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

  225 Burns Rd Elyria, OH 44035-1512

  
• 

  Equity Trust Company

  320 N Main Ave Ste C Sioux Falls, SD 57104

  

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:10/19/2022

  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 got envolved with Equity Trust to do a self directed IRA to purchase of precious metal. I signed Equity Trust fund transfer form to withdraw money from my current tradinal IRA account. The company that requested my money was called ****** which was flagged. Thankfully my IRA company called to ask if had autorized ****** to take the money. I said absolutly not. I autherized Equity Trust. I told them to not allow it. I investigated ****** over the internet. ****** Trust is owned **********, ********** may own Equity Trust. ****** Trust are involved in multible law suites over chargeing exsessive fees and stealing 401K money. Beware, do your homework before doing bussiness with Equity Trust. Equity Trust can you please explain to me how ****** Trust got my name account #, and the amount to withdraw from my IRA compny? Or are you one in the same?

  

  Business Response

  Date: 10/21/2022

   

  Mr. ***,

  After opening your account, you sought to transfer funds into it. The transfer of cash can be done by a wire, check, or ACH. An ACH payment occurs when money moves from one bank to another bank. This money moves electronically through the Automated Clearing House Network, which connects banks and allows the efficient transfer of money. ****** is a service provider that Equity Trust relies on to facilitate ACHs and is commonly
  used in the industry.

  If you wish to fund your account by a means other than an ACH, please contact us to walk through those steps. 

  Thank you,
  Candice **********

  Senior Legal Counsel

  Equity Trust Company

  Customer Answer

  Date: 10/22/2022

  I am not satified with response. There should be more transpearancy. I do not choose to do business with a third party that has such a bad reputation.

  
  
  
  
  
  
  
   

  

  Business Response

  Date: 10/27/2022

  Mr. ***, 

  As I mentioned in my earlier response, we can reach out to your current custodian and request a check be sent to Equity Trust to credit to your account. Please let me know if that is the route you wish to take. 

  Thanks,

  Candice **********

• Initial Complaint

  Date:09/30/2022

  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.

  Good day, My name is ***** ********, I am 63 years old I am also the CEO of ******** ******* LLC. on the 9th of September 2022 I decided to invest some of my retirements into crypto IRA, as I had friends speaking about it and I am retiring early so I decided to do a rollover from my 401kadp account into a bit trust ROTH IRA acocunt which was opened by a bit trust account agent named Blu ****** who got me verified and approved and days latter I then sent me an email of a successful account with bit ira which I llater contacted my 401 k adp account manager and initiated a rollover to my equity trust company through the help of the bit trust agent blu ****** I trhen invested the sum of $11,000 into crypto and was thinking about doing some precious metal before my acocunt got locked and Equity Trust Company contacted me and said I was never a client of Equity trust so I as at this moment I do not have access to my account or my money and I currently have a partial stroke and been suffering from minor brain damage I got from a car crash I had in 2020. I need my money back.

  

  Business Response

  Date: 10/13/2022

  We made a business decision to not act as custodian of the account. The funds in the account will be returned back to the issuing custodian and the account will be closed.

   

  Candice ********** - SeniorLegalCounsel EquityTrust 1EquityWay Westlake , Ohio 44145

• Initial Complaint

  Date:09/09/2022

  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.

  Equity Trust filed something with the *** stating they paid me $46, 760 and they did not! I have tried to call and talk to them and no one will talk to me. I have tried getting the *** involved but that was no help. Now I received a certified letter in the mail from the *** saying this matter is now in tax court!!! This is my second complaint with this company. Now they are messing with my livelihood !!! They need to retract what they sent to the ***.

  

  Business Response

  Date: 09/26/2022

  Mr. ******, 

  I sent you an email on Friday afternoon that responded to your concern. Please reply back to that email correspondence, if you need additional information. 

  Thank you,

  Candice **********

  Senior Legal Counsel

  Equity Trust Company 

• Initial Complaint

  Date:08/31/2022

  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.

  We are having the same problem that it seems many people on this page have had. It seems Equity Trust has a tendency to put people who are grieving a loss through an unreasonable amount of additional stress.
  
  We have been trying to transfer an inherited beneficiary account for 9 months. This estate had many investment accounts with various parent companies. Every other financial aspect of this estate has been easily managed and closed out EXCEPT the portion held by Equity Trust.
  
  We filled out and submitted requested paper work in December 2021 from all 8 beneficiaries, and did not hear from the company until May 2022. At that point they had lost 5 of the applications, so we resubmitted them. This has been a weekly battle since that point. Multiple beneficiaries have submitted forms and applications that receive confirmation receipts, but are never found when we speak with a representative. At one point a representative confirmed that we had everything in, but we heard nothing for two weeks. When we called back we were told the same information from a month prior was still missing.
  
  Beyond the fact that we have forms with personal information floating around somewhere, we also never speak to the same person. With each call we get a new person who usually says something different from the person before. We were just speaking with a representative who seemed to be trying to end the call as soon as he possibly could. When pressed, he told us he would email us to confirm the receipt of information that had been submitted 4 different times, and then tried to rush us off of the phone before getting the email address he needed for that confirmation.
  
  Every other financial institution we have dealt with has given us a point person who manages our process and sees everything through. No one at this company seems to be talking to anyone else. At this point it seems the only people who get issues resolved are the ones who complain here.

  

  Business Response

  Date: 09/08/2022

  Ms. ********, 

  We apologize for any frustration. I reviewed the account at issue and I see that there are eight beneficiaries involved. While your election is in order, along with four of the other beneficiaries, we are waiting for additional information from three of the beneficiaries. We have followed up with those three beneficiaries to identify what else is needed. We need to ensure that all beneficiary elections are in good order before we complete the elections. 

  We will reach out to the three beneficiaries again and work to finalize as soon as possible. 

  Thank you,
  Candice **********

  Senior Legal Counsel

  Equity Trust Company 

• Initial Complaint

  Date:08/21/2022

  Type:Sales and Advertising 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 July 20, 2022 I sold the precious metals in my IRA account at Equity Trust through my metals dealer. I had contacted Equity before hand to ask about the procedure to follow and after the sale I emailed the the requested letter from my dealer as notification. My dealer has tried to contact them for the transfer of funds from the sale into my account over 3 times and I have called and emailed as well. The last person I spoke with said I needed to fill out more paperwork, which I did and sent via email. It is Aug. 21, and the funds from the sale have still not been settled in my account.

  

  Business Response

  Date: 08/29/2022

  Ms. ******, 

  We apologize for any frustration. We received your paperwork at the end of last week. After review, we reached out to your precious metals dealer directly, as we needed more information from them. They previously provided information for its account at a depository, but not the depository where your metals are being stored. We cleared up the issue, as your dealer provided updated information to us today. We contacted your depository and are working to transfer your metals, per your direction, to effectuate the sale. This transfer will be completed this week. 

  Please contact us should you have any additional questions or concerns. 

  Thank you,

  Candice **********

  Senior Legal Counsel

  Equity Trust Company

  Customer Answer

  Date: 08/29/2022

  [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:08/15/2022

  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 had contact Rosland Capital also known as Equity Trust Company and opening an IRA account for Gold and Silver. Took awhile to communicate back and forth, and plus they had problem getting money from my IRA of the amount of $20,000.00. The account was funded on June 1, 2022. Our original discussion was purchasing will have someone go over what I am going to have in my account to manage to buy and sell. The discussion was there was no fees for the first year and would be $250 managing gold at the secure facility a year there after and you can cancel anytime. We talked and they made a purchase of gold 1/4 of ounce coins and silver coins to be. After looking an account shows funded but no real information of the purchase. Call back to find the coins purchased as in the paperwork shown could not be placed into account for 30 days. Saying the are hard assets and takes time to place into your account. I was shocked saying you do not own these coins you are selling to place in IRA accounts. And asked about the fees of $150 hard asset fee and $100 and $50 for an annual fee $30 wire fee which I paid with other insitution. Asked about a letter before showing $150 fee the rep communicated to disregard this. When I saw my account showing the fees being show the rep says because we got a discount on our purchase will show. How would I know if I actually got a discount there is nothing in right showing the purchase or the actually value to base these coins. Fraud. the old bate and switch. I asked for $20,000 to be returned. Rep say he will place the cancelation to his management 6/14/2022 and would take a month. Waited to the end of August. Communicated and found the account is cancelled. Fees still the with the reduced amount of $19,670.27 and a $250 cancelation fee to send a check in the mail to my home. I was wanted to send to an IRA as a rollover, but the website does not give me that option.

  

  Business Response

  Date: 08/29/2022

  Mr. *********, 

  We apologize for any frustration you experienced. I confirmed with our team that the funds are in your account and the placeholder for the metals that you did not purchase was removed. I believe ******** reached out to you last week to answer any remaining questions. 

  Please let us know if you have any additional questions. 

  Thanks,
  Candice **********

  Senior Legal Counsel

  Equity Trust Company

• Initial Complaint

  Date:08/13/2022

  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.

  Problems with Transfer of like-kind account
  On July 27, 2022 I requested to have Equity Trust Company do a Full Transfer of my Traditional IRA to another Trust Companies Traditional IRA. The funds are in cash and so there shouldn’t be a problem. Today’s date is August 13, 2022 and it has been more than two weeks with a note saying “Additional material being reviewed”. I can’t believe it would take so long to review the account and perform the transfer.

  

  Business Response

  Date: 08/19/2022

  Mr. *****,

  We apologize for your frustration. I confirmed with our team that your transfer out was completed this week. Please contact us should you have any additional questions or concerns. 

   

  Thanks,
  Candice **********

  Senior Legal Counsel

  Equity Trust Company

  Customer Answer

  Date: 08/19/2022

  [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:07/28/2022

  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.

  These people are evil blood sucking vampires. I have been trying to close my account here for 5 years. They just keep racking up fees, and will not send me the paperwork to close the account. I have called 7 times requesting the paperwork for account closure, and they say it will be received but I never receive it. I even had my husband's investment advisor contact them and he was not successful in getting the account closed. I started out with over $10,000 in my IRA and it is ALL GONE. I owe them $486 in fees now. And it just keeps getting worse every month. My account is worth negative $486, and I still can't get it closed, and they keep sending me more & more fees every month. I just don't know what to do. They are flat out evil.

  

  Business Response

  Date: 08/05/2022

  Ms. *****, 

  We apologize for any frustration.  I understand that yesterday you spoke with Karen and she explained what is needed from you to close your account. Please contact us if you have any additional questions. 

  Thank you,
  Candice **********

  Senior Legal Counsel

  Equity Trust Company