ED Magedson – Founder
sterling trust225 burns rd elyria, Ohio USA
sterling trust equity trust sterling trust's fees took over 10% of the earnings of my REIT investment elyria Ohio
My financial planner put me into a REIT which would generate 6% income from the principal balance. The principal balance was $7,000. This was in a self-directed IRA. Because this was in an IRA, a custodian had to be appointed because the investment was a REIT. My financial planner put my money with Sterling Trust, and had me sign the appropriate documents. I was not aware of the trust co. requirement nor the fees against my account the trust company would levy. I was only interested in what the REIT would earn for me.
I received a billing statement 5/23/2012 for a past due maintenance fee which included a late fee of $50. The due date was March 4, 2013, and 5/24/2013 was the first time I received this bill. The annual maintenance fee was $137.25 plus the late fee of $50 made for a total of $187.25. Last year, my total account with Sterling Trust with all my REITs did not even earn $1,000.
I filed a complaint with the South Dakota Division of Banking regarding the above, and this agency sent my complaint to Sterling Trust and told Sterling Trust to contact me directly. I received a letter dated June 24, 2013 from a Mr. Jeffery Bartlett, senior Compliance Manager that merely reiterated Sterling Trust's right to levy fees against my account. Mr. Bartlett did not even address my complaint. His answer was the same as if I were to ask a computer a question, and the computer was programmed to suppy an answer.
This report was posted on Ripoff Report on 07/17/2013 07:39 AM and is a permanent record located here: http://www.ripoffreport.com/r/sterling-trust/elyria-Ohio-44035/sterling-trust-equity-trust-sterling-trusts-fees-took-over-10-of-the-earnings-of-my-REI-1067670. 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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