Equity Trust Company

Customer Service

Whatever investment decisions you make, DO NOT get involved with Equity Trust Company.

I did eleven years ago and it’s been nothing but trouble ever since.

A few years ago, I invested in the Parnassus Core Equity Fund through my self-directed IRA at Equity Trust.

Then I moved from NY to North Carolina and wanted to consolidate my holdings at the Edward Jones office here in Winston-Salem.

The only asset that could not be transferred was my Parnassus investment which my advisor at Edward Jones said they could not hold.

I then filled out paperwork to transfer that investment out of Equity Trust and into an IRA at Parnassus.

The customer service people I spoke to at Equity Trust said that it was done in June.

However, they didn’t tell me that Parnassus could not accept the transfer because Equity Trust couldn’t give them the original account number under which the shares were purchased.

Equity Trust’s customer service people called me with a number of different account numbers, none of which had anything to do with these holdings.

Then they directed me to call COR Clearing House to see if they had the number.

COR Clearing directed me to call yet another firm which also didn’t have the proper account number.

You would think that Equity Trust would have done the digging for me.

As of this writing, I have no idea how to get this money, which continues to grow.

I am working with regulatory authorities to try to resolve this matter. Equity Trust is a disaster.

They will apologize for an inconvenience yet do nothing to resolve it.

They are at the very least incompetent or possibly something worse.

Is Equity Trust Company a legit?

Equity Trust Company is not running a legit business. They are not aggressive towards customer satisfaction and complaint grievance redressal, Hence 23 consumer[s] submitted negative ratings, and only a few left positive feedback.

Where is Equity Trust Company located?

Equity Trust Company is headquarted at Equity Square 140 N Phillips Ave Ste 201 Sioux Falls, SD 57104. You can contact Equity Trust Company by dialing (844) 331-5252 or visit their website AboutEquityTrust.com.

How much monetary loss is incurred by Equity Trust Company’s customers?

According to Equity Trust Company’s customers, a monetary loss of US $3658 has been reported. The severity of entire incident reports is high.

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23 Reviews on Equity Trust Company

  1. Fraud

    Do yourself a favor and avoid this financial institution at all cost
    Using the Tenant Portal was scetchy.
    The on line instructions are not clear and don’t exactly match the process.
    Wait times for assistance is well over an hour
    Set up automated rent payments for the 1st of each month and the payment amount set up deducted multiple times that month unauthorized????

  2. You deserve better than Equity Trust.

    Unfortunately, I have to write this to advise others to stay away. The promises sound good, but once your money is with Equity, you will have difficulty reaching someone. It is Feb 22 today. The last time I spoke with someone was in September of last year. I have reached out to my contact there every week via email and phone, and she never calls back.

    I call the 800 number, and they assure me she is still there and will call, but no one ever does. Today I started calling over 2 hours ago. I got one person who said he had to research and put me on hold and never came back. I waited almost an hour. I then called back and got another person, but her voice was very garbled, she said she would put me back in the queue, but I never got a callback. I have since called back and am still waiting on hold.

    If you are looking for a place to put your money, please please please find somewhere else. Equity has cost me thousands of dollars and has taken probably 40 hours of my time in the past few months. You don’t need this kind of headache. If you don’t believe me, read the other reviews.

    You deserve better than Equity Trust.

  3. incompetence personified ?

    My dealing with Equity Trust have been tedious and handled poorly:
    When there is an issue you never reach the same person twice and the right hand does not seem to know what the left hand is doing.
    After years of frustration, I fired Equity Trust in 2019 and hired a new IRA custodian who is attentive and provides timely service (at a much lower annual cost)
    Nevertheless, Equity Trust continues to send me outrageous bills for services after they were terminated and that they have not provided: we have literally spent hours on the phone with them and their incompetence has been on full display – each time someone says the matter is settled, I continue to receive bills as if they were still my custodian.

  4. User friendliness is not part of their package.

    Equity Trust is a difficult company to work with as we have been with them several years now. They cannot process a deposit (money in) form and distribution form (money out) request at the same time. They must be sent separately weeks apart. Setting the one aside until the other is processed is unthinkable.

    Some years they make you pay a late fee for their services when the original bill was never received. The $50 late fee has never been waved, not even once.

    Their forms are forever changing & this year I used last years form and it is being sent back to us with a check. I’ve waited a week for an envelope to go from Ohio to Pa. Sometimes in the past you must hand write what you want done on the form as there are not provisions on the form to move money from one IRS to another.

    The companies concept is a good one but it seems the management needs an overhaul & the employee’s more training. User friendliness is not part of their package.

  5. Will never use again.

    The fees associated with this company are high. Customer service is slow, and they incorrectly distributed my account – to gain more fee revenue. Will never use again.

  6. Do not use this company for your third party trust to hold your real estate IRA.

    Do not use this company for your third party trust to hold your real estate IRA. Fees are ridiculous for no service. Their paperwork for anything is overwhelming and unnecessary. They charge ridiculous fees to wire IN money. ONce they receive a wire transfer (which should be almost immediate) they still jerk you around for “48 hours”.

    If you transfer money in via money order or check FROM an institution like AMeritrade that only sends money if you have it, they hold it for 5 days. They so keep your money for their purposes and their client service sucks.
    They filled out a check incorrectly and then tried to charge me for the stop payment or I could mail it back in snail mail and of course that all takes another couple weeks.

    Lead times to actually get your hands into a subcontractors hands who wants to be paid is outrageous. I had to order checks for vendors 2 weeks before I needed them in order to pay on time. They charge me $500 a year and then nickle and dime you to death with other charges otherwise, you wait and wait and wait.

  7. NEVER AGAIN!

    EQUITY TRUST is not worth the time or money–both of which you will spend big time with them because THEY DON’T KNOW WHAT THEY ARE DOING. Too many forms, too many fees, too many people there who are inexperienced.

    I have been caught in their rabbit hole for five months now just trying to get real estate out of the IRA. NEVER AGAIN!

  8. Stay away from Equity Trust.

    The level of incompetence and indifference at this company is staggering. Had been a long time client and was very happy in the beginning. Now Equity Trust’s only goal now is to find a way to ding you for more fees. Customers service reps are untrained and unable to help.

    Once an actual transaction is completed you get hit with additional fees and charges. Have to spend the next two weeks to get them removed. Stay away from Equity Trust. There are numerous other companies that can handle your IRA/ROTH transactions with significantly less hassle.

Reviews: 23
Reported Loss : 3658 $
Severity : High
Reported by : Anonymous
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