ED Magedson – Founder
Equity Institutional1 Equity Way Westlake, Ohio USA
Equity Institutional Sterling Trust Avoid Like The Plague, They Hold Accounts Hostage Westlake Ohio
Beware of the unethical, unprofessional business practices of Equity Institutional, formerly Sterling Trust. When I called to find out what was taking so long for them to process two routine transfers out to another custodian, I was told that, although the paperwork was in good order, it would take SIX WEEKS to process the request. That is a ridiculously inordinate period of time to execute a routine transaction.
They are, in effect, holding the account hostage in order to milk it of an additional year's account fee. AVOID Equity Institutional LIKE THE PLAGUE. There are other, professional and reputable IRA custodians out there and these jokers need to be put out of business. When I asked them who regualted them, they first told me "the IRS", then, with more prodding, stated it was the "South Dakota Banking Department".
This report was posted on Ripoff Report on 03/28/2014 11:06 AM and is a permanent record located here: http://www.ripoffreport.com/reports/equity-institutional/westlake-ohio-44145/equity-institutional-sterling-trust-avoid-like-the-plague-they-hold-accounts-hostage-wes-1134456. 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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