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Quest trust company

17171 Park Row Ste 100, Houston, Texas, United States, 77084

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Hi,

I opened a Roth IRA account in early 2015 with Quest with referral via my rep at *** At that time, I had only one investment. I was put on a fee schedule that Quest charged me $295 per year just to keep the account open.

Following that, my account added 2-3 more new investments. I expressed concern about their high fees over the past few years. However, never heard from them.

Recently, I found out, they over charged me $1500 to $1550 over the past few years on fees alone. I finally learned about their other fee schedule which saved me 50% starting now.

I requested refund or credit for the past over charged fees. However, they claim they emailed me the fee schedule and had discussion with me previously. I told them, I never received their fee schedule email, nor had any discussion prior to 1-2 weeks ago this year.

They refuse to cooperate and always have a very bad attitude. I am not the only customer over the years who are very unhappy and resentful about their fees.

Please help me deal with me and help me get my deserved refund or credit on their outrageous fees.

Thank you so much!

Sincerely,

Sue

Quest trust company Response • Mar 03, 2020

opened her account with Quest in 2015. Before opening an account each client reviews and chooses their administrative fee plan options. We have 3 options to choose from depending on their investment strategy, and we allow clients the ability to change their administrative fee plan at any time by submitting a new fee schedule. We will even prorate back any annual price difference to our client if they choose to change options towards the end of the year. *** claims she did not know about the other fee options, however she signed and completed the fee schedule which clearly shows all options available to her. In 2016, *** spoke to one of our representatives who suggested she should move to another administrative fee option, and even followed up with her VIA email (email is attached), however *** did not respond and took no action in submitting a new fee schedule. 4 years later, *** is demanding we refund her fees from 2015 and on. We offered to credit her back the prorated difference for this year, but not the previous years since she took no action when instructed to do so and failed to follow the instructions given to her. In the process, *** has verbally insulted several of our staff members in different departments, even going as far as wishing bad fortune on our Billing Manager and our Billing manager's family on a recorded phone call. *** has demonstrated an extreme lack of professionalism and we decided to resign as *** custodian. We did our job, and have tried to work with her since 2015. All of our company emails and calls are logged, stored, and time stamped. *** claims to have no recollection of these conversations happening in the past. We are denying her claim based on clear evidence that we spoke to her in the past, she took no action, and verbally insulted staff members in the process.

Customer Response • Mar 03, 2020

Revdex.com:

I have reviewed the response made by the business in reference to complaint ID and have determined that this proposed action would not resolve my complaint.
As of today, they gave me an ultimatum to close account. They have not credit or refund the overcharged fees.

Regards

Quest trust company Response • Mar 05, 2020

Client was billed accordingly, as indicated on the signed fee schedule she provided to us in 2015. Client signed and agreed to all binding terms of that agreement. Client instructed Quest, as her *** to purchase and administer 5 private assets over a 5 year period. All fees associated with those investments were billed according to the administrative option chosen by the client.

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Address: 17171 Park Row Ste 100, Houston, Texas, United States, 77084

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