Resolved
Euretha F

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Verified Reviewer
| map-marker Winston Salem, North Carolina

Resolved: Need help getting my IRA account updated since Realty reit bought Vereit stock .

Updated by user Jan 09, 2022

Equity Trust is desolved. I was able to transfer my investments to a new company.

I hope other clintes had success in closing out their accounts.

I was never contacted by Equity that they were no longer in business. Appreciate help from Pissed Consumer..

Original review Dec 06, 2021
On November 1,2021, Realty Income Stock bought Vereit stock and my Vereit information on dividend distributions are no longer accurate. Equity Trust Co DBA Sterling Trust FBO IRA is the custodian of this IRA . I have tried all the month of November 2021 and Dec. 1, Dec 3, 6, to contact Equity. Hours on phone but never get pass recordings. I sent e-mail to the e-mail address listed on their company profile but it was undeliverable. The dividend checks from Realty is being sent directly to me. Computershare, the Realty dividend distribution agent has told me they have no information of an acct on record to send the dividends to Equity Trust Co DBA Sterling after the Vereit stock was purchased by Realty. I need to be able to talk with Equity about this IRA. I can't deposit the checks since they are IRA dividend distributions. They need to be sent to the custodian before the are distributed to me.
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User's recommendation: Don't ever use Equity Institutional for any reason , IRA investing or other wise,

You S Yko

Horrible company save yourself Run

They have had my Ira funds. I was alerted to the fact that I like many do not wish to do business with them so before placing my funds i requested they be returned i have been waiting 5 weeks only to find they claim not to know where they are cause they listed my ss# inaccurately i have been waiting over a month for a return only to find out theyve never processed my reques *** t
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Cons:
  • Rachel reiman
  • Didnt give all the facts and the hidden facts
Reason of review:
Poor customer service

Preferred solution: Full refund

1 comment
Guest

The info is helpful

Don D Hgd
map-marker West Hempstead, New York

Only 1 problem

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I keep signing up for the paperless statements that saves me $10.00 but it is always disappearing so that I have to pay the $10.00 per year. The real problem co is Patriot Gold where I lost $80K and they can't/won't explain it (went to unknown fees and such).
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Pros:
  • I just have to make 1 call to buy or sell
Reason of review:
Access/ activation issues

Preferred solution: Nothing needs to be done, ill be finished soon

1 comment
Thania Zqp

Not only didn't activate my paperless accounting/administration fees EQUIUTY has been charging my invest a yearly fee and late fees of $50.00 on top of that just received a bill again for $320.00. Which is BULLSHIT.

Does anybody know what I can do like recommend a trustworthy investment company.

Rich ph. # 808-221-****

MAurel
map-marker Linden, New Jersey

Extortion

I been with Equity Institution (WestLake OH) Roth IRA (gold and silver) since 2008 and my account has been zero. Which I do not understand because gold was always going up, going down slightly and stay steady at times. Their fees are outrageous. For the last 11 years I made no money, until end of June. Any time I made a little little something, fees fess. June $1,200 and change. They took fee of$ 230 plus $50. Someone explain to me why I am getting ripped off so much. I told them to close the account, I will fill out the paper work; they told me termination fee is $200. $200 termination fee? 11 years. This company is a ripoff. Why should I pay termination fee on an account that they been making money on for 11years.
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Reason of review:
Return, Exchange or Cancellation Policy

Preferred solution: No termination fee

1 comment
Thania Zqp

I'm afraid I'm in the same boat. Do I report this to the BBB. This is my retirement it's ashamed we have to deal with these crooks after working so hard to earn our retirement.

Tod L

Horrible Company, awful website, terrible customer service, huge fees

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They were charging me $40 due to the fact that I was getting paper statements. This in addition to the $230 fee to store my precious metals. I tried to call them to have my account changed to electronic notices. I could not get through on the customer service line. However, there was an option on the phone menu if you wanted to open a new account. SURPRISE!!! I got straight through. I asked the person on the phone if they could assist. They said NO, but they would try to transfer me. They transferred me......same result, I waited on hold for about an HOUR!!!!!!!!!!!!!!!!! I then tried to attain sign on credentials figuring that I would be able to change to electronic statements online. Their website is even more annoying than their phone service. I still have not gotten into my account online. DO NOT PUT YOUR MONEY WITH THIS HORRIBLE COMPANY!!!!
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Cons:
  • Service
  • Exhorbitant fees
Reason of review:
Poor customer service

Preferred solution: Answer my damn phone call, and fix your lame website!!!!!!!!!!!!!!!!!!!

Mark H Dxh
map-marker Westlake, Ohio

Worst company I have ever had to work with.

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Customer service is terrible. They think that you work for them. Their fees are not even competitive with other custodians. They charge very high fees and then charge you again and again for everything they do. If you open an account with this company you will regret it, then if you want to close your account because of their mistakes and crapy service they will charge you $230 to close your account and get your money back. If you need a special custodian use IRA Services Trust Company 800-248-****. Their fees are much less and their service is excellent.
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Loss:
$150
Reason of review:
Pricing issue

Preferred solution: Full refund

1 comment
Guest

This company is a nightmare to work with! They are VERY difficult to get a hold of, charge exorbitant fees and after awhile, you get the feeling that this is a scam.

STAY FAR AWAY FROM THEM. THEY SHOULD BE SHUT DOWN!!!

They will probably end up on 60 Minutes. REPEAT, HAVE NOTHING TO DO WITH THIS BUSINESS!!!

Euretha F

This review is from a real person who provided valid contact information and hasn't been caught misusing, spamming or abusing our website. Check our FAQ

Verified Reviewer
| map-marker Westlake, Ohio

Will not send client the recurring dividends in a timely manner.

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I own an IRA which Equity Inst. is the custodian. I get quarterly dividends. The problem for over three years is Equity will not send my dividend payments to me. Every quarter I spend hours on the phone with Equity trying to locate my dividends. They tell me they can't find the dividend . The most inefficient company I have ever dealt with -- my recommendation to anyone AVOID THIS COMPANY BY ALL MEANS. After many phone calls we finally find the dividend. It will take five or six weeks to get my dividend transfer. No one at Equity seems to care!! There is a lack of control in the receipt and posting of the dividend distributions from Computershare, the transfer agent for Veriet, Inc. shareholders, to Equity Inst., custodian of my account. Computershare tells me they attach a coupon/list giving direction to Equity on how the disbursement from the check transfer is to be paid out to the shareholders of Veriet stock. Equity tells me that they do not receive any instruction (coupon/list) with the check. Therefore the check is deposited and no one tries to get the information from Computershare until we, as shareholders, begin calling trying to find out why we have not received our dividend. That is when Equity states they never received a check from Computershare. Then I am told I have to find out the check number, date of the check and the amount from Computershare so Equity can see if they can locate the check. Computershare tells me Equity is the custodian of my account and they will not give me any information. This has been the same scenario for over three years. I have never received my 3rd quarter dividend distribution that was paid on October 10, 2018. It should have been deposited in my account not later than November 5, 2018. I hope you can help solve this issue. I have this investment for the dividend payments -- I need the money to pay my bills.
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Reason of review:
Problems with payment

Preferred solution: Let the company propose a solution

Robert K Vde
map-marker Saint Clair Shores, Michigan

COMPLAINT ABOUT CALL

Received 2 calls from the same lady 2 days ago. Messages left on VM. The first call was asking for my phone number to call me. REALLY?!?!? PLEASE NOTE that I had closed out my account at Equity about a month earlier. The second call said to call back (888) 382-**** regarding a Security form. Both times the lady did not leave a name. When I called back my "robot" options were: Press 1 if you have an account (I don't); Press 2 if you wish to open an account (I don't); Press 3 to contact someone by name (don't know who called) and those were my only options. IF YOU ARE CALLING ME FOR INFORMATION YOU HAD BETTER GET YOUR ACT TOGETHER AND MAKE IT EASY FOR ME TO CONTACT and don't waste my time expecting me to figure out whom to contact--not gonna happen.
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Reason of review:
SEE NOTE
Anonymous

The worse comoany to invest your money

Please to not invest money or any of your time with this BS company..! you are going to b very sorry ! I lost $18.000 with this very greaty people stay whey as far as you can't...! I hope they going to *** out of business soon
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Reason of review:
Problems with payment
Jaiya Ruz

Rip off big time

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I started with 28,959.20 this company 7-16 and I had to pull it out by 12-16 because I was lost to much money. From almost 29,000 to 13,693.29 in just 5 months. I had my stocks with Well Fargo back in 2008. I though I could make more with silver. So I can´t see how I lost so much money in just 5 mouths. I lost $12,000 in just 6 days.So in total ! lost over $15,000 in a short time , and it did´t do with the silver drop in dollar wise in per oz. In about $2.50 at the most per oz.
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Loss:
$15000
Cons:
  • Didnt give all the facts and the hidden facts
Reason of review:
Got ripped off in my inventment

Preferred solution: Let the company propose a solution

Darrion Jqk
map-marker Westlake, Ohio

I could rent a storage facility for what they charge me.

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This company is loaded with fees that you don't know about that consume your equity. I would never do this again. This was a crummy investment but that was my own fault. But the excessive fees were a complete suprise to me. I reached the age I could withdraw my silver without penalties but to have it shipped to me cost more than $230 to have a small box delivered to me. They were recommended by a broker from Freedom Gold Group in California. I would never do business with them either for not warning me of the fees. "Steve R. in Atlanta"
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Reason of review:
Pricing issue

Preferred solution: Competitively priced fees

Anonymous

Equity is a Major Ripoff

Equity Institutional will bilk your funds and ripoff every client if and when possible. Our original investment was 100K and we ended up with 47K after their 22K in fees and an investment loss of 31K. 47K out of 100K, Yu do the math.
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Reason of review:
Problems with payment
Lajuana Qxe
map-marker Westlake, Ohio

First silver experience

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Very high fees. They will pay your fees with the spot value of your proofs without letting you know you owe a fee. Ex. They used 33 of my silver AEs to pay for fees by valuing them at 16.50 (spot) rather than letting me know I owed a fee for maintenance. There was no notice or attempt to contact me. They are terrible communicators. When you call to ask a question (such as why do I have missing coins) there answer is that you owe money. They dont send invoices. This company is very expensive to work with. They are as crooked as a dogs hind leg. 33 2007 AES go for right about 2200 so they liquidated it to pay 544 dollars of fees. Do not do business with these people. They will not contact you before pocketing your coins. This is a *** company.
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Loss:
$1760
Reason of review:
Pricing issue

Preferred solution: Let the company propose a solution

2 comments
Guest

33 American eagles at 16.50 is 544.50 not 2200. Your post is completely innacurate

Guest
reply icon Replying to comment of Guest-1382806

George, I'm guessing you have never bought a proof before. Silver spot price is very different from a proof price.

As the OP says they paid fees for my account by cashing in my proofs at spot price... which is 16.50. The proofs right now are worth anywhere from 50 to 60 a piece. So yes, they used over 2000 of silver proofs to pay a 544 dollar fee.

Yes the fees are that high at this company.To clarify... My complaint is 1. the undisclosed extremely high fees 2. The lack of communication that fees are due.

3. the lack of communication that they will liquidate your assets for these fees without notification. 4.

They don't answer their phones.I am simply warning you not to do business with them. You are free to do business with whomever you want.

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Anonymous
map-marker Westlake, Ohio

Mismanagement rampant in this company

The Perth Mint Certificates held in my Roth account were 'misplaced" "overlooked" "couldn't find in the vault" not once, but twice. I originally tried to liquidate a portion of them at the height of the metals market. In the 6 months it took to resolve this problem, the metals market fell, costing me approximately 50% of my account value. I was not compensated. This year I initiated a liquidation and transfer to a new custodia...it is not yet complete 2 months later. There were all sorts of problems. Today the problem is that there is a comment in my account, "what does the client want to do about the metals in the account?" I had to call and tell them that my metals were already liquidated; a portion of the cash had already been wired out of the account, and they needed to do the same with the remainder. Unfortunately, it took them quite some time to access this information internally. I might add, this is not a busy time of year for Roth IRA activity or metals conversions. The problems seem to be getting worse, not better. They changed their name from Sterling Trust. Could it be because of the lawsuit against that company?
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Reason of review:
Poor customer service
Anonymous

Equity Institutional problem - theft or incompetence?

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In 2015 I had to begin drawing from my precious metals IRA due to reaching the IRS age requirement. I did a minimum draw in 2015 and again last year. I just received my 1099 and it shows double the amount that I received. Equity Institutional (EI) claims that I authorized and received 2 shipments in 2016, not the 1 that I authorized and received. They claim that I received a shipment in March (bogus) and another in November (legit). I just sent them an email and a registered letter demanding an investigation as well as a copy of the signed authorization form and UPS tracking information for the March shipment. This company should be avoided. In 2015 I had to begin drawing from my precious metals IRA due to reaching the IRS age requirement. I did a minimum draw in 2015 and again last year. I just received my 1099 and it shows double the amount that I received. Equity Institutional (EI) claims that I authorized and received 2 shipments in 2016, not the 1 that I authorized and received. They claim that I received a shipment in March (bogus) and another in November (legit). I just sent them an email and a registered letter demanding an investigation as well as a copy of the signed authorization form and UPS tracking information.
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Cons:
  • Exhorbitant fees
Reason of review:
Poor customer service
Anonymous

Short Review on February&nbs-05:00;20,&nbs-05:00;2017

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Large fees bad service mostly
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Reason of review:
Pricing issue

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