Dragging their feet moving money...
I wanted to move my entire Equity Trust IRA to my credit union IRA. I followed the "checklist" on the Equity website and had my credit union fax the form. It was faxed (and confirmed received) on 21 Nov 25. After no movement for 16 days, today (9 DEC 25) I get a call from Equity stating they need a "letter of acceptance" from my credit union before they can do the transfer. Nowhere on the Equity rollover checklist does it state that a "letter of acceptance" is required, nor anywhere else on their website. I also asked what has taken so long and their answer was it was being processed as a "distribution" vice a "rollover". I went back and checked and the "rollover" block was clearly checked on THEIR form. One is left to think that this whole ordeal may be by design, dragging their feet, so they can collect more interest off the client's money. Don't know for sure of course, but THEY certainly make it look that way. I wouldn't put a penny in Equity Trust. Addendum: Today is 10 Dec 2025. Yesterday I went to my Credit Union and they faxed Equity the "Letter of Acceptance. It was confirmed received. Today, after Credit Union business hours, I get a call from Equity. Now they say they also need Direct Rollover paperwork from my Credit Union, on top of the Letter of Acceptance as well as their own form. I also received an email from equity stating (this has been cut and pasted from their own email).."You need to provide your qualified custodian's Letter of Acceptance or Direct Rollover paperwork to complete your Distribution request (Activity ID: AP9085XXX"). Notice how it states they need the Letter of Acceptance OR Direct Rollover paperwork. It does NOT say they need both, which is direct conflict with the rep telling me they need both. Don't know if they are putting me through the ringer as "reprisal" for the bad review or if this is total ineptitude. My review remains the same. It has been almost 3 weeks for me to get my own money transferred out of Equity. 3 WEEKS. Addendum 2: 11 Dec 2025 - So I called Equity and quoted to them exactly what it says on their email and also in my account activities page...it says I need the letter of acceptance OR Direct rollover info from my credit union. I asked why they need both. She couldn't answer. I asked to speak to her supervisor. She said she couldn't do that. I will get their paperwork today and also contact the BBB.