We had to submit the same documentation multiple times because people at Equity Trust would change and for some reason would either not look in the files or could not find what we had already sent. Over time, as we sent in payments on an investment, they did not credit it to our existing investment ID, even though we clearly marked every payment. As a result, they showed our retirement account to be about double its true value, meaning they way over charged us for the service of managing our IRA. We tried repeatedly to get them to recognize this and refund the over-charge. They would not. I strongly recommend that anyone needing to manage a self-directed IRA find a different company to work with. Our experience was that Equity Trust had poor record keeping, they were unhelpful, and they over-charged us.
Equity Trust Company Reviews
I was talked into setting up a self directed IRA with Equity Trust managing the account.
Once I realized their unreasonable management fees I decided to close the account.
it took a couple o fphone calls an dpaperwork to get it done.
I just received 2 1099 forms for the same account.
One is for the correct amount of the distribution that was rolled over.
The second 1099-R is for the initial principal from when I opened the account years ago.
I am in the process of a 48 minute call trying to arrange for them to correct their mistake.
When asked to confirm the check number and date for the second 1099-R form they state there is none.
so far I have been passed between 2 service representatives and after 30 minutes a supervisor.
They know it is their screwup but "have to review it with the appropriate parties".
Inept and scary the level of incompetence.
I did offer to have them send me the missing money. I would then place it in another iRA. They declined my offer.
We had to submit the same documentation multiple times because people at Equity Trust would change and for some reason would either not look in the files or could not find what we had already sent. Over time, as we sent in payments on an investment, they did not credit it to our existing investment ID, even though we clearly marked every payment. As a result, they showed our retirement account to be about double its true value, meaning they way over charged us for the service of managing our IRA. We tried repeatedly to get them to recognize this and refund the over-charge. They would not. I strongly recommend that anyone needing to manage a self-directed IRA find a different company to work with. Our experience was that Equity Trust had poor record keeping, they were unhelpful, and they over-charged us.