ED Magedson – Founder
Equity Institutional1 Equity Way, Westlake, Ohio 44145 Westlake, Ohio USA
Equity Institutional - IRA Services, Equity Trust Holding onto my money for 6 weeks after request to close account Westlake Ohio
I sent this message to Equity Institutional on Jan 14th:
I requested a full payout and closed account on Dec 11th. It is now over 30 days later and I still have not received my money. How long are you going to keep my money? Your service is POOR. You should pay me LATE FEES.
I received the following reply:
Please note that anytime you are transferring your account out to another custodian this can take 30 business days, not including any holidays or weekends. This transfer is still in processing and in good order. I do apologize for any inconvenience this may have caused.
It is now Jan 21st and I still have not received my money. I spoke to the call center agent and all he could do was sympahize with me. I asked who regulates Equity Institutional. The IRS. Hmmm. I felt it more prudent to lodge my complaint for poor service here online, where others can see it and make their IRA custodian decision accordingly.
Equity Institutional was able to process the sale of my precious metals in 2 days. Why does it take them 6 weeks to process my transfer request?
This report was posted on Ripoff Report on 01/21/2014 12:46 PM and is a permanent record located here: http://www.ripoffreport.com/r/Equity-Institutional/Westlake-Ohio-44145/Equity-Institutional-IRA-Services-Equity-Trust-Holding-onto-my-money-for-6-weeks-after-1117281. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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