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:02/25/2025

  Type:Customer Service 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.

  Since October 2024, I realized my real estate property (held under my IRA account) which was transferred custody to Equity Trust for two years still hasn't changed title. Equity Trust never instructed me to change title. Since this title issue may ruin my investment, I worked proactively to fix the error. I contacted Equity Trust to confirm the right title for recording. Then, I contacted my former IRA trust company, got their quit claim deed, and I paid $250 from my own pocket to a document services officer to prepare a new title. I also paid shipping and a $102 recording fee to LA county for the recording. After receiving the new title, I emailed the digital copy to Equity trust. Equity trust instructed me to mail the new title to them for safekeeping.
  However, without any heads up, Equity Trust returned my title doc and with very vague instruction to ask me correct the title. The problem is the title has include everything they requested. I don't know what change I should make. I have sent out numerous emails for further instructions. But nobody responded me for any solutions on my title.
  
  The solution I want is 1) for Equity Trust to accept the current original copy of my title as is since it has been prepared per their instructions. It is not right to refuse my title prepared based on your instructions. Or, 2) If Equity Trust does believe my title is wrong, please provide the correct deed with notarization with quit claim the current title, and write the new title with the phrases Equity Trust can accept. Mail the notarized title to me, so that I can mail it to LA County for recording.
  
  I need Equity Trust's response as soon as possible, since this issue has been lasting for years.

  

  Business Response

  Date: 03/11/2025

  M** ***,
  
  We apologize for any confusion regarding titling on the deed
  for real property held in your IRA.  I
  understand you have spoken with a representative from our Investments team, who
  informed you that we will accept the deed provided, update the outstanding
  documentation, and consider this issue resolved.
  
  Please let us know if you need further assistance.
  
  Sincerely,
  ***** ************
  Legal Counsel
  Equity Trust Company 

  Customer Answer

  Date: 03/11/2025

  [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:02/24/2025

  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.

  My father passed away in 2020 while holding two IRA accounts at Equity Trust. I have been attempting to have the funds distributed to my mother, his beneficiary designated spouse, for almost two years. Equity Trust has continuously failed to provide the correct guidance, documentation, approvals, coordination, etc. In the meantime, by holding his accounts open for two years, they have racked up $1,000 in annual fees that they are requiring his widow to pay. And, even after agreeing to pay the fees, they have continued to fail in their fiduciary duty to act in the best interest of their clients (which would be his beneficiary designated spouse upon his death by law). She has now been unable to access critical funds for years. I am writing BBB to seek assistance in resolving this issue so that my mother can move on with her life. At this point, its bordering on elder abuse.

  

  Business Response

  Date: 03/10/2025

  *** ****,
  
  We apologize for any frustration regarding beneficiary
  distributions of your father’s accounts. 
  I understand you are working with a beneficiary specialist, Wanda S.,
  regarding assets in the accounts on your mother’s behalf.  Please continue working with Wanda and let us know if you
  need further assistance.
  
  Sincerely,
  Katie Ba**********
  Legal Counsel
  Equity Trust Company

• Initial Complaint

  Date:02/07/2025

  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 was waiting for funds to deposit into My Equity IRA account from my precious metals which were being liquidated by Monetary Gold. I have been checking My Equity account daily to see if the funds had been deposited as instructed by an Equity employee. On February 5th, 2025 I attempted to sign in to MyEquity.com and a message came up that my account was locked. I immediately called Equity Trust and spoke to a male who said he would put in an inquiry as he did not know why my account was locked. He told me 24 to 48 hrs wait time. I called again on Thursday 02/06 as I was concerned about my money and being locked out of my account with no explanation. I spoke to Brittany who said she did not see that an inquiry was done on 02/05 and she would start another one and it would be 24 to 48 hrs. She said she would call me at the end of the day to update me. She did not call. I called again Friday 02/07 and Brittany was not in the office. I spoke to Gary Ellis at Equity Trust who said Brittany was handling it and I would have to wait for her. No one could tell me if Brittany was working that day. I waited hours and called again 2nd time on 02/07. The person who answered the phone asked me for Brittany's extension or last name which was funny because when I asked Brittany for her extension she told me they did not have extensions and to just ask for her. Now I'm on my 3rd call on 02/07 and told I couldn't speak to Brittany. I asked to speak to a manager or supervisor and was told I could not. I asked for an owner's name and supervisor on duty name and was not given the information. Finally I was told there was a discrepancy on the metals depository with Delaware Depository and someone would be in touch with me next week. I find the actions of Equity Trust deceitful, untrustworthy and unprofessional. My account is still locked and I don't have access to the money that was transferred by Monetary Gold.

  

  Business Response

  Date: 03/03/2025

  *** *****
  
  We apologize for any inconvenience regarding your precious
  metals liquidation request. Equity Trust received your request to transfer
  precious metals from your IRA to your precious metals dealer in exchange for
  funds on or about January 23, 2025. As you are aware, your IRA was awaiting
  proceeds from the sale of precious metals. Equity does not have control over
  third party precious metal dealers or their funds. A temporary hold was placed
  on your on February 5, while the transaction was pending. Funds were received
  in your account on February 6. The hold was removed from your account on February
  7, when precious metals were transferred to your precious metals dealer and the
  transaction was completed.
  
  I understand that you spoke with an Equity representative on February 17 to discuss your concerns and your questions were
  answered. Please let us know if you need additional assistance.

  Sincerely,

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

  Legal Counsel

  Equity Trust Company

  
  

  Customer Answer

  Date: 03/05/2025

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

  Customer Answer

  Date: 03/05/2025

  The fact is that they lied to me. A so called Leader from Equity trust called me and didn't even have the decency to look over my complaint be4 calling. That's not the kind of company i want to do business with. Their apology doesn't even begin to point out that they wouldn't tell me the reason why my account was put on hold. Funds were deposited to my account by Monetary Gold,  but Equity trust refused to unlock my account.  They REFUSED to give me the manager on duty name. Or the president of the company's name so I could email them. They used the receptionist  as a middle girl to convey messages.  They would not let me talk to a supervisor, manager and also told me that they would call me back several times and NEVER did, until 3 weeks after I received my money, the "Leader" called me to tell me that my money was in my account and that it was unlocked! 

  She had no idea what was going on. That's my complaint!

  

  Business Response

  Date: 03/18/2025

  *** *****
  
  Since receiving your additional comments, I have spoken with
  Equity Trust’s Customer Service department and I understand that you spoke with
  a supervisor on March 13, who provided further information regarding the temporary
  account freeze, as well as her contact information should you need anything in
  the future.
  
  Sincerely,
  ***** ************
  Legal Counsel
  Equity Trust Company

• Initial Complaint

  Date:01/31/2025

  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.

  10/2021-present
  Since I opened account I have been unable to access account details online. After several attempts to get company to help I gave up. I requested to have my metals shipped to me 12/26/2024 and was told I needed to initiate transfer online via ‘my equity’. I got them to email me the forms which I filled out and emailed back on 01/14/25. I talk to them on 01/24/25 and was told that it should be processed by 01/20/25. I called on 01/31/25 and after on hold for 20 minutes I was told it should be processed 02/02/25, almost exactly the same reply I received a week ago. I am very disappointed in this experience the company has never been helpful they just want to collect money. Maybe it is if they delay long enough they can collect more. I would advise customers avoid them when storing precious metals.

  

  Business Response

  Date: 02/12/2025

  Mr. ****,
  
  We apologize for any inconvenience regarding your precious
  metals distribution request. Equity Trust does not have control over depository
  processing/shipping times, which may take up to two weeks.  I understand that you received ***** tracking
  ID numbers provided by the depository and that your metals were delivered
  to the requested address on Monday, February 10.
  
  Please let us know if you need further assistance.
  
  Sincerely,
  Katie B***********
  Legal Counsel
  Equity Trust Company

• Initial Complaint

  Date:01/19/2025

  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.

  I opened an account with this company July 2nd 2024 and paid the annual storage fees of $450 for the year. I expected to receive my annual bill in July of 2025 for the next years storage fees. However come January 17th 2025 they charged my account another $450 (5 months later) I called the office and asked to speak to a manager. Stayed on the phone for 20 minutes but amazingly no manager was available. Got the typical run around. I emailed them asking for a manager to call, yet a week later and still no one has reached out. I want to know why my account was not pro-rated for 2024. Why am I paying a full years storage fee but only got 5 months of storage.

  

  Business Response

  Date: 01/29/2025

  Mr. ****,

  We apologize for any confusion regarding precious metals storage/account maintenance fees. After speaking with a member of Equity's customer service team, you have acknowledged that you understand the fees charged. 

  Please let us know if you need further assistance.

  Sincerely,

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

  Legal Counsel

  Equity Trust Company

• Initial Complaint

  Date:12/25/2024

  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.

  On 10/7/24, I opened a self-directed IRA account with Equity Trust Company with the intention of making a specific investment. According to the welcome letter from Equity Trust Company, I had a client services representative to help with the first transaction. I was provided the wrong paperwork by Equity Trust Company to process the transaction, which resulted in a delay, which resulted in me not being able to make the specific investment on time. Now my funds are at Equity Trust Company. I am seeking to get my money back from Equity Trust Company, but they are charging excessive fees. My complaint is that Equity Trust Company was unhelpful, Equity Trust Company did not provide the intended services, yet Equity Trust Company is charging fees for both the funds coming into the account and funds going out of the account. While I expect to pay for wire fees, I demand that all the various service fees are refunded since no service was provided.

  

  Business Response

  Date: 01/08/2025

  *** ******** 

  We apologize for any frustration you experienced. However, in reviewing your account, I did not find an instance where we sent you incorrect paperwork and we reached out to you several times to inform you that your account was not funded and the deadline of you investment. Since you opened a self-directed account, it is your responsibility to manage your account, we do not provide those services. Additionally, the fees that were charged are consistent with our fee schedule, which you agreed to. 

  I understand that your funds have transferred to your other custodian. Please let us know if you have any additional questions.  

  Thank you,

  Equity Trust Company

• Initial Complaint

  Date:12/16/2024

  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.

  There are two problems I have with this business. 1) They quoted me $500 per year to transfer in anything less than $100k and $750 to transfer in between $100k and $250k. I ended transferring in less than $100k but they still charged my $750.
  
  2) They're onboarding process is absolutely brutal. They assign an onboarding person who is juggling a million things and only returns my calls or emails at the end of the day or next day which causes almost everything to take an extra day since certain transactions can only happen at the end of the trading day. The time that its taking to transfer in my first deposit is taking 2x to 3x longer than it should while in the meantime I cannot do anything with the money.
  
  Also, they made promises that didn't come to fruition, including promising how long it would take to move money into my account as well as how much the maintenance fees are.
  
  Lastly, they have no way of making a complaint for their clients. They do offer surveys after speaking with some representatives but the most important person I would like to provide feedback on is my assigned onboarding person, and there is no way to provide feedback on them. I have asked multiple people about this and they have sent me surveys on their own assistance but could not point me to any process on either the client portal web site or the corporate web site where complaints could be submitted.
  
  I am still awaiting my initial deposit, 7+ days later.

  

  Business Response

  Date: 12/30/2024

  *** ********* 

  We apologize for any frustration you experienced. In reviewing your account, I see that your fee was adjusted to correspond to the amount of funds that were transferred in. Also, the funds from the transfer were deposited into your account earlier this month. 

  Please let us know if you have any other questions. 

  Thank you,

  Candice C*********

  Senior Legal Counsel

  Equity Trust Company

• Initial Complaint

  Date:12/11/2024

  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.

  I recently setup a self-directed IRA account to invest in real estate property. After all is done, I requested the fund to be wired to my investment on Nov 24, 2024. The amount was deducted from my IRA account, however, was never wired up to now (Dec 11, 2024) without providing a reason. Everyday, I was told that the leadership is working on. This completely screwed up my investment since the deadline has passed and I had to borrow fund with high interest from other source.
  
  Not a reliable service, potentially fraudulent.

  

  Business Response

  Date: 12/18/2024

  *** ***** 

  We apologize for any frustration. As you are aware, we sent the wire on November 24th. When funds move from bank to bank, as they did here, there are certain regulatory reviews that are done by banks. At times, these reviews can briefly delay the money movement. Unfortunately, Equity Trust does not control this process, as it is not a depository bank. 

  I know you have been in touch with Rachel and she has kept you apprised of the issue. I also understand that your investment company received your funds and the issue is resolved.

  Thank you,

  Candice C*********

  Senior Legal Counsel

  Equity Trust Company

• Initial Complaint

  Date:11/20/2024

  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 received a letter 9/25/2024 saying that I need to open an electronic account or incur a $15 Fee for paper statement in 2024 and $60 paper fee annual for 2025. I called customer service who informed me that my balance had been transferred out on 4/6/21 (nothing to send a paper statement). If I want to close the account it is a closure fee of $250, otherwise I’ll continue paying $60 a year. This is the first I have heard of this and feel the account should just be closed with no fee.

  

  Business Response

  Date: 12/03/2024

  *** ********** 

  I confirmed that your account is now closed. We apologize for any confusion. 

  Thank you,

  Candice C*********

  Senior Legal Counsel

  Equity Trust Company

  Customer Answer

  Date: 12/13/2024

  [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:11/18/2024

  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 used Equity Trust company to invest in a LP to fund a private company. The company went bankrupt almost ten years ago. At that time, the company submitted a final valuation to Equity Trust with zero value. An LOI was sent requesting that the account be closed and fees were paid for this to be done. After all these years, I have just recently received a bill from Equity Trust in the amount of $15 for a 'paper statement fee' on this closed account. I would like this bill rescinded and the company to acknowledge that this account is closed.

  

  Business Response

  Date: 11/25/2024

  *** *******

  We apologize for any
  frustration you may have experienced. The account has been closed and fees
  waived.

  Candice C*********

  Senior Legal Counsel

  Equity Trust Company

  Customer Answer

  Date: 11/25/2024

  [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,
  
  
  
  ****** ******