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Millennium Trust Company, LLC

Phone: (800) 258-7878

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Customer Complaints Summary

61 complaints closed with BBB in last 3 years | 12 closed in last 12 months
Complaint TypeTotal Closed Complaints
Advertising / Sales Issues1
Billing / Collection Issues10
Delivery Issues4
Problems with Product / Service46
Guarantee / Warranty Issues0
Total Closed Complaints61

Complaint Breakdown by Resolution

Complaint Resolution Log (61)
04/28/2014Problems with Product / Service | Read Complaint Details
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Complaint
They required all kinds of ridiculous paperwork and now they are saying "We will review your requirement within 25 business days" and maybe or maybe not I will be able to get my own money...

Desired Settlement
My full IRA distribution as soon as possible.

Business Response
Contact Name and Title: ***** ****
Contact Phone: X-XXX-XXX-XXXX
Contact Email: *****@mtrustcompany.com
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 concerns expressed by our client in this complaint.

We received our client's distribution direction along with his change of address on March 31, 2014. We informed him on April 8, 2014 that processing time could take up to 25 business days. As a financial institution, we are required by law to confirm the identity of each client (through a Customer Identification Program) before we can allow the client to exercise control over this type of account, which was established for our client by his former 401(k) provider. The first results of our identity verification were unsuccessful, and we needed to receive additional documents to verify his identity. We contacted our client on April 11, 2014 and requested additional items for identity verification purposes. Everything is now in order, and we are proceeding to complete our client's distribution by April 17, 2014.

While we understand our client's displeasure with the items we needed to verify his identity, we hope our client can appreciate the fact that identity verification is required by law. Additionally, the actions we are required to take to verify our client's identity have the added benefit of protecting our client's funds from identity theft.


Consumer Response
I receive a distribution today April 24th 2014, however it is only 1/10 of the account value, someone forgot 1 digit when they were entering the sum. This company is playing with peoples' lifes.
***************


Consumer Response
The consumer indicated ONLINE that the business responded to this complaint to his/her satisfaction. He/she also stated:
The company has corrected their mistake and this time they were courteous on the phone as well

04/21/2014Billing / Collection Issues | Read Complaint Details
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Complaint
My account number with Millennium Trust is ****XXXXX. I Currently I am carrying a low credit balance of less than $200 (around $194). I intended to close this account for last several years but for a strange reason Millennium Trust (referred to as MT going forward) won't let me do that and ask for maintenance fees of $300 every year. This just does not make sense. In past I was forced to pay this fees and I have in fact paid it. (I don't have all the facts about the payment amount and dates in front of me right now)
Here are my specific complaints:
1. First of all, I don't intend to keep this account open. When I call MT and request the customer representative to just close this account they won't let me do so.
You can't force me to keep it open. I have called several times in last 3 years but for strange reason they won't let me close this account.
2. Then I explain them the situation and they understand that it doesn't make sense to pay $300 to "maintain" an account carrying less than $200. So they agree to reverse the fees and assure me that I won't be contacted again to pay this fees.

I don't know what kind of systems/processes they have at MT but apparently nothing happens at your end and I receive another letter asking for the same fees in next few weeks and I have to go through the same cycle again and again.

1. I request BBB to help me so MT will stop sending me those fee invoices.
2. If possible, get me the refund of all the fees that MT has collected from me from past that is not fair. (I don't question the fees they charged when my account was used actively priro to ** ****** bankruptcy).

Thank you.

Desired Settlement
1. I request BBB to help me so MT will stop sending me those fee invoices.
2. If possible, get me the refund of all the fees that MT has collected from me from past that is not fair. (I don't question the fees they charged when my account was used actively priro to ********* bankruptcy).

Business Response
Contact Name and Title: ***** ****
Contact Phone: XXXXXXXXXXX
Contact Email: *****@mtrustcompany.com
Millennium Trust takes complaints seriously, and it is our goal to utilize all forms of feedback to continuously improve our products and services. Our clients' satisfaction is our number one goal. We have fully investigated the concerns expressed by the client.

The clients IRA with Millennium Trust was selected and established on June 26, 2008 and the client agreed to the fees that would be charged for IRA services. Millennium Trust has maintained the client's account since 2008 and incurred maintenance fees. In 2013, we agreed to a reduced fee on our client's account, in light of the circumstances involved with his ** ****** investment. In reviewing his account, we have determined that a fee credit is owed to our client, and we are processing that now.

Millennium Trust will disburse the client's assets at the client's written direction. We need the client to provide a distribution form. We cannot turn off the fees until Millennium Trust receives the distribution paperwork.. We will then disburse the assets and close the account.

We apologize for any confusion regarding the client's ability to close his account.. We expect that the client's complaint will be resolved once he has provided us with the distribution form and we can process his distribution and account closure.



Consumer Response
(The consumer indicated he/she ACCEPTED the response from the business.)
Ms ***** **** has delegated the responsibility to Ms ***** ******* ***** has sent me the distribution forms to "technically" and "officially" close the account at their end.
I have completed the paper work and here's Renee's response on Apr 21, 2014

*****,
We are waiting on the final reversal to go through on your account. The distribution form is completed correctly and will be processed once reversals are all settled within your account. You do not need to do anything else at this point. I will contact you once the request is finalized and a check is in route to you. Please feel free to contact me with any additional questions or concerns you may have.


01/31/2014Problems with Product / Service | Read Complaint Details
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Complaint
In January 2012 I received a IRA Rollover form stating that Millennium Trust Company took out over $50.00 from my account that was sent to them from a former employer. I called Millennium Trust after getting this letter and they told me to fill out forms and it was possible to get back the money charged to my account and they could send me a check within two to three weeks. I filled out the proper paperwork and submitted it to Millennium Trust via Fax. I did a courtesy follow up seeing if they received the paperwork they needed. Millennium Trust confirmed that they did get it however they needed me to send in a copy of my drivers license to complete the process. I then submitted my drivers license and followed up with a phone call. They confirmed that they indeed received a copy of my drivers license and that they would be sending my check in the next 3 business days. After a few weeks I decided to give them another phone call and they apologized and said that it hadn't been processed yet. I was very frustrated at this point and asked them when I would receive the check. They told me it would go out via Fed Ex and would be getting in within 3 days. A year later and I am still waiting to get the check. I today AGAIN received another letter stating they took out another $55.00?! This company is in the business of Taking money!
After looking the company up online you really see how many problems this company has. Something needs to be done with Millennium Trust and not allow them to continue to use these kind of practices to take money from hard working people.

Desired Settlement
I want ALL of the money they owe me from the time they received it from my former employer.

Business Response
Contact Name and Title: ***** ****
Contact Phone: XXXXXXXXXXX
Contact Email: *****@mtrustcompany.com
Millennium Trust takes complaints seriously, and it is our goal to utilize all forms of feedback to continuously improve our products and services. Our clients' satisfaction is our number one goal.

We have fully investigated the concerns expressed by ***** ********. We can confirm that Mr. ********'s distribution was mailed on January 24, 2014. In addition, to his distribution amount, a total of $148.75 in fees charged to two accounts he had at Millennium Trust will be reimbursed after tax withholdings. We have combined the funds of both accounts to issue one check.

Mr. ********'s rollover IRA with Millennium Trust was selected and established by his former employer on January 5, 2011 when they rolled over his 401(k) account proceeds to it. His 401(k) plan provider selected the IRA solution at Millennium Trust and agreed to the fees that would be charged for IRA services. At that time, Millennium Trust contacted Mr. ******** to reconnect him with his retirement funds. On January 25, 2011, Mr. ******** was sent a distribution form.

As a financial institution, we are required by law to confirm the identity of each client (through a Customer Identification Program) before we can provide account information or allow the account owner to exercise control over the account. Millennium Trust requested a valid driver's license to verify Mr. ********'s identity. However, a distribution form with an illegible driver's license was received on February 15, 2013 which was two years later. Millennium Trust attempted multiple times to contact the client and request a legible driver's license, but Mr. ******** did not respond.

Millennium Trust decided to verify the identity of the client by running his information through a Customer Identification Program. The results of the verification were successful and therefore, Mr. ********'s distribution was processed.

Millennium Trust has maintained Mr. ********'s accounts for a couple of years and therefore, will not reimburse all of the fees charged to his accounts but will reimburse a partial amount.

As mentioned earlier, we made multiple attempts to communicate with Mr. ******** before Mr. ******** requested a distribution.

We understand Mr. ********'s displeasure with the processing time, and some of the fees were waived as a token of our good faith. We apologize for the delays Mr. ******** experienced, and we expect that Mr. ********'s complaint will be resolved when he receives the check that was mailed to him on January 24, 2014.



Final Consumer Response
(The consumer indicated he/she ACCEPTED the response from the business.)

11/26/2013Problems with Product / Service | Read Complaint Details
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Complaint
Account ********** - Requested a distribution from MTC on October 8, 2013 and told it was 20 to 25 days for processing. Mistake on the paperwork required an additional form to be completed. That form was returned on November 5, 2013. After having no contact for an additional week, I followed up via phone on November 15, 2013 and was told the forms had not been received. My account was checked and I completed the requested email of my SS card. I was told my check would be send via overnight on Monday for delivery to my home today, November 19, 2013. No check arrived. Now this organization has a copy of my SS card! Customer Service hours are very inconvenient for any kind of followup after business hours. A quick ****** search let me to many additional "clients" with similar issues.

Desired Settlement
Payment in full on my account. Payment MUST BE received on or before November 26, 2013.

Business Response
Contact Name and Title: ******** ********** CCO
Contact Phone: XXXXXXXXXX
Contact Email: **********@mtrustcompany.com
Millennium Trust holds IRAs that were created by retirement plan sponsors (former employers) for their missing or unresponsive former employees. Millennium Trust takes complaints seriously, and it is our goal to utilize all forms of feedback to continuously improve our services. In fact, we are working on several technology solutions that will help expedite these types of distribution payments for future clients.
We have fully investigated Mr. ******'s complaint. Mr. ******'s funds were sent by overnight delivery on 11/20/13. In addition, our client service team discovered a second account for Mr. ****** and were able to reunite him with additional retirement funds that were placed here for him by a former employer. We try to work quickly to reunite clients with their retirement funds when they want them, and we apologize for the delays that occurred in processing Mr. ******'s distribution.

Final Consumer Response
(The consumer indicated he/she ACCEPTED the response from the business.)

09/23/2013Advertising / Sales Issues | Read Complaint Details
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Complaint
I had $1568.11 from a company Roth IRA roll over into ****************. I did not choose this company to receive my funds. Admittedly, I didn't think a lot about it until I got a statement indicating that they had charged me $25 to establish the account and an immediate $50 annual fee. I realized this in early July of this year. During this time, the account also paid 26 cents in interest. Needless to say, I figured the account would be completely liquidated in a decade or two, so I made strides to transfer the funds into a ******** Account. I dropped it off personally at a ******** office and they were confident it would be moved quickly as I provided all the information that is normally needed. Unfortunately, we are not dealing with normal. First they asked (weeks later after two follow up attempts) for my drivers license. I faxed it to them. Another week went by and they said they couldn't read it. I scanned it and e-mailed it to them. Long story short, the funds arrived at ******** on November 12th, 2013. The amount was $1418.91. In just over a year, the account paid 90 cents in interest and charged $150 in fees. This is atrocious. If they were investment losses, I'd understand. But they took a full 10% of the account balance in fees in less than a year from the time the account was opened until the time when I first requested the funds to be transferred to ********. I called to complain and while on hold, the message said they, "work hard and with our valuable clients." Clearly this was not my experience. When I spoke to a live person, she was unsympathetic and said that this is why they always advise their clients to "follow the money." I did follow it. I followed 10% of my money being wiped away in fees in less than 12 months. My account number was *********

Desired Settlement
I'd like the $150 in fees sent back to the same ROTH IRA fund that the remaining funds were transferred.

Business Response
Contact Name and Title: *************, CCO
Contact Phone: ************
Contact Email: **************************
**************** takes complaints seriously and it is our goal to utilize all forms of feedback to continuously improve our products and services. Our clients' satisfaction is our number one goal. We have fully investigated the issue reported by Ms. *****.


Ms. *****'s accounts were transfered to **************** at the request of her previous plan sponsor. The accounts were opened in July of 2012. ********** charged the fees that were disclosed to her prior plan. We charged a $25 establishment fee and a $50 annual fee.


In July of 2013 Ms ***** requested a transfer of her Roth IRA account to ********. Since we had no contact with her prior to the request we still needed to verify her identity. Once we verified Ms. *****'s identity we completed her requested transfer. It was just before the transfer request that ********** charged her the annual fee for 2013-2014. Due to the timing **************** is willing to waive the 2013-14 annual fee of $50 and will send this to her account at ********. In addition, if Ms. ***** transfers her Traditional IRA account out of ********** before 11/16/2013, we will also waive the annual fee for 2013-14 that has been charged to that account.


We hope that Ms *****'s complaint is now resolved due to the fee waivers. We encourage Ms. **** to reach out to ********** if she does not see the $50 credit in her ******** account within the next 30 days.


Final Consumer Response
(The consumer indicated he/she ACCEPTED the response from the business.)
I'm still not thrilled with the fees I have had to pay, but I appreciate the $50 refund and really appreciate being made aware that we have a traditional IRA out there. I took steps Friday to get that moved as well. I'm good.

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07/20/2015Delivery Issues | Read Complaint Details
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Complaint
I requested a transfer from my account *****************. to account ***************** and Said company will not comply.

Desired Settlement
I am seeking a transfer of My Retirement account as requested.

Business Response
Contact Name and Title: J. *********, CCO
Contact Phone: **********
Contact Email: ****************************
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.

06/08/2015Problems with Product / Service
04/17/2015Problems with Product / Service
03/13/2015Problems with Product / Service
03/09/2015Problems with Product / Service
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