ComplaintsforNew Direction Trust Company

• Initial Complaint

  03/27/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  I have requested a distribution from my precious metals *** account of which New ********************** is the custodian. They have indicated that the distribution will take 4 to 8 weeks which is an excessive delay but, setting that aside for the moment, they still have not made the distribution and its been 8 weeks.

  

  Business response

  04/01/2024

  I'm pleased to share that your precious metals were received and signed for on Saturday, 3/30. We are also in the process of removing the distributed metals from your account today, and we will ensure your request for tax withholding on the distribution is processed as a cash distribution (100% tax withholding) tomorrow. With these actions, your request will be fully completed.

  I want to extend our sincerest apologies for this delay, particularly for the confusion caused by a note in your account that incorrectly suggested we were awaiting further action from you. Please rest assured, we are taking this incident as a **************** opportunity to refine our processes and prevent similar delays in the future. Your patience and understanding in this matter are greatly appreciated, and we are committed to ensuring a more efficient process moving forward.

  Thank you for choosing New Direction Trust Company. We value your trust and are here to support your investment journey. If there are any further actions we can take on your behalf, please do not hesitate to reach out.

  Customer response

  04/01/2024

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  ***********************

• Initial Complaint

  08/07/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  On July 24, 2023, New Directions Trust Company (*****) charged me a Transfer Out Fee in the amount of $206.00 to mail a check to my brokerage account. This was in addition to a $10 check fee and a mailing fee.In addition, on July 19, 2023, ***** charged me a Fee Paid From Account in the amount of $95.00 to accept funds from a precious metals dealer subsequent to a sale of precious metals from my *** account with *****.I believe these fees to transfer funds are excessive.

  

  Business response

  08/08/2023

  We understand that fees can be frustrating, and we always strive to be transparent about our policies. Our fees cover the internal processing & reporting that takes place with each transaction and enable us to handle the higher burden of administrative tasks that come with alternative assets. All clients sign and agree to our fee schedule when the account is opened. Additionally, our fees are posted on our website for review at any time (***********************). While we would love to accommodate all our customers' requests, we carefully evaluated our fee structure to maintain fairness and consistency for all our valued clients.

  Customer response

  08/11/2023

   
  Complaint: 20432877
  
  I am rejecting this response because: Their use of term "transaction"  was not defined or explained.  For example, receiving funds from a precious metals dealer was considered a transaction and a fee of $95.00 was imposed. In contrast, preparing a check for mailing was charged $206.00 (in addition to check fee of $10 and $30 to mail by **** non-priority).
  
  Sincerely,
  
  ***************************

  

  Business response

  08/14/2023

  A "transaction" is the process ************** initiated through her client portal to sell her IRA ***** metals. The duties performed in a transaction are defined in the terms agreed to by her on July 17, 2023 at 2:45pm when she completed and electronically submitted a Sell Direction Letter (i.e., a letter of her intnent to sell her IRA ***** metals).
  
  The full Sell Direction Letter Terms and Conditions are attached to this response; the excerpts below address the specific complaint:
  
  1. AUTHORIZATION: I confirm that I am directing ***** to complete this transaction as specified above. I understand that my account is self-directed, and I take complete responsibility for any investment I choose for my account, including the investment specified in this Form...I certify that I have examined this Form and any accompanying documents or information, and to the best of my knowledge and belief, it is all true, correct, and complete...If fees are being deducted from my account, the full amount of the transaction plus fees must be available before the transaction can be processed.
  
  2. DISTRIBUTION OR SALE OF PRECIOUS METALS: If you request ***** to transfer metals from the depository to you as a distribution, to a ********************** or exchange, or to another third party, the cost of shipment, insurance, and processing by the depository, if any, is your responsibility. Shipping method will be selected by lowest cost available. If shipping charges exceed $200 an ***** Representative will contact, you. Costs may be paid by you or deducted from cash available in the plan...All transactions are processed by wire. There are different Transaction Fees based on which precious metals you purchase. Please review the ***** Fee Schedule or the Precious Metals Transaction Guide to review the list of Basic Metals.
  
  There is more administrative lift on our behalf to ensure accurate recordkeeping for the account and facilitate the sale than simply "receiving funds". The full explanation of our duties as a passive, directed custodian can be found in IRS Form ****-A Traditional Individual Retirement Custodial Account (*********************************************************************). Additionally, our Fee Schedule (*************************************************************) provides full transparency into our fees and when they are charged. These were both signed when the account was opened in 2018 and are publicly available on our website.

• Initial Complaint

  07/05/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  I had IRA ***** invested in physical precious metals with this company. The metals were stored as required in a 3rd party depository (**********************). As it turned out ********************** was investigated and charged with mishandling of inventory by the **** and was ultimately put under receivership. The receivership conducted an audit of the inventory and I (along with hundreds of other New Direction Trust Company clients) was found to be missing some inventory! After an audit, all of the clients were then required to elect how they wanted their metals distributed as the receivership was liquidating ALL inventory. Our options were 1. ship to client 2. ship to new depository 3. pick up metals in person. The receivership was NOT going to insure any of the shipments so I elected to go pick up the metals in person! I viewed this as the ONLY option to prevent any further loss outside of my control! Upon trying to get some of my metals back into a different depository I was informed by NDTC that they WOULD NOT accept any metals back into the account! I was free to transfer metals into any OTHER **** but that THEY would not be accepting any metal transfers from ME! I find the circumstances that I am in out of my control and quite extraordinary to say the least. And yet, after years of being a New Direction Client I am told NO we will NOT accept YOUR metals. They still offer precious metal services to others, but evidently not those who were involved in the ********************** Fiasco!

  

  Business response

  07/07/2023

  Thank you for taking the time to bring your concerns to our attention.  We understand the frustrations you must be experiencing regarding ********************** (FSD), we are helping many clients through this challenging and unprecedented process. Once precious metals have been removed from the account via account distribution, such as you have done, they must be rolled over in-kind to an *** within 60 days to avoid taxation based on the distribution.  At *****, we have allowed the in-kind rollover of precious metals, within the 60-day timeline, as long as the same metals are being rolled in that were distributed out.  In your case, you have chosen to sell much of the metals that represented your distribution and thus you cannot rollover the same assets that were distributed out. This business decision was in place long before the **** investigations of FSD.  This decision does not single out you, nor any other FSD client. ***** has provided a route for FSD clients to keep their metals within custody of their ***s, it is our understanding that you did not agree with the potential risks for that action thus you chose the course of action that you felt was best.  We will be calling you in the next few days to discuss any options you have available for making a contribution back into the ***.  

  Customer response

  07/07/2023

   
  Complaint: 20276112
  
  I am rejecting this response because:

   

   First of all, the metals that were distributed out were NOT the metals that were initially deposited! We are talking about a large percentage of the initial investment that has simply vanished! There is no way that you can rollover assets that have vanished! I think we can both agree this is an extraordinary circumstance! That should warrant extraordinary customer service! What I am asking for is NOT impossible, it is doable and is not unreasonable under the circumstances.  Pretty amazing to me that you are drawing such a hard line with a long time client like myself!
  
  Sincerely,
  
  *************************

  

  Business response

  07/18/2023

  Dear ****-
  You are correct this is an extraordinary circumstance. There was a clear communication breakdown on our part, both in our initial response to you and in our internal discussions of how to proceed. We failed you in this instance and for that you have our deepest apologies. We are taking your case to the appropriate team leadership to use as an opportunity to improve our training and ensure a situation like this does not happen again.
  
  We had a senior specialist perform a review of your accounts transactional history along with the correspondence between you and our Client Success Team to create a timeline of events. Our in-house counsel and Director of Trust Accounting have re-reviewed your situation and made the following determinations:

  1. A rollover must be like for like. Because you distributed physical gold, you are only able to roll physical gold back into your account. Since you are no longer in possession of physical gold, we are prohibited by code from accepting cash from the sale back into the account as a rollover. That said, you do have other options to get some or all of the cash into your account via contribution (subject to annual contribution limits across any ***s you own and your threshold to work the numbers in your annual return).
  2. You can, however, roll the silver back into your *** with *****, provided the metals are the same type and quantity as distributed and deposited to another depository in the name of the *** by August 12,2023 (60 days from the initial distribution as required to be considered a rollover).
  3. To address the compromised metals (500 1oz silver buffalo rounds), youve been offered two options. There is no change to this information you can EITHER perform a zero-value distribution and any recovery by the receiver would be returned to you personally OR you can leave the metals in the *** with a placeholder value of .01. Any recovery will come back to the *** (pending acceptable delivery arrangements of the physical metals to CNT). Please note this option leaves the silver in your account and will incur an annual administrative fee (as these fees are unrelated to the asset value or performance).
  

  NEXT STEPS:
  To help you work through the logistics of getting the metals to CNT and everything else we've outlined, we have assigned ***********************, to assist you. You can contact him via portal message, email, or by calling him directly at ******************.
  
  We hope this both clarifies your options within the confines of the *** ********* and your next steps. We again apologize for the miscommunication and the negative impact on your experience. We do appreciate your 10 years of business and hope you give us the opportunity to regain your trust.
  
  Warmest Regards-
  *****

  Customer response

  07/27/2023

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  *************************

• Initial Complaint

  05/09/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  New Direction Trust Company is the holder of some of our retirement accounts as gold. We requested a distribution from a *************** account on March 14th using their web portal. After hearing nothing and seeing the request tagged as "in progress" on their website, we sent a message on March 20th through the portal asking about the status and how long it would take to get the distribution. Their response was that there is a 6-8 week processing timeframe for all requests. It has now been 8 weeks since the original request. We sent another message to them through the portal on May 1st asking for status update. No response was received after 4 days, so we sent another message on May5th. Still no response on the the distribution request is still showing as "In Progress".

  

  Business response

  05/15/2023

  Hi *****, we sincerely apologize for the delay. Thank you for responding to our recent online messages with your approval. We are working on completing this transaction as a priority and have authorized your depository to process the shipment. As soon as ***** has been given a tracking number for the shipment we will pass that along.  Thank you for your patience as we work to complete your request. 

  Customer response

  05/31/2023

  It has been 78 days since I initially requested a distribution. You keep making promises to move this along and keep blaming Brinks for slowing things down. According to ***** tracking numbers you provided are only from the creation of a shipping label. They have not received any package under these tracking numbers. I am requesting that my distribution be shipped immediately.

   

  Sincerely,

   

  *************************

  

  Business response

  06/07/2023

  Thank you for continuing to follow up on your distribution request. We apologize for the length of time this distribution has taken. Our records show that ****** did ship the package on May 31st and that you had received, and signed for, the shipment on June 1st.  This delivery completes your distribution request. Please direct any *************** inquiries through our secure portal or by calling our toll-free support line, we are happy to help in any way we can. Thank you for your business. 

• Initial Complaint

  03/08/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  I requested a distribution of my allocated precious metal on January 2, 2023. I have contacted the company several times about the status of my distribution, and I have received various excuses as to why it still has not been shipped as of March 8, 2023. i contacted the depository at the end of February and was told they had not received any request for distribution. I called the ***** rep and was told they are waiting on a shipping quote. I explained to the rep that the depository had not received any communication from *****. This delay happens every year, but this year is the worst! The company simply has to request the distribution from the depository each year (right?) It has nothing to do with a delay in precious metals distributions... as I was told. I still have no shipping date or any information as of this date.

  

  Business response

  03/13/2023

  We have been working to process Mr. *********** request and are regretful that it has taken longer than he or we would have liked. We have responded to Mr. *********** questions in our Online Client Portal many times and have made significant progress on his request, which has been communicated to him. ***** has provided the depository instructions to ship Mr. *********** metals to his home as of March 9th. Once we have a tracking number for his shipment, we will communicate that to ************************. We apologize for the delay, but please rest assured that we are actively working to assist him and communicate on a regular basis so he is up to date on our progress. 

  Customer response

  03/13/2023

   
  Complaint: 19557328
  
  I am rejecting this response because:I find the company's disingenuous response to be insulting. I am in the same position now as when I filed the complaint with the BBB. *********************** sent me a message admitting that they finally sent a release request to the depository on 3-9-23. However, they also told me the same information on 2-27-23. This was after I initiated the communications on 1-29-23 and 2-27-23. So much for them communicating on a regular basis. What significant progress has been made since 1-2-23? I am in the same position since my original request for distribution. What has been going on for (70) seventy days that I cannot receive my distribution? You can't keep blaming a third party (depository) because ***** admitted they didn't even send the release request until 3-9-23. This is completely unacceptable. (You are an administrator and custodian - right?) This is what you do !  How much time does it take to send a release request to the depository? Evidently, over two months is the answer. I think there is a deeper problem, and I do not accept the response. I will believe it when it happens.
  
  Sincerely,
  
  *******************************

  

  Business response

  03/17/2023

  Dear ************************, We apologize that you are unsatisfied with our message. We receive the highest volume of client-requested transactions at the end and beginning of the year, and we try to work through the volume as quickly as we can while still ensuring that we are adhering to our internal policies in regard to compliance and security. This year we received a record number of transaction requests, and unfortunately, like many companies after COVID-19, we have faced some challenges with our staffing numbers. Nothing is more important to us than the security of our clients' investments and information, and we apologize if this meant that it took longer than you would have liked to have received your distribution.

  We are actively working to improve our internal procedures to ensure this does not continue to happen. According to our records, you received your metals shipment to your residence on March 16, 2023. ******* on our client relations team has left you two voice messages today to follow up with you and see if we can assist with anything else. We apologize again for the delay and wish you luck with your future investments.

  Sincerely, *********************************, Director of Digital Engagement 

  Customer response

  03/20/2023

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  *******************************

• Initial Complaint

  03/01/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Bought $50,000 in gold and I cant get a hold of someone by phone to answer my questions.

  

  Business response

  03/13/2023

  *********************** called New Direction Trust Company on March 8, 2023 and spoke with two of our customer service reps. ** have answered his questions. Our customer service teams are always available at ********************* Monday through Friday, 8:30am until 5:00pm Mountain time. Thank you! 

• Initial Complaint

  02/21/2023

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  I opened a Precious Metal *** with this company in 2022. My first request for a distribution (1/16/2023) has received no action for over a month. The employees give what I consider excuses as to why.

  

  Business response

  03/16/2023

  ***** would like to apologize to **************** for the delay in the distribution of his metals. As we explained previously, unfortunately the end of 2022 and beginning of 2023 was an extremely busy time for our company, and we work our client's requests in the order in which they are received. We do have a Client Relations team that is available every weekday to provide updates and did communicate with **************** throughout this process regarding our process and anticipated delays. ***** prioritized ****************' transaction, at the request of our Director of Trust Accounting. The precious metals have been distributed and tracking info has been provided to **************** as of March 13th. We would like to thank **************** for his patience and for being a client of *****. Thank you. 

• Initial Complaint

  11/10/2022

  Complaint Type:

  Customer Service Issues

  Status:

  Resolved

  More info

  I have had an account with *** Direction for over a decade and when I tried to pay their annual invoice, I encountered a wall of obstacles that to a senior citizen with disabilities was uncalled for causing cascading negative consequences to me as I tried to resolve the invoice in a timely way. Similar to the previous complaint, *** Direction changed its policies although they were not helpful in assisting me to sell and easily transfer funds to the account for payment as I've done for a decade. Instead, I met a wall of obstacles, no live person to assist, menus, promised calls to help me that weren't returned. I finally received forms which which included one that was not necessary and only caused more confusion on both of our parts. I sent in one group of forms finally only to get a call from the metals dealer that I hadn't taken care of *** Directions requirements. I was so confused and frustrated that I researched and made the decision to move companies and found the new company to have the customer personalization that *** ********************** lacked in truly solving what should be a simple issue. I finally got a second set of forms, called three times and decided to finally call new accounts to get a real person:-) (it worked! I got a person) I've sent in forms a second time and now they aren't willing to even prorate their annual fee which amounts to around ~$100 prorated annual fee less the few months I owe them. I called today after being promised a call on this last week and again it took creativity to get through to a live person who proved challenging which is horrible customer service for a client that stayed with them this long, and endured a variety of roadblocks to paying the account as an *** senior citizen-- BTW the customer care rep asked me today, "what being classified as "*** had to do with the difficuliltes I've had" with forms, calls and customer response! I am asking for my ***** fee to *** Direction be prorated as I move companies.

  

  Business response

  12/05/2022

  *********************************,

  
  Our apologies that you ran into difficulty finding the information you needed. It is our understanding that you have spoken with our ****** Relations team and have been able to get the assistance you needed to complete your requests. ***** prides itself on our ability to help our clients. If you need any further help, please contact *********************** directly at ********************.

  
  Best Regards,
  New Direction Trust Company ****** Services Team

  Customer response

  12/05/2022

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  *****************************

• Initial Complaint

  09/23/2022

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  I have a precious metals *** with New Direction Trust Company. They have a yearly *********** fee that I have been paying online for years. They have changed their website and I can not find a place to pay the fee. Their phones will not respond to any selections. It just goes through the same message loop over and over. They have not responded to my contact requests either. So I can't pay the fee and I have no way to contact them, so I am filing this complaint. I need them to send me an email with the exact, complete, step-by-step process to pay my precious metals *** *********** fee on their site. I don't want to get a charge for a late fee when they don't provide a way to pay on their website.

  

  Business response

  10/04/2022

  Hi ***,

  My apologies that you had so much difficulty in getting in touch with *****. I am glad that *********************** in our Client Relations team was able to reach out and assist you with this matter. Should you have the need to get in touch with Client Relations again, you can contact them directly at ****************** or send us a message via the client portal at portal.*********. 

  Thanks, 

  *********************************, Sales and Marketing Manager

  Customer response

  10/04/2022

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  *****************

• Initial Complaint

  08/12/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  On July 20th, 2022 I filed a "Sell Direction Letter" with New Direction IRA. I have 50 ounces of gold being held with **********************. I arranged a buyer for the gold. That buyer sent the shipping labels to ********************** several weeks ago. I have been unable to get the gold shipped. I have several emails and phone calls to New Direction IRA. To date they just keep saying they have not been able to get the gold shipped. I am in danger of losing my buyer for the gold. These guys have been terrible to deal with. I am hoping to get some help here.

  

  Business response

  08/15/2022

  Dear **************, 

  I apologize that you are frustrated with the delay regarding your precious metals stored at **********************. We did receive your "Sell Direction Letter" on July 20th, as well as the purchase order from your precious metals dealer on July 22nd. Once we received the shipping labels and confirmed your verbal authorization at the end of July, we requested the metals be shipped from ********************** on August 1st and have followed up with FSD frequently regarding your request.

  ********************** is a unique, separate company from New Direction Trust Company and only one of several depositories that we work with. Unfortunately, as a third party, we do not have the ability to impact their internal processes or shipping times beyond requesting status updates on our clients' assets. I know several members of our asset management team have communicated with you in the last week regarding the delay by FSD, and we will continue to let you know as soon as we receive any additional updates. Please rest assured that New Direction Trust Company has and will continue to do everything we can to ensure this process is as efficient and timely for you as possible while we wait for FSD.

  Thank you, 

  *********************************

  Sales and Marketing Manager

  Customer response

  08/16/2022

   
  Complaint: 17708348
  
  I am rejecting this response because: Why does NEW DIRECTION work with a depository that they have no relationship with, one that does not answer their phone or return messages? At this point talk means nothing. They are just excuses. NEW DIRECTION needs to take some kind of action to get my gold out of this depository and to my buyer. As stated in my complaint what happens if I lose my buyer and have to start this insane process all over again. NEW DIRECTION has told me to contact the depository. I did try to call once but just got a message machine. My buyer has also tried to contact them. But as I told NEW DIRECTION I have no relationship with the depository. I selected that depository since NEW DIRECTION had them listed on their website when I first bought my gold. I have been a good customer for around 4-5 year. I paid all my fees on time. I expect NEW DIRECTION to get this done ASAP. I do not want to have to pursue other actions against them but I will if I am forced to. 
  
  Sincerely,
  
  *****************

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩