Complaints
This profile includes complaints for Equity Trust Company's headquarters and its corporate-owned locations. To view all corporate locations, see
Customer Complaints Summary
- 140 total complaints in the last 3 years.
- 52 complaints closed in the last 12 months.
If you've experienced an issue
Submit a ComplaintThe 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:07/08/2025
Type: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’ve tried closing my account over nine times in the last year I’ve sent the requested forms at least three times. I never hear back and my account is never closed the wait times to speak to somebody are usually close to an hour and then I get put on hold and nobody ever picks up nowthey’re trying to charge me for an additional charge when they agreed to close my account over a year ago
Now they’re also trying to charge me for a late document fee
I withdraw all my money out over a year ago someone got on the phone and tried to convince me not to transfer my money back tome and I’ve never been able to close my account ever since
Business Response
Date: 07/16/2025
*** **********,
We apologize for any frustration relating to your request to close your account. I understand you spoke with a representative yesterday (7/15), who confirmed your account is now closed.
Please let us know if you need additional assistance.
Sincerely,
***** ************
***** *******
Equity Trust Company
Customer Answer
Date: 07/17/2025
Phone Response taken by BBB staff **. The consumer states that the business has addressed the complaint satisfactorily.Initial Complaint
Date:06/24/2025
Type: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.
2025 JUNE 20
I received a bill for whatever they do. attached to this bill is 3 late payment fees for $50.00.
They had my phone number and email address to notify me that payment was do. But they did not send any notification, and they want me to pay for their mistakes. I called them to try to get them to drop the late fees so far they have not.
In have been inContact with my broker since day one. Kept him up to date on my were abouts
They also sent my tax for 3 months late.Business Response
Date: 06/30/2025
*** ********
We apologize for any frustration you may have experienced. I
understand that a service team representative reached out to you and the issue
was resolved to your satisfaction.
**********
***** ************
Legal Counsel
Equity Trust CompanyCustomer Answer
Date: 06/30/2025
Better Business Bureau:
I have reviewed the response provided by the business regarding complaint ID ********, and I find the resolution is satisfactory.
Regards,Initial Complaint
Date:05/06/2025
Type: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.
The businesses uses unfair and purposefully deceptive fee tactics. They require that a customer wanting to close their account, give them notice 30 days before year end, otherwise the full year fee is due and they do not prorate the fee, which is paid in advance, so they are being paid for work they have not done. In addition, to close your account, you have to pay $250 per account and $100 per investment held in the trust.Business Response
Date: 05/20/2025
*** ********
We apologize for any confusion regarding fees associated
with your Equity Trust account. Equity
Trust’s fees and policies are disclosed in the Custodial Account Agreement and
Fee Schedule, which you acknowledged and agreed to when you opened your account.
I understand an Equity Trust representative reached out to
you to assist with your account closure request. Please continue working with her but let us
know if you need additional assistance.
Sincerely,
***** ************
Legal Counsel
Equity Trust CompanyCustomer Answer
Date: 05/20/2025
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.
Equity Trust has not released my funds after payment of their exorbitant exit fees. They have been sitting on my funds for 15 days. They have had a sale person spamming me ever since. There is zero chance that I will ever do business with them again.
Regards,
******** *******
Business Response
Date: 06/16/2025
*** ********
We apologize for any inconvenience associated with your
account closure and transfer.
I understand you are in contact with an Equity Trust
representative who is working with you to resolve the transfer issue. Please
continue to work with her but let us know if you need additional assistance.
Sincerely,
***** ************ Legal Counsel
Equity Trust CompanyInitial Complaint
Date:05/05/2025
Type: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.
May 4, 2025
Better Business Bureau
Online at www.bbb.org
Subject: Formal Complaint – Mishandling of Precious Metals IRA Disbursement & Failure to Communicate
To Whom It May Concern,
I am filing this formal complaint against Equity Trust Company, LLC, the custodian of my self-directed IRA account, due to its gross mishandling of a physical precious metals disbursement and its unacceptable failure to communicate or resolve the issue in a timely and responsible manner.
Summary of the Incident:
On or about April 10, 2025, I submitted a request to Equity Trust for the disbursement of physical gold and silver from my IRA. The metals were reportedly shipped via ***** using tracking ** ************* However, that shipment has since been reported as lost or undelivered. Despite multiple attempts to obtain meaningful updates or initiate recovery or reimbursement, I have received only vague responses or outright silence.
I was initially instructed to “wait 6 to 8 weeks” for ***** to complete its investigation. Given the substantial value of the assets involved and the fact that these are my personally owned retirement assets — not speculative or discretionary holdings — such a delay is wholly unacceptable.
To make matters worse, Equity Trust has failed to respond to repeated follow-ups via email and phone, offering no confirmation of active investigation, no claim documentation, and no assurance of restitution. I have been given the same wait and we will contact you later response. This level of inaction reflects a troubling disregard for their fiduciary responsibility and the rights of the account holder.
The mishandling of my retirement assets, lack of accountability, and failure to maintain even basic communication standards are unacceptable and demand immediate corrective action. I am requesting that the Better Business Bureau investigate this matter and assist in securing a prompt and appropriate resolution.
Sincerely,
****** *******Business Response
Date: 05/19/2025
Mr. Clausen,
We apologize for any frustration and delay in your precious
metals shipment. As you are now aware, your
metals were damaged in transit when the ***** vehicle carrying the package caught
fire. ***** and the precious metals
depository submitted insurance claims regarding the incident. The metals have been replaced and are now in
transit. According to the tracking number
provided, your metals should be delivered tomorrow, May 20. Please continue working with ******* if you
need assistance.
Sincerely,
***** ************
Legal Counsel
Equity Trust CompanyCustomer Answer
Date: 05/21/2025
[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 provided by the business regarding complaint ID ********* and I find the resolution is satisfactory.
Regards,
****** *******Initial Complaint
Date:04/08/2025
Type: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.
Equity charged my wife’s account $60.00 without my or my wife’s authorization. For paper quarterly statements on hers or my account for which we have not opted into since accounts were opened. My wife signed papers with equity to have me as executor of her account. I have been receiving quarterly statements via email for her account as well as mine since about 2021 or so, and never been charged because we opted out of paper statements. Now they are changing rules so they can charge this fee. They said (******* who I talked to) my wife has to have an online account. She does but it’s under my e-mail and has been Since we opened her account.Another problem I complained to them about is their online site. Two years before or so had no issues accesing information. Nów when I click for information The site loopach back to The original question. So I end up calling Equity by Phone and waiting and waiting for someone to talk to. Even when they tell me to hang up so they can call my phone number back for verification sometimes they do not. I do not have a cell Phone for theirverification.Another problem I Asked to speak to The CEO of the company. She did not know who he was or his name. I told them it was ********* Then had to to tell her his first name, ******. This was about ten this morning and did not try to connect me. This company is getting worse and worse as time goes on. I have had problems in the past with my account number as well as my wifes telling me those numbers do not exist in the data base as well as account acces code numbers it is one headache after another.Business Response
Date: 04/22/2025
*** *** **** ***********,
We would like to assist you with online access to your
account and then you can avoid the paper statement fee. An agent tried reaching
out to you when we received your complaint. We will give you another call in
the next 24 hours.Sincerely,
***** ************
Legal Counsel
Equity Trust CompanyCustomer Answer
Date: 04/22/2025
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 have not received any calls, even tried calling back early today.Again was told to leave message, person not available again.
Regards,
******** ***********
Business Response
Date: 05/02/2025
Mr. ***********,
I understand that you have spoken with a representative who was able to assist you. Please let us know if you need further assistance.
Sincerely,
***** ************
Legal Counsel
Equity Trust Company
Initial Complaint
Date:04/07/2025
Type: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 have been trying to close this account for a month and a half, unsuccessfully. At first, Angela Williams was helping me, but then she went ghost for a few days, and when she did respond, it was as if she didn't even read the prior email and told me to send a letter stating my name, etc., which I had already sent her. So last week I got a call from Heather in Distributions, and she said she is unable to send my money because I have outstanding fees for March. (These are the same fees that took all the money that was left to me by my deceased mother, in an account that she had through her job, which was then transferred to my brothers and me. I told her they are not supposed to be charging me because this account is supposed to be closed, not to mention that, on the online account that Angela made me open, where I was able to select to go paperless.) I told her about my email correspondence that I had with Angela for weeks, and she said, I know nothing about that. She then went on to say, I have to send this back for another appeal. Now, another week has gone by, and no check. This process for closing started on February 18th. It is now April 3rd, with emails, phone calls, and the website. What else do you need? Let me also mention that I have the original email from 2012, which includes the form with my information. When I was directed to activate an account in February, nothing that I saw was correct. All my contact info was wrong; that was where they were sending all my mail, to someone else's address. Someplace I never lived.
Last week, I tried to contact both representatives, and nothing. So I decided to leave a ****** ***************t. 2 days later, someone said they would look into my situation.
Today, someone named Debbie left a message with no extension number saying that she sent my ACH $222 & still charged me $15 for a paper fee even though I'm a paperless account. At this point, they have taken all my mom's money, $3000+ gone because of fake fees.Business Response
Date: 04/15/2025
Ms. **********
We apologize for any
frustration regarding your request to close your Equity Trust account. In reviewing your account, it appears that
although your full distribution request was received on 2/19, additional clarification
was required regarding bank account information. Regarding fees, all fees are disclosed
in the Application/Custodial Agreement and Fee Schedule acknowledged at the
time your account was opened.
I understand that your request
has been completed, and the account is now closed. Please let us know if you need further assistance.
Sincerely,
Katie B***********
Legal Counsel
Equity Trust CompanyInitial Complaint
Date:03/24/2025
Type: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.
Equity Trust has been "attempting" to resolve the accounts held by my father, **** * ***** *or more than 2 years. He passed away in 2020.
He held 2 IRA accounts, each incurring an annual fee of $500. They have racked up almost $2,000 of fees that they are demanding be paid.
My mother was beneficiary designated on both the accounts. However, they continuously deny her the ability to access or transfer the funds by requiring that she open a transfer account in her own name. This would create a burden and fees for her. They are refusing to issue a check in any other name than that of my deceased father (which would be useless) or transfer funds to an account in his name, also useless.
They have also mishandled a past deposit and made us fill our multiple forms, including "new forms", for a transaction that took place in 2019 to resolve the transaction.
They never answer the phone, I have attempted to call them multiple times and have been on hold 90 minutes before giving up.
When trying to resolve the issue, they point to needing to work with this group, then another, then another. They provide no communication or updates.Business Response
Date: 04/07/2025
*** *****
We apologize for any frustration relating to beneficiary
distributions of your father’s accounts.
I understand you are working with a beneficiary specialist, Wanda S.,
regarding assets in the account on your mother’s behalf. Please continue working with Wanda and let us
know if you need further assistance.
Sincerely,
Katie B***********
Legal Counsel
Equity Trust CompanyInitial Complaint
Date:03/13/2025
Type: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 have been trying for over two months to roll over the entire contents of my IRA with Equity Trust. I liquidated my account with Augusta Precious Metals at the beginning of the year with no issues. However, the funds were sent to Equity Trust for distribution and it's been like pulling teeth to get them to release my funds. (Note: My only account opened in 5/22 was with Augusta. From the very beginning, they charged fee after fee for monies that didn't exist. I was holding a metals asset. Equity was not/is not the metals repository, yet they charge fee after fee alleging such.) They claim outstanding fees and as you can see in my supporting documentation, there are none. (see the attachments. See under Fees, All Types vs. Fees Paid: There are NONE outstanding. If they add any fees after this point when you see there are none outstanding, it will be proof of their malfeasance.) This company keeps inventing fees to have an excuse to bill me for doing absolutely nothing. Equity Trust is a scam company! Thank God, I was able to get the majority of my money out of their grasp, but for a measly $78.15 they keep insisting there are funds owed when there are not. I have read many reviews from others who have been even less fortunate because they are holding the entirety of their portfolio. Fortunately, my funds manager at ******** ***** advocated on my behalf for the initial rollover, but I can't keep wasting his time dealing with these crooks. I am submitting my complaint to BBB as an escalation and a documentation of Equity's modus operandi. This company needs to be investigated. I NEVER wanted my money held by Equity, but unfortunately, Augusta apparently uses this company as a pass through. I know it's a small amount, but every time I submit a request, Equity creates a new fee to keep it in an attempt to continue charging fees apparently. I ask that they either rollover this amount into my ******** 401(K) as requested multiple times. The FTC needs to investigate them.Business Response
Date: 03/27/2025
*** *****
We apologize for any frustration you may have experienced
regarding your rollover request. I
understand one of our Supervisors, Megan, reached out to you by email on
Wednesday, 3/19, to confirm that your request was completed, and your Equity
Trust account will be closed.
Regarding fees assessed for your account, you agreed in the
Custodial Agreement to pay account maintenance fees and precious metals storage
fees (charged to Equity Trust by the depository where your precious metals were
stored) on an annual basis. A copy of
the Agreement and Fee Schedule is available here: *************************************************************************************************************Roth_SEP.pdf . If there are specific fees you are disputing, please let us know and we will
review them.
Please let us know if you need further assistance.
Sincerely,
***** *artolomucci
Legal Counsel
Equity Trust CompanyInitial Complaint
Date:03/03/2025
Type: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 have been trying to close this account for two years. I did not use this account and used this account thinking I was going to make REI from my IRA. I transferred my funds into my other brokerage a couple of months after opening and asked Christian to close this account. He told me he would handle it yet I still had money showing in Equity Trust when in fact they had been transferred to Fidelity. Christian or Matthew never informed me of any fees for closing when I opened the account. I still have been unable to close this account and have talked to numerous people. One lady said they had trouble with Cardone Capital accts through Equity Trust and she would research and get back with me. That has been over a year ago. I continue to get invoices from Equity Trust and have not had funds there since August 2023. I have tried numerous times to get in contact with a supervisor and have been unsuccessful. I would not trust this company with your funds. I don’t feel you should have to ask a financial representative every little question about fees since it is their fiduciary responsibility to inform the client. I hope this helps someone.Business Response
Date: 03/12/2025
*** *****,
We apologize for any frustration regarding closure of your
Equity Trust account. I understand that
you have spoken with Equity representatives regarding your concerns, and your account is now closed.
Please let us know if you need further assistance.
Sincerely,
***** ************
***** *******
****** ***** *******Customer Answer
Date: 03/12/2025
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 have spoken to a representative stating they were going to close the account but I have not received any confirmation the account has been closed either via email or letter. Hopefully due to the issues I have had closing the account, please understand I do not consider this complaint as closed until I have received confirmation the account has been closed.
[To assist us in bringing this matter to a close, we would like to know your view on the matter.]
Regards,
******* *****
Business Response
Date: 03/18/2025
*** *****,
I have spoken with John from our Customer Service Team and understand that he reached out to you by phone and email on 3/14 to confirm your account has been closed. Please let us know if you need further assistance.
Sincerely,
***** ************
Legal Counsel
Equity Trust Company
Customer Answer
Date: 03/20/2025
[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 provided by the business regarding complaint ID ********, and I find the resolution is satisfactory.
Regards,
******* *****Initial Complaint
Date:02/28/2025
Type: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 invested in a private **** named ***** ***** ********* **** ****** *n 2007. The trust company utilized for the holding and accounting of the funds was called Sterling Trust, renamed now as Equity Trust Company. I had two accounts and received quarterly reports for both accounts and paid an annual maintenance fee for both accounts.
On my quarterly statement dated 07/01/16 to 09/30/16 it showed a "Change in Investment Value" of the exact value of each investment, with an "Ending Market Value" of $0.00.
No change occured until 1/21/25 when Equity Trust, without my consent, charged my **** credit card twice for $260 each, one for each account. When I called my credit card company about this they explaied that Visa is the only credit card company in America that will give the new expiration date and 3 digit code to a company IF I had a prior relationship with the company.
Multiple contacts with Equity Trust have proven fruitless in resolving this issue. One agent initially indicated a willingness to help clear this up and refund my money, but she wanted ME to fill out paperwork to value these accounts showing these accounts as worthless. This is the entire reason they are in business: to keep an accounting of a client's funds.
Currently my account shows a "Total Account Value" and an "Asset Value" of a small amount of money, and a "Cash Value" of zero in both accounts.Business Response
Date: 03/14/2025
*** *******,
We apologize for any frustration relating to your Equity Trust
accounts. Based on your claims and
publicly available information, we have adjusted the value of assets in your
account, as well as associated fees. At
your request, both accounts are now closed.
Please let us know if you need further assistance.
Sincerely,
***** ************
Legal Counsel
Equity Trust CompanyCustomer Answer
Date: 03/14/2025
[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 provided by the business regarding complaint ID ********, and I find the resolution is satisfactory.
Regards,
*** *******
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