Initial Business Response / [redacted] (1000, 5, 2014/12/11) */ Contact Name and Title: [redacted] Contact Phone: XXXXXXXXXXX Contact Email: ***@mtrustcompany.com Millennium Trust Company ("MTC") takes complaints seriouslyWe have contacted our client and fully investigated the situationWe have informed our client that she needs to submit an IRA distribution form, which we provided to her by email on December 4, We have asked our client to contact us if she needs assistance in completing the form Our client's rollover IRA with Millennium Trust was established by her former 401(k) plan provider on May 23, The 401(k) plan provider selected the IRA solution at Millennium Trust and agreed to the fees to be charged for IRA servicesThe 401(k) plan provider's authority to take these actions and rollover plan funds to IRAs for missing or unresponsive participants should appear in our client's 401(k) plan documents, and such actions are generally allowed under laws and regulations concerning qualified retirement plansOur client's former 401(k) provider was responsible for notifying her in advance of the rollover to Millennium Trust to provide her with some time to take other action if she did not want her funds to move into an IRA at Millennium TrustAs merely the IRA provider, Millennium Trust is not responsible for any actions, inactions or decisions of our client's 401(k) plan provider Our client service representatives received a call from our client on December 2, during which our client asked to speak to a supervisorWe asked her to provide us with her phone number so that we could have a supervisor call her back, but she refused to provide her phone number and instead stated that she would call us backIt appears that our client then chose to file a Revdex.com complaintThe Revdex.com complaint contained her phone number, so a supervisor called her and provided guidance to her regarding the documents she needs to submit to distribute her IRA retirement fundsWe sent the form to her by email on December 4, We expect this should resolve the complaint
Initial Business Response / [redacted] (1000, 5, 2014/10/17) */ Contact Name and Title: [redacted] VP Contact Phone: XXX-XXX-XXXX Contact Email: [redacted] @mtrustcompany.com Millennium Trust Company ("MTC") takes complaints seriously, and it is our goal to utilize all forms of feedback to continuously improve our products and servicesWe have fully investigated the issues reported by our client, and we believe the issue is now resolvedThe client's account was transferred out from Millennium on October 9, and she did not incur additional fees for having the account open during the processing period The client's account was opened at Millennium Trust on April 4, She first contacted MTC about her MTC account on June 2, MTC provided her with transfer instructions in June, In February and in March 2013, MTC sent transfer instructions to her again Our client's account was established at MTC by a Third Party (her previous Plan Sponsor) and therefore we are required to verify her identity prior to giving her control of the account to ensure that MTC has the correct ownerAs the transfer paperwork we received from [redacted] was missing key identification information, we could not process the transfer until these items were receivedIn July, 2014, MTC sent correspondence by mail to our client which was subsequently returned because the address on record was apparently out-of-dateOn August 12, 2014, MTC received transfer paperwork from [redacted] which did not include the client's Social Security Number which MTC needs in order to verify our client's identityAlong with the transfer paperwork was a copy of the client's Driver's License with her updated addressOn August 28, 2014, MTC requested a Change of Address form as well as a Wto verify her identity and confirm her social security number per regulatory requirements and company policy On September 23, 2014, MTC received all requested items (Change of Address Form, W9) from the clientMTC sends letters to the client's address for verification purposes in order to help prevent identity theftMTC explained this to the client and processed the account transfer to Fidelity on October 9, 2014, exactly ten business days following MTC's processing of the Change of Address Further, MTC reviewed the fees charged to the account and confirmed that they were charged correctlyThe fees were disclosed to the plan sponsor who chose to establish the client's account with MTC Our client held her account at MTC for three yearsOnce she chose to move her account, we were required to verify her identity before we could release her fundsThe address on the account was out-of-date and required additional time for verificationWe have now completed the outgoing transfer, and the client was not charged additional fees for having the account open during the time in which we were working to verify her identity and process her transferWe anticipate that the client's complaint is resolved now that her funds have been transferred to [redacted]
Initial Business Response / [redacted] (1000, 5, 2014/11/14) */ Contact Name and Title: [redacted] VP Contact Phone: XXX-XXX-XXXX Contact Email: [redacted] @mtrustcompany.com Millennium Trust takes complaints seriously and it is our goal to utilize all forms of feedback to continuously improve our products and servicesOur clients' satisfaction is our number one goalWe have fully investigated the issue reported by our client and have resolved this issue directly with herWe apologize for the inconvenience that our client experienced and we expect that the complaint is now resolved
Initial Business Response / [redacted] (1000, 8, 2015/03/02) */ Contact Name and Title: [redacted] Contact Phone: XXXXXXXXXXX Contact Email: ***@mtrustcompany.com Millennium Trust takes client complaints seriously, and it is our goal to utilize all forms of feedback to continuously improve our products... and services. We have fully investigated the issues reported in the complaint. On February 26, 2015, we spoke with our client and she confirmed that she received the check we mailed to her on February 19, 2015. Our client's rollover IRA with Millennium Trust was selected and established for her benefit by her former retirement plan provider on June 25, 2012. Millennium Trust placed the initial investment of the IRA funds into an interest bearing bank account, pursuant to the IRA rollover agreement. On July 10, 2012, Millennium Trust mailed a welcome kit to the address received for our client from our client's former retirement plan provider. Our welcome kit contained our IRA fee schedule and additional information on the IRA established for our client. The welcome kit was not returned to Millennium Trust as undeliverable. Near the end of 2012, Millennium Trust ran its client addresses through a US Postal Service address verification process to determine which addresses were current. On December 24, 2012, our client's address was marked as invalid. Due to the outdated address, regularly scheduled future mailings were stopped in order to protect the client's account information. On January 20, 2015, our client contacted us by phone. Millennium Trust is required by law to take steps to verify the identity of each client. For this type of rollover IRA, which was established by a third party for the IRA owner's benefit, we are required to verify the IRA owner's identity at the time the IRA owner takes control of the account. Millennium Trust has created an online distribution process that allows our IRA rollover clients the ability to easily direct an IRA distribution online. We provided assistance to our client over the phone with the online distribution process. Various security measures are built into the online distribution process, and when distributions cannot be completed online they can still be processed through paper forms. We emailed instructions and the distribution form to our client when she was unable to process her distribution request online. We received our client's distribution paperwork on January 29, 2015, along with her updated address. We completed processing our client's IRA distribution on February 19, 2015. On February 26, 2015, we confirmed with our client that she had received the check. We regret that our client was unable to complete her IRA distribution processing online and we apologize for the inconvenience caused by the paper processing. As we have now completed our client's distribution and she has confirmed receipt of her funds, we believe this should resolve our client's complaint. Initial Consumer Rebuttal / [redacted] (3000, 10, 2015/03/06) */ (The consumer indicated he/she DID NOT accept the response from the business.) They outlined the reason for the initial complaint per their phone records. They neglected to explain why the time frame from their respone of, "We received our client's distribution paperwork on January 29, 2015, along with her updated address. We completed processing our client's IRA distribution on February 19, 2015." I still believe they made the distribution process more difficult in order to hold the funds until they could earn more interest. Nor did they explain why I lost money since the initial deposit made two years ealier. I am happy to have received my check. Final Business Response / [redacted] (4000, 12, 2015/03/12) */ We listen to our clients and strive to make improvements. We created an online distribution process some time ago in response to our clients' needs for faster distribution processing. Today, the majority of our clients successfully move straight through our online distribution process. Unfortunately, this client failed the online identity verification steps and had to be moved to a manual distribution process. This required us to take additional steps to verify our client's identity and her new address. In no way was our client's distribution delayed intentionally or on purpose, and such a claim by our client is completely without merit. Millennium Trust is not a bank. Millennium Trust holds cash funds for IRAs at a bank in an interest-bearing bank demand account. During the 2-1/2 years we provided IRA services to this client, IRA service fees were deducted from the client's account as agreed upon when her former employer created this account for her. We have reviewed the fees and confirmed that they were correctly charged. As our client did not direct any investments for her account, her cash funds remained in an interest-bearing bank demand account. The full net amount of interest earned for January was credited to our client's account prior to the completion of her distribution. An additional $0.09 in interest was earned on the funds during February 2015 and taken as a closing fee, pursuant to the fees agreed upon when the account was created. Our client's distribution took longer to complete because she failed the online identity verification process and additional steps had to be taken to verify her identity and her new address. We processed our client's distribution as we previously informed her, and our client has already confirmed through the BBB that she has received her funds. We have reviewed the account and confirmed that the IRA fees were correctly charged. We hope this resolves our client's concerns, and we wish her the best with her future retirement planning.
Initial Business Response /* (1000, 5, 2014/10/03) */
Contact Name and Title: *** ***
Contact Phone: XXXXXXXXXXX
Contact Email: ***@mtrustcompany.com
Millennium Trust (MTC) takes complaints seriously, and it is our goal to utilize all forms of feedback to continuously improve our products
and servicesWe have fully investigated the concerns expressed by our clientSince the complaint was filed, our client's rollover distribution has been completedWe have spoken to the client and he is aware that his retirement assets have been received by the successor custodianMTC processed the rollover distribution promptly and completed it within two weeks of receiving the documents MTC required
MTC is an *** state regulated trust company offering custody services for individual retirement accountsMTC is not a broker dealerThere is no specific rule governing the timeliness of a distribution from a non-broker dealer; however, MTC processed the client's rollover promptly, within two weeks of receiving the original distribution formThe *** (***) governs the activity of broker dealers, and *** encourages clients to contact non-broker dealer custodians to inquire about the timeframes involved in transferring retirement accounts
The client's MTC account contained cash and an investmentInitially, our client submitted an incomplete distribution form which we received on August 28, MTC promptly contacted the client to inform him of missing itemsOn September 4, 2014, MTC received an original distribution form from our client, but the successor custodian's fund account instructions were missingThe client directed an "in-kind" rollover distribution of his assetsTo follow these instructions, the client's cash was to be distributed by check and the client's investment was to be re-registered to the successor custodian as an in-kind distribution
On September 9, 2014, MTC submitted a letter of instruction to the successor custodian requesting the fund account number that was needed to process the in-kind distribution of the client's investmentOn September 15, 2014, MTC informed the client of the processing status, and MTC submitted the re-registration paperwork to the investment manager for the distribution in-kindMTC was informed by the successor custodian that it usually takes three to four days before an investment received in-kind is reflected in their client's accountMTC submitted a check to the successor custodian on September 18, to deliver the client's cash
We understand our client's desire for speedy processing; however, MTC did process his rollover distribution promptly within MTC's standard turnaround timesWe will not compensate the client for any investment losses he feels he may have had, if any, during the two-week timeframe during which we were processing his requestThe client was responsible for understanding the distribution requirements and the timeframe involved, and MTC processed the client's distribution within MTC's standard timeframes
Initial Consumer Rebuttal /* (3000, 7, 2014/10/13) */
(The consumer indicated he/she DID NOT accept the response from the business.)
Millennium Trust's response to this complaint is filled with inaccuracies, contradictions and information
I've attached the email chain from Millennium Trust and from the successor custodian *** ***I provide these to confirm the time frame here
In Millennium's response to this complaint they claim to have a two week turn aroundI contacted them by telephone on August 26th and by email on August 27th
The funds were not in my new account until Sept 25th (per the email from *** ***) - days after the process was started; Four and a half weeks
I rolled over funds from accounts into this new *** *** foundThree funds completed the entire process within daysMillennium Trust took days
Rather than accept responsibility, Millennium tries to place the blame on me by saying that I filled out the forms improperly" MTC promptly contacted the client to inform him of missing items"
This is a bold lieDuring the and half weeks that it took to process this request Millennium never reached out toOn the contrary, I continually contacted Millennium to ask the statusThe information that they provided me and *** *** was repeatedly confusing and contradictory
Initially I contacted Millennium by phone as did *** ***I quickly switched to email because one person at Millennium would say something and someone else would contradict them
On Aug 28th I emailed *** *** twice to clarify the form she sent me
On Aug 29th I emailed *** *** to ask about a form that *** *** had provided
On Sept 2nd I emailed *** *** to confirm that she had received the forms that I mailed to her
*** *** NEVER ONCE REACHED OUT TO ME TO TELL ME THERE WERE PROBLEMS WITH ANY OF THE FORMS THAT I FILLED OUT
One time I called there and spoke to a woman named *** who told me they would send a checkI asked her about the time frame and she transferred to someone named *** who told me they could only do an in-kind transferI asked *** why *** told me they were sending a check*** told me that *** worked in a different department and was not familiar with this type of transactionReally? A costumer calls there, explains why they are calling and gets informationWhen the customer questions this they are told that person who answered the phone and who gave you the wrong information works in the wrong department? Why are they answering the phone
Millennium's claim that the delay in processing my request is some how my fault begs the question, why is their process so complexI work as a computer programmer for a livingI design websitesI'm well acquainted with security issuesThe other three firms that I contacted were able to complete the entire process with a single phone callI called them, they asked me some security questions, I had my money in days
At Millennium, I had to print out formsThe forms needed a signature guarantee, something my bank could not provideMillennium would not accept a notary, something my bank could provideI was able to get a signature guarantee from *** ***The forms could not be scanned and emailed or FAXed, They have to be mailed so that Millennium could see an original signature
Initially *** *** was told that Millennium could only send a checkWhen I called I was told they could only do an in-kind transfer
In Millennium's response to this complaint they say the issued a check on Sept 18thMore informationThere was no checkThere was a fund transferThe money wasn't available until Sept 25thWhy did it take a full week to complete a transfer? Normally a transfer of funds occurs the same day
Perhaps the reason it takes so long is because Millennium uses my money and takes advantages of 'the float' in the market
I timed this roll overs with the marketIf you read down the email chain from *** ***, on August 21st I received an email from *** *** that said " As far as the rollovers go, they typically will liquidate the account balance on the day of the request
A check will be written for the end of day value for that day, so we will have some control over this part of the process."
This was in fact the case with the other funds involved in this rolloverThey agreed to do the transfer the same day I requested it, and the day I made the request was a day the market was up
Prior to initiating this request there was over $50,in this accountI've attached a screen print of my Millennium account on Sept 16, 2014, the day after Millennium claims to have initiated the process with *** ***The account shows $49,I attached as screen print showing the amount received into the *** *** account t, $ 48,What happen to the rest of the money? If Millennium issued a check, as they claimed, where is the check? My account is missing $I will continue to pursue Millennium until they fund the rest of this money
Final Business Response /* (4000, 10, 2014/10/17) */
We confirm that we completed our outgoing transfer processing on September 18, by transferring our client's assets to *** ***MTC did not hold back $759, and we believe that the $referred to as "missing funds" are actually just the daily changes in *** of the mutual fund shares that were transferred from MTC to *** ***, as explained more fully below
Since the client first contacted MTC on August 26th and until his transfer was completed, the client's MTC account held mutual fund shares in *** and $in cashThe client did not direct MTC to liquidate his mutual fund shares; rather, he directed MTC in writing to transfer his entire account "in-kind." We confirm that shares of *** and a check for $were sent to *** *** (final fees were deducted from the $balance - account fees were agreed upon during account establishment)
The mutual fund shares were transferred "in-kind" by re-titling the shares to *** ***Mutual fund values fluctuate at the fund's current net asset value (***) per share, which in general must be calculated by the mutual fund at least once every business dayHistoric and current ***s can be found onlineOur former client's mutual fund investment in *** declined in value after MTC transferred it to *** ***On 9/16/the mutual fund *** was reported at $per shareOur client owned shares in his MTC account, which put his mutual fund value at $49,as of 9/16/The *** reported for 10/10/was $per share, which is a decrease in his mutual fund value to $46,as of 10/10/
MTC does not process any rollover or transfer orders by phone; although, MTC does offer some other transaction processing onlineWe understand that our former client does not like these documentary requirements, but many non-broker/dealer custodians like us still use paper transfer forms
Since paper documents are required by MTC in order to process a transfer/rollover, MTC's processing began once those documents were received on September 4, MTC completed its processing of the mutual fund transfer on September 15, MTC sent a check to *** *** on September 18, Processing was completed within that 2-week time period (Sept4-Sept 18)The time it took for *** *** to process receipt of these assets is not within MTC's control and is not part of MTC's processing time
We apologize for the issues reported with our client service representatives, and we will use this feedback to make improvementsOur client service representatives do not review or process transactions on these types of accounts, and we do have different groups of client service representatives designated to different account typesWe are very sorry that you did not receive the excellent client service experience we strive to provide, and we will utilize your feedback to make improvements
We confirm again that we completed the transfer on September 18, after transferring all of your mutual fund shares in-kind and sending $by check to *** ***We hope this response clarifies the transactions that occurred and explains the account value variances that occur when mutual funds are held in an accountIf you have any remaining concerns, we would be *** to work with you directly
Initial Business Response /* (1000, 5, 2014/10/16) */
Contact Name and Title: *** ***, CCO
Contact Phone: XXX-XXX-XXXX
Contact Email: ***@mtrustcompany.com
Millennium Trust provides custody services for retirement and other custody accountsMillennium Trust takes complaints
seriouslyIt is our goal to use all forms of feedback to continuously improve our servicesWe have investigated the issue reported, and we believe we have resolved the situation directly with our client
The client requested an IRA rollover, which Millennium processed and a check was mailed as directed to the address of recordThe client notified us that the check was not received and requested that the first check be stopped and canceled and requested an IRA distributionWe processed the request and issued a distribution check to the client on October 7th and sent it by overnight mailAdditionally, we waived the stop payment fee on the lost check and waived the overnight fee
Millennium acknowledges that a manager did not return a call to the client as communicated by our client services representative, and we apologize for thisWe will use this feedback to improve our servicesWe note that Millennium's client service representatives maintained communication by phone and email with the client to follow up on the status of the check, to cancel and reissue a new check, and we took action to ensure that she received her retirement funds
Our service fees are disclosed, and they are comparable to fees charged by other IRA rollover service providersThese fees cover account statements, tax reporting, search for missing account owners, online services, and client service representatives to assist our clientsWe believe that most of our clients are pleased with our services
We absorbed the costs of placing a stop payment on the missing check and we sent the replacement check by overnight delivery free of chargeWe strive to provide excellent serviceWe believe our actions have resolved the issue reported, and we hope our client is pleased
Initial Business Response /* (1000, 5, 2014/10/17) */
Contact Name and Title: *** *** Compliance An
Contact Phone: XXX-XXX-XXXX
Contact Email: ***@mtrustcompany.com
Millennium Trust takes complaints seriouslyIt is our goal to use all forms of feedback to continuously improve our products
and servicesWe have investigated the issue reported and it has been resolvedMillennium sent the client's funds in the amount of $2,by ACH on October in response to a distribution request received on October
With respect to the form submitted online, the system was unable to verify the customer's identity due to a discrepancy in the name entered on the formAs a financial institution, we are required by law to confirm the identity of each client (through a Customer Identification Program) before we can process a transactionFurther, we note that our customer service representatives do not process transactions or review the transaction documentsWe understand our client's displeasure with the items we needed to verify his identity and process the ACH transaction; however, these steps protect our clients from unauthorized transactions due to identity theft and ensure that funds are sent to the correct destination account
We believe we have fully resolved the matter directly with our client
Initial Business Response /* (1000, 6, 2015/04/06) */
Contact Name and Title: *** ***
Contact Phone: XXXXXXXXXXX
Contact Email: ***@mtrustcompany.com
Millennium Trust takes client complaints seriously, and we have fully investigated the issues reported by our clientOur records do not
agree with the claims made by our client in her complaintOur records indicate our first receipt of transfer paperwork from *** on behalf of our client's account occurred in February We do not have any records of receiving any *** paperwork (or other rollover or transfer directions) in for this client's accountWe processed the outgoing transfer by mailing a check on our client's behalf to *** on March 27, 2015, and we notified our client once that process was completedWe took this opportunity to review the fees charged to our client's account, and we did not find any fee errorsWe respectfully decline our client's request to refund our IRA custody fees, as based on our records Millennium Trust did not receive any paperwork for our client's account from *** in 2014, the transfer to *** has been completed, and all fees were correctly charged to our client's account
Initial Business Response /* (1000, 5, 2015/07/06) */
Contact Name and Title: J. [redacted], CCO
Contact Phone: [redacted]
Contact Email: [redacted]
Millennium Trust takes complaints seriously. We investigated the issue reported, and we confirm that the account transfer has...
been completed. We determined that the delay resulted from required identity verification processes. Our client quickly responded to our requests for all documents, and we completed our client's account transfer on June 25, 2015. We believe we have fully resolved the situation as requested, and we apologize for the additional time and documents we needed to verify our client's identity.
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted] and find that this resolution is satisfactory to me.
Sincerely,
[redacted]
We take all complaints seriously, and we appreciate all client feedback. We have reviewed your account records. Your automatic rollover IRA was established for you at Millennium Trust by your former 401(k) provider. As you stated, we first spoke with you in July 2017 and we received...
your distribution paperwork later that month. Our client service reps explained the distribution process and stated that it would take 30 to 60 days to close your account because you were directing the liquidation of your annuity. Millennium Trust does not issue annuities (nor offer/sell any investments), and the length of time it takes for the annuity issuer to liquidate and remit payment to us is beyond our control. Generally, we find it takes 30 to 60 days before we receive liquidated funds from the annuity issuer. Once the funds are received, we can distribute the funds to you and close your IRA. We are not charging or accruing additional fees to your IRA during this time. Our call center staff can see that paperwork is received, but they do not review the paperwork. We understand your frustration in having confirmed our receipt of the driver’s license only to later be told that the fax was illegible. We are working to create a better process to ensure our clients know of any issues such as this much sooner, and we appreciate your bringing this to our attention. After the initial call from you in July 2017, we received several calls from a woman who claimed she was a man and falsely claimed she was you. Your account was then flagged for identity theft and placed under high scrutiny for all transactions. After reviewing all of your calls, we believe the woman claiming to be you was the woman on the phone with you during the initial call you made to us in July 2017. We have not lost $100 for your account, as you’ve stated. We were authorized to deduct certain IRA fees under the agreement we have with your former 401(k) provider to establish your automatic rollover IRA. We deducted the agreed upon fees at account opening. Your former 401(k) plan provider directed the initial investment of your IRA into an annuity. The value of your annuity has actually increased since the initial investment was made. As a gesture of good faith, we will refund your IRA fees and expedite your payment at no additional cost, once we receive your funds. We will complete the processing of your distribution as soon as we receive the funds from your annuity issuer. Thank you again for taking the time to provide us with feedback. We hope our actions and this response resolves all your concerns. We wish you the best with your future retirement planning.
Initial Business Response /* (1000, 5, 2014/10/17) */
Contact Name and Title: [redacted] VP
Contact Phone: XXX-XXX-XXXX
Contact Email: [redacted]@mtrustcompany.com
Millennium Trust Company ("MTC") takes complaints seriously, and it is our goal to utilize all forms of feedback to continuously...
improve our products and services. We have fully investigated the issues reported by our client, and we believe the issue is now resolved. The client's account was transferred out from Millennium on October 9, 2014 and she did not incur additional fees for having the account open during the processing period.
The client's account was opened at Millennium Trust on April 4, 2011. She first contacted MTC about her MTC account on June 2, 2011. MTC provided her with transfer instructions in June, 2011. In February 2012 and in March 2013, MTC sent transfer instructions to her again.
Our client's account was established at MTC by a Third Party (her previous Plan Sponsor) and therefore we are required to verify her identity prior to giving her control of the account to ensure that MTC has the correct owner. As the transfer paperwork we received from [redacted] was missing key identification information, we could not process the transfer until these items were received. In July, 2014, MTC sent correspondence by mail to our client which was subsequently returned because the address on record was apparently out-of-date. On August 12, 2014, MTC received transfer paperwork from [redacted] which did not include the client's Social Security Number which MTC needs in order to verify our client's identity. Along with the transfer paperwork was a copy of the client's Driver's License with her updated address. On August 28, 2014, MTC requested a Change of Address form as well as a W9 to verify her identity and confirm her social security number per regulatory requirements and company policy.
On September 23, 2014, MTC received all requested items (Change of Address Form, W9) from the client. MTC sends letters to the client's address for verification purposes in order to help prevent identity theft. MTC explained this to the client and processed the account transfer to Fidelity on October 9, 2014, exactly ten business days following MTC's processing of the Change of Address.
Further, MTC reviewed the fees charged to the account and confirmed that they were charged correctly. The fees were disclosed to the plan sponsor who chose to establish the client's account with MTC.
Our client held her account at MTC for three years. Once she chose to move her account, we were required to verify her identity before we could release her funds. The address on the account was out-of-date and required additional time for verification. We have now completed the outgoing transfer, and the client was not charged additional fees for having the account open during the time in which we were working to verify her identity and process her transfer. We anticipate that the client's complaint is resolved now that her funds have been transferred to [redacted]
Thank you for alerting us to your concern about your account fees. As a gesture of good faith, we will reverse the $75 fee as you’ve requested. Please note, however, that our records indicate that you have not yet provided the information we need to verify your identity as the...
rightful account owner. We sent an online link to you, through which you can complete the forms required to take ownership of your account and confirm your current address. Please complete this process to take control of your account. Your account was opened for you in May 2015 as an automatic rollover by your former retirement plan provider, who agreed to the fees when establishing your account. After the account was opened, we discovered that the address we received for you from your former plan provider appeared to be out-of-date, so we searched for potential current addresses for you. In cases where we can validate that the address we received appears to be current, upon opening a new account we mail a welcome packet that includes the fee schedule. In your case, we had to search for you and could not be certain that we found the correct address; so instead of a full welcome packet, we mailed a letter to you in May 2015 at address returned in our search. You first contacted us in June 2015, and we discussed the options available and provided you with instructions on how to transfer your account. We received transfer instructions in 2015 and followed up to obtain the additional items that were needed, but we did not receive the items. We contacted you again in December 2015 and also in 2016.To confirm that the new address we found for you is valid and that we have in fact found you (the rightful owner of this account), we take steps to verify your identity. This can be accomplished by your completion of the forms through the online link we provided to you. Alternatively, the forms can be provided to you on paper or by PDF – whatever method you prefer. We appreciate the time you took to inform us of your concern, and we hope our actions meet with your satisfaction. Please contact our client service representatives for any additional help you may need with your account. We are happy to have reconnected you with your retirement funds, and it is our pleasure to assist you throughout this process.
Millennium
Trust takes complaints seriously and it is our goal to utilize all forms of
feedback to continuously improve our products and services. We have fully
investigated the issue reported and believe the issue is being resolved. It was our client’s responsibility under his
account...
agreement to provide us with current valuations for the private stock
he held in his account. Millennium Trust
does not offer or provide valuation services for this type of alternative
investment. In 2013, Millennium Trust
closed this client’s account because he had not paid his account fees. His private stock shares (not cash) were
distributed in-kind to him when the account was closed. The 1099 originally
issued for the 2013 distribution correctly reported the most current valuation
Millennium Trust had received at the time of distribution, in accordance with
his account agreement. Over two years
after the distribution, on November 2, 2015, our client provided us with documents
showing that a stock split had occurred prior to the 2013 distribution which resulted
in a decrease in his private stock value. Based on this new documentation, Millennium Trust can submit a revised [redacted] for 2013. A fee payment may be
required in advance, however, as it was the client’s responsibility to pay his
account fees and to ensure that accurate values for his private stock were
provided to Millennium Trust on a timely basis.
Millennium Trust is mailing all statements to our client as requested. Our client should receive the year end 2014 and 2015 statements, along with a closing statement, by regular mail within the next few days. Our records show that we mailed a welcome kit in 2014 as well as the 2014 year end statement to the address on record at that time. Neither item was returned to us by the USPS as undeliverable. We received notice that the address on record was invalid when we processed it through postal updating software in 2015. We then marked the account as 'missing' and we did not send a 2015 year end statement. We have confirmed that we did not charge for the 2015 statement.We hope this response fulfills everything as requested.
We spoke to you directly after you filed this complaint, and we’re happy that the card issue you reported has now been resolved. You called us one time about this issue prior to filing the complaint. After that, you were calling the number on the pre-paid card, which belongs to the card...
issuer (not Millennium Trust). We understand your frustration and confusion about whom to contact to resolve this issue; and we’re very sorry that we weren’t aware that the issue was still unresolved until we received this complaint. You requested a distribution from your Millennium Trust account on a pre-paid debit card. Millennium Trust orders pre-paid cards through a bank. Millennium Trust sends the money to the card issuer, who then prepares the card and mails it to the recipient. The card issuer provides their own instructions on the card, in addition to their own service number for questions or issues with the card. The card is not tied to the Millennium Trust account, and Millennium Trust does not service the cards. You were trying to move the funds from the card to your bank account. The transfer from your card to your bank account did not work, and you contacted us once. We asked you to contact the card issuer to resolve the problem with the card. It appears that you contacted the card issuer and your bank multiple times without getting a resolution. Unfortunately, Millennium Trust did not become aware that your issue with the card provider was unresolved until we received your complaint. Once we became aware, we worked with you to quickly resolve the issue. We are happy to have helped resolve the card issue, and we wish you the best.
Initial Business Response /* (1000, 5, 2015/08/13) */
Contact Name and Title: Celia C. [redacted]
Contact Phone: [redacted]
Contact Email: [redacted]@mtrustcompany.com
Millennium Trust takes complaints seriously. It is our goal to use all forms of feedback to continuously improve our products and...
services. We investigated the issue reported, and we believe it has been resolved to our client's satisfaction. Our client's online access has been established.
We provided the online enrollment web access link to our client at her request on July 23, 2015. Our records indicate that our client attempted to enroll online on July 29, 2015 and July 30, 2015 using a different email address than what she previously provided to us. This caused the enrollment process to fail because our client's identity was not verified during enrollment. Our client informed us on July 30, 2015 that she had not received an email confirming her online enrollment. We instructed our client to complete the online enrollment again using the email address she originally provided for the account. Once our client did this, the enrollment system was able to verify her identity and complete her enrollment. Our client received a confirmation email and online access. We apologize for any inconvenience to our client, as we had to troubleshoot the issue to determine why the online enrollment was failing originally.
Millennium Trust takes complaints seriously, and we have fully investigated the issues you reported to the Revdex.com. Your IRA was established for you at Millennium Trust in May 2015 by your former retirement plan provider, who agreed to the IRA fees by establishing the IRA. We have reviewed...
the fees charged for the IRA services we provided and confirmed that they were correctly charged. Your former retirement plan provider established the IRA on your behalf and rolled over your retirement funds from the plan into your IRA. If you maintained your current address with your former plan provider, you should have received advance notice from them allowing a certain timeframe for you to take action, if you did not wish for the IRA at Millennium Trust to be established for you. Millennium Trust is not responsible for any actions of your former retirement plan provider. Your retirement funds were preserved in an IRA established by your former retirement plan provider for your benefit. Millennium Trust correctly deducted IRA service fees as agreed upon and as authorized by the agreement with your former plan provider; and therefore, no fees will be refunded. We are sorry for your displeasure with the situation, but Millennium Trust provided IRA services as agreed upon for fees as agreed upon. We wish you the best in your future retirement planning.
Initial Business Response /* (1000, 5, 2015/07/28) */
Contact Name and Title: Celia[redacted]
Contact Phone: [redacted]
Contact Email: [redacted]@mtrustcompany.com
Millennium Trust takes complaints seriously. It is our goal to use all forms of feedback to continuously improve our products and services. ...
We investigated the issue reported and we believe it has been resolved to our client's satisfaction.
We processed our client's online rollover distribution on June 15, 2015. On June 30, 2015, we received our client's rollover paperwork to sign but our client's last name on the form did not match the last name in our records. We requested documents and confirmed our client's name change. Our client fully cooperated and quickly provided us with additional documents. Our records indicate that on July 2, 2015, we mailed the signed rollover paperwork to the client's address of record. On July 14, 2015, the client contacted us and informed us that she had not received the signed rollover paperwork. On July 14, 2015, we mailed a second copy to the address of record; and we confirmed on July 20, 2015 with our client that it was received. We appreciate our client's cooperation in resolving this matter.
Initial Business Response / [redacted] (1000, 5, 2014/12/11) */ Contact Name and Title: [redacted] Contact Phone: XXXXXXXXXXX Contact Email: ***@mtrustcompany.com Millennium Trust Company ("MTC") takes complaints seriouslyWe have contacted our client and fully investigated the situationWe have informed our client that she needs to submit an IRA distribution form, which we provided to her by email on December 4, We have asked our client to contact us if she needs assistance in completing the form Our client's rollover IRA with Millennium Trust was established by her former 401(k) plan provider on May 23, The 401(k) plan provider selected the IRA solution at Millennium Trust and agreed to the fees to be charged for IRA servicesThe 401(k) plan provider's authority to take these actions and rollover plan funds to IRAs for missing or unresponsive participants should appear in our client's 401(k) plan documents, and such actions are generally allowed under laws and regulations concerning qualified retirement plansOur client's former 401(k) provider was responsible for notifying her in advance of the rollover to Millennium Trust to provide her with some time to take other action if she did not want her funds to move into an IRA at Millennium TrustAs merely the IRA provider, Millennium Trust is not responsible for any actions, inactions or decisions of our client's 401(k) plan provider Our client service representatives received a call from our client on December 2, during which our client asked to speak to a supervisorWe asked her to provide us with her phone number so that we could have a supervisor call her back, but she refused to provide her phone number and instead stated that she would call us backIt appears that our client then chose to file a Revdex.com complaintThe Revdex.com complaint contained her phone number, so a supervisor called her and provided guidance to her regarding the documents she needs to submit to distribute her IRA retirement fundsWe sent the form to her by email on December 4, We expect this should resolve the complaint
Initial Business Response / [redacted] (1000, 5, 2014/10/17) */ Contact Name and Title: [redacted] VP Contact Phone: XXX-XXX-XXXX Contact Email: [redacted] @mtrustcompany.com Millennium Trust Company ("MTC") takes complaints seriously, and it is our goal to utilize all forms of feedback to continuously improve our products and servicesWe have fully investigated the issues reported by our client, and we believe the issue is now resolvedThe client's account was transferred out from Millennium on October 9, and she did not incur additional fees for having the account open during the processing period The client's account was opened at Millennium Trust on April 4, She first contacted MTC about her MTC account on June 2, MTC provided her with transfer instructions in June, In February and in March 2013, MTC sent transfer instructions to her again Our client's account was established at MTC by a Third Party (her previous Plan Sponsor) and therefore we are required to verify her identity prior to giving her control of the account to ensure that MTC has the correct ownerAs the transfer paperwork we received from [redacted] was missing key identification information, we could not process the transfer until these items were receivedIn July, 2014, MTC sent correspondence by mail to our client which was subsequently returned because the address on record was apparently out-of-dateOn August 12, 2014, MTC received transfer paperwork from [redacted] which did not include the client's Social Security Number which MTC needs in order to verify our client's identityAlong with the transfer paperwork was a copy of the client's Driver's License with her updated addressOn August 28, 2014, MTC requested a Change of Address form as well as a Wto verify her identity and confirm her social security number per regulatory requirements and company policy On September 23, 2014, MTC received all requested items (Change of Address Form, W9) from the clientMTC sends letters to the client's address for verification purposes in order to help prevent identity theftMTC explained this to the client and processed the account transfer to Fidelity on October 9, 2014, exactly ten business days following MTC's processing of the Change of Address Further, MTC reviewed the fees charged to the account and confirmed that they were charged correctlyThe fees were disclosed to the plan sponsor who chose to establish the client's account with MTC Our client held her account at MTC for three yearsOnce she chose to move her account, we were required to verify her identity before we could release her fundsThe address on the account was out-of-date and required additional time for verificationWe have now completed the outgoing transfer, and the client was not charged additional fees for having the account open during the time in which we were working to verify her identity and process her transferWe anticipate that the client's complaint is resolved now that her funds have been transferred to [redacted]
Initial Business Response / [redacted] (1000, 5, 2014/11/14) */ Contact Name and Title: [redacted] VP Contact Phone: XXX-XXX-XXXX Contact Email: [redacted] @mtrustcompany.com Millennium Trust takes complaints seriously and it is our goal to utilize all forms of feedback to continuously improve our products and servicesOur clients' satisfaction is our number one goalWe have fully investigated the issue reported by our client and have resolved this issue directly with herWe apologize for the inconvenience that our client experienced and we expect that the complaint is now resolved
Initial Business Response / [redacted] (1000, 8, 2015/03/02) */ Contact Name and Title: [redacted] Contact Phone: XXXXXXXXXXX Contact Email: ***@mtrustcompany.com Millennium Trust takes client complaints seriously, and it is our goal to utilize all forms of feedback to continuously improve our products... and services. We have fully investigated the issues reported in the complaint. On February 26, 2015, we spoke with our client and she confirmed that she received the check we mailed to her on February 19, 2015. Our client's rollover IRA with Millennium Trust was selected and established for her benefit by her former retirement plan provider on June 25, 2012. Millennium Trust placed the initial investment of the IRA funds into an interest bearing bank account, pursuant to the IRA rollover agreement. On July 10, 2012, Millennium Trust mailed a welcome kit to the address received for our client from our client's former retirement plan provider. Our welcome kit contained our IRA fee schedule and additional information on the IRA established for our client. The welcome kit was not returned to Millennium Trust as undeliverable. Near the end of 2012, Millennium Trust ran its client addresses through a US Postal Service address verification process to determine which addresses were current. On December 24, 2012, our client's address was marked as invalid. Due to the outdated address, regularly scheduled future mailings were stopped in order to protect the client's account information. On January 20, 2015, our client contacted us by phone. Millennium Trust is required by law to take steps to verify the identity of each client. For this type of rollover IRA, which was established by a third party for the IRA owner's benefit, we are required to verify the IRA owner's identity at the time the IRA owner takes control of the account. Millennium Trust has created an online distribution process that allows our IRA rollover clients the ability to easily direct an IRA distribution online. We provided assistance to our client over the phone with the online distribution process. Various security measures are built into the online distribution process, and when distributions cannot be completed online they can still be processed through paper forms. We emailed instructions and the distribution form to our client when she was unable to process her distribution request online. We received our client's distribution paperwork on January 29, 2015, along with her updated address. We completed processing our client's IRA distribution on February 19, 2015. On February 26, 2015, we confirmed with our client that she had received the check. We regret that our client was unable to complete her IRA distribution processing online and we apologize for the inconvenience caused by the paper processing. As we have now completed our client's distribution and she has confirmed receipt of her funds, we believe this should resolve our client's complaint. Initial Consumer Rebuttal / [redacted] (3000, 10, 2015/03/06) */ (The consumer indicated he/she DID NOT accept the response from the business.) They outlined the reason for the initial complaint per their phone records. They neglected to explain why the time frame from their respone of, "We received our client's distribution paperwork on January 29, 2015, along with her updated address. We completed processing our client's IRA distribution on February 19, 2015." I still believe they made the distribution process more difficult in order to hold the funds until they could earn more interest. Nor did they explain why I lost money since the initial deposit made two years ealier. I am happy to have received my check. Final Business Response / [redacted] (4000, 12, 2015/03/12) */ We listen to our clients and strive to make improvements. We created an online distribution process some time ago in response to our clients' needs for faster distribution processing. Today, the majority of our clients successfully move straight through our online distribution process. Unfortunately, this client failed the online identity verification steps and had to be moved to a manual distribution process. This required us to take additional steps to verify our client's identity and her new address. In no way was our client's distribution delayed intentionally or on purpose, and such a claim by our client is completely without merit. Millennium Trust is not a bank. Millennium Trust holds cash funds for IRAs at a bank in an interest-bearing bank demand account. During the 2-1/2 years we provided IRA services to this client, IRA service fees were deducted from the client's account as agreed upon when her former employer created this account for her. We have reviewed the fees and confirmed that they were correctly charged. As our client did not direct any investments for her account, her cash funds remained in an interest-bearing bank demand account. The full net amount of interest earned for January was credited to our client's account prior to the completion of her distribution. An additional $0.09 in interest was earned on the funds during February 2015 and taken as a closing fee, pursuant to the fees agreed upon when the account was created. Our client's distribution took longer to complete because she failed the online identity verification process and additional steps had to be taken to verify her identity and her new address. We processed our client's distribution as we previously informed her, and our client has already confirmed through the BBB that she has received her funds. We have reviewed the account and confirmed that the IRA fees were correctly charged. We hope this resolves our client's concerns, and we wish her the best with her future retirement planning.
Initial Business Response /* (1000, 5, 2014/10/03) */
Contact Name and Title: *** ***
Contact Phone: XXXXXXXXXXX
Contact Email: ***@mtrustcompany.com
Millennium Trust (MTC) takes complaints seriously, and it is our goal to utilize all forms of feedback to continuously improve our products
and servicesWe have fully investigated the concerns expressed by our clientSince the complaint was filed, our client's rollover distribution has been completedWe have spoken to the client and he is aware that his retirement assets have been received by the successor custodianMTC processed the rollover distribution promptly and completed it within two weeks of receiving the documents MTC required
MTC is an *** state regulated trust company offering custody services for individual retirement accountsMTC is not a broker dealerThere is no specific rule governing the timeliness of a distribution from a non-broker dealer; however, MTC processed the client's rollover promptly, within two weeks of receiving the original distribution formThe *** (***) governs the activity of broker dealers, and *** encourages clients to contact non-broker dealer custodians to inquire about the timeframes involved in transferring retirement accounts
The client's MTC account contained cash and an investmentInitially, our client submitted an incomplete distribution form which we received on August 28, MTC promptly contacted the client to inform him of missing itemsOn September 4, 2014, MTC received an original distribution form from our client, but the successor custodian's fund account instructions were missingThe client directed an "in-kind" rollover distribution of his assetsTo follow these instructions, the client's cash was to be distributed by check and the client's investment was to be re-registered to the successor custodian as an in-kind distribution
On September 9, 2014, MTC submitted a letter of instruction to the successor custodian requesting the fund account number that was needed to process the in-kind distribution of the client's investmentOn September 15, 2014, MTC informed the client of the processing status, and MTC submitted the re-registration paperwork to the investment manager for the distribution in-kindMTC was informed by the successor custodian that it usually takes three to four days before an investment received in-kind is reflected in their client's accountMTC submitted a check to the successor custodian on September 18, to deliver the client's cash
We understand our client's desire for speedy processing; however, MTC did process his rollover distribution promptly within MTC's standard turnaround timesWe will not compensate the client for any investment losses he feels he may have had, if any, during the two-week timeframe during which we were processing his requestThe client was responsible for understanding the distribution requirements and the timeframe involved, and MTC processed the client's distribution within MTC's standard timeframes
Initial Consumer Rebuttal /* (3000, 7, 2014/10/13) */
(The consumer indicated he/she DID NOT accept the response from the business.)
Millennium Trust's response to this complaint is filled with inaccuracies, contradictions and information
I've attached the email chain from Millennium Trust and from the successor custodian *** ***I provide these to confirm the time frame here
In Millennium's response to this complaint they claim to have a two week turn aroundI contacted them by telephone on August 26th and by email on August 27th
The funds were not in my new account until Sept 25th (per the email from *** ***) - days after the process was started; Four and a half weeks
I rolled over funds from accounts into this new *** *** foundThree funds completed the entire process within daysMillennium Trust took days
Rather than accept responsibility, Millennium tries to place the blame on me by saying that I filled out the forms improperly" MTC promptly contacted the client to inform him of missing items"
This is a bold lieDuring the and half weeks that it took to process this request Millennium never reached out toOn the contrary, I continually contacted Millennium to ask the statusThe information that they provided me and *** *** was repeatedly confusing and contradictory
Initially I contacted Millennium by phone as did *** ***I quickly switched to email because one person at Millennium would say something and someone else would contradict them
On Aug 28th I emailed *** *** twice to clarify the form she sent me
On Aug 29th I emailed *** *** to ask about a form that *** *** had provided
On Sept 2nd I emailed *** *** to confirm that she had received the forms that I mailed to her
*** *** NEVER ONCE REACHED OUT TO ME TO TELL ME THERE WERE PROBLEMS WITH ANY OF THE FORMS THAT I FILLED OUT
One time I called there and spoke to a woman named *** who told me they would send a checkI asked her about the time frame and she transferred to someone named *** who told me they could only do an in-kind transferI asked *** why *** told me they were sending a check*** told me that *** worked in a different department and was not familiar with this type of transactionReally? A costumer calls there, explains why they are calling and gets informationWhen the customer questions this they are told that person who answered the phone and who gave you the wrong information works in the wrong department? Why are they answering the phone
Millennium's claim that the delay in processing my request is some how my fault begs the question, why is their process so complexI work as a computer programmer for a livingI design websitesI'm well acquainted with security issuesThe other three firms that I contacted were able to complete the entire process with a single phone callI called them, they asked me some security questions, I had my money in days
At Millennium, I had to print out formsThe forms needed a signature guarantee, something my bank could not provideMillennium would not accept a notary, something my bank could provideI was able to get a signature guarantee from *** ***The forms could not be scanned and emailed or FAXed, They have to be mailed so that Millennium could see an original signature
Initially *** *** was told that Millennium could only send a checkWhen I called I was told they could only do an in-kind transfer
In Millennium's response to this complaint they say the issued a check on Sept 18thMore informationThere was no checkThere was a fund transferThe money wasn't available until Sept 25thWhy did it take a full week to complete a transfer? Normally a transfer of funds occurs the same day
Perhaps the reason it takes so long is because Millennium uses my money and takes advantages of 'the float' in the market
I timed this roll overs with the marketIf you read down the email chain from *** ***, on August 21st I received an email from *** *** that said " As far as the rollovers go, they typically will liquidate the account balance on the day of the request
A check will be written for the end of day value for that day, so we will have some control over this part of the process."
This was in fact the case with the other funds involved in this rolloverThey agreed to do the transfer the same day I requested it, and the day I made the request was a day the market was up
Prior to initiating this request there was over $50,in this accountI've attached a screen print of my Millennium account on Sept 16, 2014, the day after Millennium claims to have initiated the process with *** ***The account shows $49,I attached as screen print showing the amount received into the *** *** account t, $ 48,What happen to the rest of the money? If Millennium issued a check, as they claimed, where is the check? My account is missing $I will continue to pursue Millennium until they fund the rest of this money
Final Business Response /* (4000, 10, 2014/10/17) */
We confirm that we completed our outgoing transfer processing on September 18, by transferring our client's assets to *** ***MTC did not hold back $759, and we believe that the $referred to as "missing funds" are actually just the daily changes in *** of the mutual fund shares that were transferred from MTC to *** ***, as explained more fully below
Since the client first contacted MTC on August 26th and until his transfer was completed, the client's MTC account held mutual fund shares in *** and $in cashThe client did not direct MTC to liquidate his mutual fund shares; rather, he directed MTC in writing to transfer his entire account "in-kind." We confirm that shares of *** and a check for $were sent to *** *** (final fees were deducted from the $balance - account fees were agreed upon during account establishment)
The mutual fund shares were transferred "in-kind" by re-titling the shares to *** ***Mutual fund values fluctuate at the fund's current net asset value (***) per share, which in general must be calculated by the mutual fund at least once every business dayHistoric and current ***s can be found onlineOur former client's mutual fund investment in *** declined in value after MTC transferred it to *** ***On 9/16/the mutual fund *** was reported at $per shareOur client owned shares in his MTC account, which put his mutual fund value at $49,as of 9/16/The *** reported for 10/10/was $per share, which is a decrease in his mutual fund value to $46,as of 10/10/
MTC does not process any rollover or transfer orders by phone; although, MTC does offer some other transaction processing onlineWe understand that our former client does not like these documentary requirements, but many non-broker/dealer custodians like us still use paper transfer forms
Since paper documents are required by MTC in order to process a transfer/rollover, MTC's processing began once those documents were received on September 4, MTC completed its processing of the mutual fund transfer on September 15, MTC sent a check to *** *** on September 18, Processing was completed within that 2-week time period (Sept4-Sept 18)The time it took for *** *** to process receipt of these assets is not within MTC's control and is not part of MTC's processing time
We apologize for the issues reported with our client service representatives, and we will use this feedback to make improvementsOur client service representatives do not review or process transactions on these types of accounts, and we do have different groups of client service representatives designated to different account typesWe are very sorry that you did not receive the excellent client service experience we strive to provide, and we will utilize your feedback to make improvements
We confirm again that we completed the transfer on September 18, after transferring all of your mutual fund shares in-kind and sending $by check to *** ***We hope this response clarifies the transactions that occurred and explains the account value variances that occur when mutual funds are held in an accountIf you have any remaining concerns, we would be *** to work with you directly
Initial Business Response /* (1000, 5, 2014/10/16) */
Contact Name and Title: *** ***, CCO
Contact Phone: XXX-XXX-XXXX
Contact Email: ***@mtrustcompany.com
Millennium Trust provides custody services for retirement and other custody accountsMillennium Trust takes complaints
seriouslyIt is our goal to use all forms of feedback to continuously improve our servicesWe have investigated the issue reported, and we believe we have resolved the situation directly with our client
The client requested an IRA rollover, which Millennium processed and a check was mailed as directed to the address of recordThe client notified us that the check was not received and requested that the first check be stopped and canceled and requested an IRA distributionWe processed the request and issued a distribution check to the client on October 7th and sent it by overnight mailAdditionally, we waived the stop payment fee on the lost check and waived the overnight fee
Millennium acknowledges that a manager did not return a call to the client as communicated by our client services representative, and we apologize for thisWe will use this feedback to improve our servicesWe note that Millennium's client service representatives maintained communication by phone and email with the client to follow up on the status of the check, to cancel and reissue a new check, and we took action to ensure that she received her retirement funds
Our service fees are disclosed, and they are comparable to fees charged by other IRA rollover service providersThese fees cover account statements, tax reporting, search for missing account owners, online services, and client service representatives to assist our clientsWe believe that most of our clients are pleased with our services
We absorbed the costs of placing a stop payment on the missing check and we sent the replacement check by overnight delivery free of chargeWe strive to provide excellent serviceWe believe our actions have resolved the issue reported, and we hope our client is pleased
Initial Business Response /* (1000, 5, 2014/10/17) */
Contact Name and Title: *** *** Compliance An
Contact Phone: XXX-XXX-XXXX
Contact Email: ***@mtrustcompany.com
Millennium Trust takes complaints seriouslyIt is our goal to use all forms of feedback to continuously improve our products
and servicesWe have investigated the issue reported and it has been resolvedMillennium sent the client's funds in the amount of $2,by ACH on October in response to a distribution request received on October
With respect to the form submitted online, the system was unable to verify the customer's identity due to a discrepancy in the name entered on the formAs a financial institution, we are required by law to confirm the identity of each client (through a Customer Identification Program) before we can process a transactionFurther, we note that our customer service representatives do not process transactions or review the transaction documentsWe understand our client's displeasure with the items we needed to verify his identity and process the ACH transaction; however, these steps protect our clients from unauthorized transactions due to identity theft and ensure that funds are sent to the correct destination account
We believe we have fully resolved the matter directly with our client
Initial Business Response /* (1000, 6, 2015/04/06) */
Contact Name and Title: *** ***
Contact Phone: XXXXXXXXXXX
Contact Email: ***@mtrustcompany.com
Millennium Trust takes client complaints seriously, and we have fully investigated the issues reported by our clientOur records do not
agree with the claims made by our client in her complaintOur records indicate our first receipt of transfer paperwork from *** on behalf of our client's account occurred in February We do not have any records of receiving any *** paperwork (or other rollover or transfer directions) in for this client's accountWe processed the outgoing transfer by mailing a check on our client's behalf to *** on March 27, 2015, and we notified our client once that process was completedWe took this opportunity to review the fees charged to our client's account, and we did not find any fee errorsWe respectfully decline our client's request to refund our IRA custody fees, as based on our records Millennium Trust did not receive any paperwork for our client's account from *** in 2014, the transfer to *** has been completed, and all fees were correctly charged to our client's account
Initial Business Response /* (1000, 5, 2015/07/06) */
Contact Name and Title: J. [redacted], CCO
Contact Phone: [redacted]
Contact Email: [redacted]
Millennium Trust takes complaints seriously. We investigated the issue reported, and we confirm that the account transfer has...
been completed. We determined that the delay resulted from required identity verification processes. Our client quickly responded to our requests for all documents, and we completed our client's account transfer on June 25, 2015. We believe we have fully resolved the situation as requested, and we apologize for the additional time and documents we needed to verify our client's identity.
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted] and find that this resolution is satisfactory to me.
Sincerely,
[redacted]
We take all complaints seriously, and we appreciate all client feedback. We have reviewed your account records. Your automatic rollover IRA was established for you at Millennium Trust by your former 401(k) provider. As you stated, we first spoke with you in July 2017 and we received...
your distribution paperwork later that month. Our client service reps explained the distribution process and stated that it would take 30 to 60 days to close your account because you were directing the liquidation of your annuity. Millennium Trust does not issue annuities (nor offer/sell any investments), and the length of time it takes for the annuity issuer to liquidate and remit payment to us is beyond our control. Generally, we find it takes 30 to 60 days before we receive liquidated funds from the annuity issuer. Once the funds are received, we can distribute the funds to you and close your IRA. We are not charging or accruing additional fees to your IRA during this time. Our call center staff can see that paperwork is received, but they do not review the paperwork. We understand your frustration in having confirmed our receipt of the driver’s license only to later be told that the fax was illegible. We are working to create a better process to ensure our clients know of any issues such as this much sooner, and we appreciate your bringing this to our attention. After the initial call from you in July 2017, we received several calls from a woman who claimed she was a man and falsely claimed she was you. Your account was then flagged for identity theft and placed under high scrutiny for all transactions. After reviewing all of your calls, we believe the woman claiming to be you was the woman on the phone with you during the initial call you made to us in July 2017. We have not lost $100 for your account, as you’ve stated. We were authorized to deduct certain IRA fees under the agreement we have with your former 401(k) provider to establish your automatic rollover IRA. We deducted the agreed upon fees at account opening. Your former 401(k) plan provider directed the initial investment of your IRA into an annuity. The value of your annuity has actually increased since the initial investment was made. As a gesture of good faith, we will refund your IRA fees and expedite your payment at no additional cost, once we receive your funds. We will complete the processing of your distribution as soon as we receive the funds from your annuity issuer. Thank you again for taking the time to provide us with feedback. We hope our actions and this response resolves all your concerns. We wish you the best with your future retirement planning.
Millennium Trust obtained the transfer form yesterday, and the outgoing transfer to [redacted] completed processing today.
Initial Business Response /* (1000, 5, 2014/10/17) */
Contact Name and Title: [redacted] VP
Contact Phone: XXX-XXX-XXXX
Contact Email: [redacted]@mtrustcompany.com
Millennium Trust Company ("MTC") takes complaints seriously, and it is our goal to utilize all forms of feedback to continuously...
improve our products and services. We have fully investigated the issues reported by our client, and we believe the issue is now resolved. The client's account was transferred out from Millennium on October 9, 2014 and she did not incur additional fees for having the account open during the processing period.
The client's account was opened at Millennium Trust on April 4, 2011. She first contacted MTC about her MTC account on June 2, 2011. MTC provided her with transfer instructions in June, 2011. In February 2012 and in March 2013, MTC sent transfer instructions to her again.
Our client's account was established at MTC by a Third Party (her previous Plan Sponsor) and therefore we are required to verify her identity prior to giving her control of the account to ensure that MTC has the correct owner. As the transfer paperwork we received from [redacted] was missing key identification information, we could not process the transfer until these items were received. In July, 2014, MTC sent correspondence by mail to our client which was subsequently returned because the address on record was apparently out-of-date. On August 12, 2014, MTC received transfer paperwork from [redacted] which did not include the client's Social Security Number which MTC needs in order to verify our client's identity. Along with the transfer paperwork was a copy of the client's Driver's License with her updated address. On August 28, 2014, MTC requested a Change of Address form as well as a W9 to verify her identity and confirm her social security number per regulatory requirements and company policy.
On September 23, 2014, MTC received all requested items (Change of Address Form, W9) from the client. MTC sends letters to the client's address for verification purposes in order to help prevent identity theft. MTC explained this to the client and processed the account transfer to Fidelity on October 9, 2014, exactly ten business days following MTC's processing of the Change of Address.
Further, MTC reviewed the fees charged to the account and confirmed that they were charged correctly. The fees were disclosed to the plan sponsor who chose to establish the client's account with MTC.
Our client held her account at MTC for three years. Once she chose to move her account, we were required to verify her identity before we could release her funds. The address on the account was out-of-date and required additional time for verification. We have now completed the outgoing transfer, and the client was not charged additional fees for having the account open during the time in which we were working to verify her identity and process her transfer. We anticipate that the client's complaint is resolved now that her funds have been transferred to [redacted]
Thank you for alerting us to your concern about your account fees. As a gesture of good faith, we will reverse the $75 fee as you’ve requested. Please note, however, that our records indicate that you have not yet provided the information we need to verify your identity as the...
rightful account owner. We sent an online link to you, through which you can complete the forms required to take ownership of your account and confirm your current address. Please complete this process to take control of your account. Your account was opened for you in May 2015 as an automatic rollover by your former retirement plan provider, who agreed to the fees when establishing your account. After the account was opened, we discovered that the address we received for you from your former plan provider appeared to be out-of-date, so we searched for potential current addresses for you. In cases where we can validate that the address we received appears to be current, upon opening a new account we mail a welcome packet that includes the fee schedule. In your case, we had to search for you and could not be certain that we found the correct address; so instead of a full welcome packet, we mailed a letter to you in May 2015 at address returned in our search. You first contacted us in June 2015, and we discussed the options available and provided you with instructions on how to transfer your account. We received transfer instructions in 2015 and followed up to obtain the additional items that were needed, but we did not receive the items. We contacted you again in December 2015 and also in 2016.To confirm that the new address we found for you is valid and that we have in fact found you (the rightful owner of this account), we take steps to verify your identity. This can be accomplished by your completion of the forms through the online link we provided to you. Alternatively, the forms can be provided to you on paper or by PDF – whatever method you prefer. We appreciate the time you took to inform us of your concern, and we hope our actions meet with your satisfaction. Please contact our client service representatives for any additional help you may need with your account. We are happy to have reconnected you with your retirement funds, and it is our pleasure to assist you throughout this process.
Millennium
Trust takes complaints seriously and it is our goal to utilize all forms of
feedback to continuously improve our products and services. We have fully
investigated the issue reported and believe the issue is being resolved. It was our client’s responsibility under his
account...
agreement to provide us with current valuations for the private stock
he held in his account. Millennium Trust
does not offer or provide valuation services for this type of alternative
investment. In 2013, Millennium Trust
closed this client’s account because he had not paid his account fees. His private stock shares (not cash) were
distributed in-kind to him when the account was closed. The 1099 originally
issued for the 2013 distribution correctly reported the most current valuation
Millennium Trust had received at the time of distribution, in accordance with
his account agreement. Over two years
after the distribution, on November 2, 2015, our client provided us with documents
showing that a stock split had occurred prior to the 2013 distribution which resulted
in a decrease in his private stock value. Based on this new documentation, Millennium Trust can submit a revised [redacted] for 2013. A fee payment may be
required in advance, however, as it was the client’s responsibility to pay his
account fees and to ensure that accurate values for his private stock were
provided to Millennium Trust on a timely basis.
Millennium Trust is mailing all statements to our client as requested. Our client should receive the year end 2014 and 2015 statements, along with a closing statement, by regular mail within the next few days. Our records show that we mailed a welcome kit in 2014 as well as the 2014 year end statement to the address on record at that time. Neither item was returned to us by the USPS as undeliverable. We received notice that the address on record was invalid when we processed it through postal updating software in 2015. We then marked the account as 'missing' and we did not send a 2015 year end statement. We have confirmed that we did not charge for the 2015 statement.We hope this response fulfills everything as requested.
We spoke to you directly after you filed this complaint, and we’re happy that the card issue you reported has now been resolved. You called us one time about this issue prior to filing the complaint. After that, you were calling the number on the pre-paid card, which belongs to the card...
issuer (not Millennium Trust). We understand your frustration and confusion about whom to contact to resolve this issue; and we’re very sorry that we weren’t aware that the issue was still unresolved until we received this complaint. You requested a distribution from your Millennium Trust account on a pre-paid debit card. Millennium Trust orders pre-paid cards through a bank. Millennium Trust sends the money to the card issuer, who then prepares the card and mails it to the recipient. The card issuer provides their own instructions on the card, in addition to their own service number for questions or issues with the card. The card is not tied to the Millennium Trust account, and Millennium Trust does not service the cards. You were trying to move the funds from the card to your bank account. The transfer from your card to your bank account did not work, and you contacted us once. We asked you to contact the card issuer to resolve the problem with the card. It appears that you contacted the card issuer and your bank multiple times without getting a resolution. Unfortunately, Millennium Trust did not become aware that your issue with the card provider was unresolved until we received your complaint. Once we became aware, we worked with you to quickly resolve the issue. We are happy to have helped resolve the card issue, and we wish you the best.
Initial Business Response /* (1000, 5, 2015/08/13) */
Contact Name and Title: Celia C. [redacted]
Contact Phone: [redacted]
Contact Email: [redacted]@mtrustcompany.com
Millennium Trust takes complaints seriously. It is our goal to use all forms of feedback to continuously improve our products and...
services. We investigated the issue reported, and we believe it has been resolved to our client's satisfaction. Our client's online access has been established.
We provided the online enrollment web access link to our client at her request on July 23, 2015. Our records indicate that our client attempted to enroll online on July 29, 2015 and July 30, 2015 using a different email address than what she previously provided to us. This caused the enrollment process to fail because our client's identity was not verified during enrollment. Our client informed us on July 30, 2015 that she had not received an email confirming her online enrollment. We instructed our client to complete the online enrollment again using the email address she originally provided for the account. Once our client did this, the enrollment system was able to verify her identity and complete her enrollment. Our client received a confirmation email and online access. We apologize for any inconvenience to our client, as we had to troubleshoot the issue to determine why the online enrollment was failing originally.
Millennium Trust takes complaints seriously, and we have fully investigated the issues you reported to the Revdex.com. Your IRA was established for you at Millennium Trust in May 2015 by your former retirement plan provider, who agreed to the IRA fees by establishing the IRA. We have reviewed...
the fees charged for the IRA services we provided and confirmed that they were correctly charged. Your former retirement plan provider established the IRA on your behalf and rolled over your retirement funds from the plan into your IRA. If you maintained your current address with your former plan provider, you should have received advance notice from them allowing a certain timeframe for you to take action, if you did not wish for the IRA at Millennium Trust to be established for you. Millennium Trust is not responsible for any actions of your former retirement plan provider. Your retirement funds were preserved in an IRA established by your former retirement plan provider for your benefit. Millennium Trust correctly deducted IRA service fees as agreed upon and as authorized by the agreement with your former plan provider; and therefore, no fees will be refunded. We are sorry for your displeasure with the situation, but Millennium Trust provided IRA services as agreed upon for fees as agreed upon. We wish you the best in your future retirement planning.
Initial Business Response /* (1000, 5, 2015/07/28) */
Contact Name and Title: Celia[redacted]
Contact Phone: [redacted]
Contact Email: [redacted]@mtrustcompany.com
Millennium Trust takes complaints seriously. It is our goal to use all forms of feedback to continuously improve our products and services. ...
We investigated the issue reported and we believe it has been resolved to our client's satisfaction.
We processed our client's online rollover distribution on June 15, 2015. On June 30, 2015, we received our client's rollover paperwork to sign but our client's last name on the form did not match the last name in our records. We requested documents and confirmed our client's name change. Our client fully cooperated and quickly provided us with additional documents. Our records indicate that on July 2, 2015, we mailed the signed rollover paperwork to the client's address of record. On July 14, 2015, the client contacted us and informed us that she had not received the signed rollover paperwork. On July 14, 2015, we mailed a second copy to the address of record; and we confirmed on July 20, 2015 with our client that it was received. We appreciate our client's cooperation in resolving this matter.