************) stated that they didn't have an email on file. Lastly, I don't have access to my account. I should still have access to my account. Per the email from 11/24/2023, I should still have access to my email.I didn't request that taxes be deducted from my distribution check; however, federal taxes were deducted.

    Business Response

    Date: 12/13/2023

    This LT ********************** participant, ***********************, did not want to receive any information about the plan. She took her distribution but received the Annual Notice after her distribution was processed. LT ********************** worked with the plan, * ***** 401K plan owner, and it was decided to change ****** address to the company address, so she would not receive anything. *** address was updated after Shenas final distribution was issued in full. ***** requested her account be closed, and it is, and it will not be removed from LT recordkeeping system, Relius, until 2024.
    Shenas account held at LT ********************** has been noted to inform ***** that her account has been closed, as requested. 


    1) *** * ***** Employer/Plan Sponsor knows LT ********************** changed her address to the company address so no mailings would inadvertently be sent to her.
    2) *** address now shown on Shenas account record was updated to the Employer/Plan Sponsor as shown on the * ***** Plan Specifications, as discussed. 
    3) Shenas phone number and email were removed from her LT ********************** account record so that she would receive no communications - She has been informed her account is closed.

    Customer Answer

    Date: 12/15/2023

     
    Complaint: 20954827

    I am rejecting this response because:

    I only asked for my account to be closed.  I never asked for my contact information to be updated.  Why did LT ********************** update my contact information to JCurve without informing me?  When I spoke with **************, he never provided a reason to why my contact information was updated without my consent.  

    Additionally, how will I receive the appropriate tax documents due to the distribution that was made in 2023?

    When I completed my distribution paperwork, I stated that I didn't want any taxes taken out but LT ********************** took out federal taxes.  Please provide an explanation.

    Why don't I have access to my online account?  Most 401K plans allow employees to still access online account even if the account is closed?

    Please provide exact date in **** when my account will be removed from record keeping.

    Sincerely,

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

    Business Response

    Date: 12/24/2023

    ***** requested that her account be closed, therefore, we closed her account, and she no longer has access.  The account will be archived in the beginning of January when the account is rolled forward from 2023 to 2024.

    Please contact J Curve for your 2023 1099R Tax Form in early February 2024.

    Federal taxes were withheld from *****'s distribution as is required for all distributions from a qualified plan that eligible to be rolled into an IRA.

    Customer Answer

    Date: 12/27/2023

     
    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.

    LT Trust never explained why they changed my address without my consent.


    Sincerely,

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

LT Trust Company is NOT a BBB Accredited Business.

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