Equity Trust
Complaint 73347 Details

2 years ago in August 2010, I opened an SD Roth IRA with Equity Trust. The women, Katherine Chapman, who sold me the account informed me there would be a annual fee of $190, which would be taken out a year from the time I opened the account each year.

Well this information was false, and the following year without my knowledge, Equity Trust helped themselves to part of my contribution in March 2011. Note: August 2010 to March 2011 is only 7 months, hardly a year. Then in January 2012 I got a bill for another annual fee for $190. This time 9 months apart. Again hardly annual. In the interim I had been ill as I have a health disability. It seemed strange to get a bill in January when I opened the account in August.

What I did not know is they had already helped themself to my account in March. When I called I spoke to a women, named Laura. She did not even know the policies.

I first asked her for information about my account. Since I had called about the annual fee bill, she said I had to pay that before she could give me information on my account. This was a BOLD FACE LIE!

I needed to know what was going on with my account so I paid the fee. When she looked at my account, it was wrong. I told her fund have been taken out and I did not use any services from them. She then tried to say fees for late charges was applied. When that didn work she then claimed I'd never paid an annual fee so they took the annual fee out of my contribution. I informed her the policy clearly state in order to open the account you must first pay the annual fee so that is false. She then told me I had to find my bank statement before they could do anything about it.

It was two years ago and I forgot what I paid it with. I had to search high and low, but I found it. The next day I spoke to a rep
named Melanie and she had another story, though she was more knowledgeable and appeared to try and help.

I finally told her I wanted to speak to a supervisor cause this was Robbery. When I spoke to the supervisor, he tried to make like the women Laura, had said I'd not paid the 2011 bill. Then he refused to check and honor the sales person, Katherine Chapman's, mis-information about when the annual fee would be charged. I informed him no one in their right mind would give you a full fee for 4 months of service.

With the tone and arrogance of this supervisor, his name was Phil, I realized I was dealing with an unscrupulous service. I told him I wanted to close the account due to false disclosures. He then told me I had to pay a fee of $200 and that I had to request a distribution before he could issue my annual fee payment in which the women Laura Wrongfully requested.

The request required some paperwork to be completed by me an 7 days later I was told I would get a distribution. This is outrageous. I had just paid the fee the same day I talked to him and here he is telling me he will hold my annual fee, for no services, until I fill out forms to close the account and receive a distribution. I had, had enough of this mess. I went on to Ripoff report and reported them an now I am reporting them here. In addition I am filing a complaint with the IRS, and what ever other Authority needs to know. This Equity Trust and their sister company Sterling Trust are nothing but scam artist. If you get an offer from them, don't walk run as far away of them as you possibly can, unless your into charity or being robbed.