ComplaintsforHappy State Bank & Trust Company, a Division of Centennial Bank

• Initial Complaint

  04/01/2024

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Resolved

  More info

  On 11/22/2021 I purchased a 7.5 yr bond from Goldstar trust. The letter stated there would be no maintenance fees on the account. On 2/26/24 I received a letter stating I owed $125.00 in back fees, and they were going to liquidate my account, and charge additional fees, to pay it. On 3/25 i called customer care and they refused to refund the fees, so I sent an email explaining the policy I signed stated there are no maintenance fees. I was told that only refers to fees for requesting paper statements. On 3/26 i sent a copy of the letter that specifically states there are no maintenance fees on the account. The response was that was the case then, it's not now. On 3/26 i asked for a copy of the document I signed that fees could be added. I received a screenshot of my signature on the contract I signed and a separate document pasted in showing the fee schedule. Thank you, *****

  Business response

  04/09/2024

  GoldStar Trust Company (“GoldStar”) takes all complaints seriously and has visited with the complainant regarding the maintenance fees assessed on the account. A GoldStar representative called and spoke directly with the complainant on April 5, 2024, and discussed the details of the account, the advance disclosure of the fees involved, and the bond held within the account. The GoldStar representative proposed that the account in question would be closed and the bond re-registered directly to the complainant and his wife to avoid any future account fees. The agreement provided that the small amount of cash currently held in the account, as well as the fees previously paid, would be retained by GoldStar as the termination and re-registration fee. All remaining termination and re-registration fees would be waived. The complainant agreed, and the GoldStar representative emailed a written summary response, along with a withdrawal form for the complainant to complete and return. GoldStar has sufficiently addressed with the complainant all issues raised in the complaint.

  Customer response

  04/12/2024

  I have reviewed the business’ response and accept this resolution. It's unfortunate it took this long to get to someone that could resolve the problem, but I am happy with the final outcome. Thank you.

• Initial Complaint

  11/20/2023

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  I have a self directed IRA through Goldstar Trust. I purchased 99 ounces of Gold through ***** on August 1st and was shipped August 4th. The two packages arrived August 7th to the Delaware Depository. The gold was shipped and insured with UPS. Goldstar reported to me that only 69 ounces was accounted for at the depository. Goldstar contacted all parties involved. No insurance claim was filled with UPS according my records and I have no response from the depository of them finding the 30 ounces of gold. The amount is over $61,452.47 thousand dollars. Here it is October and no sign of this being resolved.

  Business response

  11/29/2023

  The client requested a purchase of metals from a Metals Dealer with GoldStar Trust Company (“GoldStar’). The Metals Dealer shipped the metals to the depository in two boxes. Once the depository reviewed the metals from both boxes, they contacted GoldStar in regard to the shipment being short 30-Gold 1oz bars. Upon investigation, GoldStar determined that the 30-Gold 1oz bars were lost in shipping. GoldStar re-purchased the missing metals and confirmed shipment to the client’s account at the depository on 11/13/2023. The client was contacted on 11/14/2023, with the information and documentation of the re-purchase.

  Customer response

  11/30/2023

  I have reviewed the business’ response and accept this resolution. 

• Initial Complaint

  10/10/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  On 8/24/2003 I filled out the IRA Distribution Form that I had received from Goldstar Trust. At that time, I requested that my gold get sent directly to me. At that same time, I also paid any fees associated with that transfer. At that time, I would hear from a shipping carrier in about five days. Since that time, I've received no communication from Goldstar even though I've called them several times to inquire as to when the gold would be shipped. Every time I call, I get that same runaround that "rest assured" they're working on it. I called again today because we're not approaching two months since my request. I was told by Ryan that the request to ****** (apparently they have the gold) wasn't sent to them until Sept 12. That's three weeks after I was told that they would request it. Bottom line, I was told again today that they would not take any action and are simply waiting for ******. That is not acceptable, not after nearly two months. The price of gold has dropped nearly $100 since they've been delaying this. I'm now taking a loss over their delays.

  Business response

  10/19/2023

  The GoldStar Trust Company investigation showed that GoldStar received client paperwork on 08.25.23, for a full in-kind distribution. On 09.02.23, the Metals Team reached out for a shipping quote from ****** via email. On 09.05.23, the Metals Team processed the in-kind distribution. The termination and shipping fees were assessed to the account and it was sent to quality control. On 09.07.23, the in-kind distribution was quality controlled and the client was sent a fee letter. The request was not sent to the depository due to outstanding fees. On 09.08.23, the client paid the termination and shipping fees online. The Metals Team sent the request to the depository on 09.12.23. The in-kind distribution process has generally taken a full 3-4 weeks. GoldStar received an escalated call from the client on 09.25.23, and the Metals Team reached out to ****** for an update via email. ****** responded on 09.25.23, that the order was in queue to be processed and that it had to wait due to the $50K limit per day on out-shipments. The client called again on 10.10.23, for a status update on the shipment. The Call Center communicated that GoldStar was waiting for ****** to release. Management escalated with ****** on 10.12.23, and ****** confirmed that the package was delivered on 10.12.23 at 10:55 am. Management called the client on 10.12.23 and 10.16.23, to verify receipt of the metals with no answer and left voice messages. 

• Initial Complaint

  07/26/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  In March of this year I started the process of trying to get my precious metals released. It took me 4 tries via fax and email through my credit union for them to say they finally received my One Time IRA Distribution Request on 4/11/23. I did receive a shipment on 5/22/23. This was supposed to be my ENTIRE precious metals account as per the paperwork and fees I had to pay for the distribution. I had to pay FedEx $238.37 for the shipping & handling charge made out to ******** Depository. Not suspecting an issue, a week later I went through the shipment and found that 20 silver American Eagle coins were not shipped and contacted ******** Depository. I was told by **** ****** from the Depository that I had to call GoldStar because THEY only requested 806 silver coins be released instead of the full 826. I then contacted GoldStar and the error was confirmed by Duncan. Ten days later I was emailed by GoldStar to say that the order for the remaining 20 coins was sent and that I would (again) have to pay a fee for the shipping. I told Duncan on 6/2/23 that GoldStar was negligent in this situation and THEY should be the ones paying for the final fee--which ended up being $69.27. I also requested to be reimbursed by email twice and did not receive a reply from the company. If the 20 would have been in the first order, it would NOT have been $69.27 more to ship. To add insult to injury, this week I received a bill from them for a Paper Statement Fee of $25 & an Annual Maintenance Fee of $90 when I no longer even have an account with them. I am very unhappy about the professionalism of this company. The only professional person I've talked to was Duncan. No one seems to know what is going on. I ask--Why would exactly 20 coins be left in the depository? 20 coins is one container. What if I hadn't looked back in my paperwork to see what the original investment was? Not only should I be reimbursed $69.27 but should receive payment for all the frustration I've gone through.

  Business response

  08/10/2023

  Goldstar research showed that the client had inquired about the distribution on 03.22.23, and was informed it had not been received. The customer stated she would fax it in. On 03.24.23, the client called to see if the fax was received, and was informed it had not been received. The client stated she would email it. On 03.30.23, the client emailed that she had heard nothing after faxing the paperwork twice, and was informed the fax was not received and was provided instruction on how to email the paperwork. GoldStar received the distribution paperwork in good order on 04.05.23. The Transactions team called to verify with client a full inkind distribution and emailed the Metals team to process as a full inkind distribution. The Metals team processed the distribution on 04.24.23. The client was emailed the amount of the fee before uploading to the depository for shipment. The fees were paid by the client on 04.25.23. The Metals team uploaded the order to the depository on 04.26.23. The client called to cancel the order due to being on vacation until 05.09.23, and the Metals team canceled it with the depository on 04.28.23. The Metals team re-uploaded the order on 05.11.23, and emailed the client letting her know. GoldStar received confirmation from the Depository that the metals were shipped. The client called on 06.02.23, stating that she had not received all of the metals and was missing 20 coins. The Metals team verified that they were still showing in the account and processed them out on 06.12.23. This was GoldStars error, as the paperwork was marked as a full inkind distribution. There were no emails found from the email address on file regarding the refund of fees. GoldStar refunded the client the $150.00 termination fee on 08.08.23 and shipping costs of $69.27 by check on 08.09.23. The maintenance fee and statement fee invoiced in June/July 2023 were waived on 07.19.23. GoldStar Management called client directly on 08.08.23 and also sent a follow up email.

  Customer response

  08/14/2023

  I am in agreement with receiving the refunds of $150 and $69.27. However, I have not received the check yet, and therefore, would like to keep this open.

  I would like to note that the reason I cancelled the first delivery was because I called the metals department prior to agreeing to it being shipped and asked how long it takes for the process to take and was told it would take 3-5 weeks.  This is documented in my  April 27th email.  If the person I originally talked to by phone knew what they were talking about, I would have waited.

  The requested reimbursement by me via email were made on 6/12/23 and 6/14/23 as well as when I contacted Goldstar about the 20 pieces of silver missing and again the following week when I talked with the Goldstar representative.

  Business response

  08/15/2023

  Goldstar Trust confirmed mailing of the checks for $150.00 and $69.27, via regular USPS mail, on 08/08/2023 and 08/09/2023, respectively. If the checks are not received in a reasonable time to allow for delivery, the complainant has been provided direct contact information for any further issues. GoldStar Trust considers this complaint resolved and closed.

  Customer response

  08/22/2023

  I have reviewed the business’ response and accept this resolution. 

• Initial Complaint

  07/20/2023

  Complaint Type:

  Delivery Issues

  Status:

  Resolved

  More info

  GoldStar Trust is the custodian for my precious metals IRA. On 6/5/2023 I submitted an in-kind distribution request for a small portion of my account. No action was taken on their part. I contacted the company two weeks later and they assured me that they had received my request and were processing it. Two weeks later still no action was taken on the companies part. I contacted them again and was told that due to a large amount of required distributions being processed my request was taking more time than usual. On 7/3/2023 I received an email from Goldstar that my metals would arrive within 10 days. It is now 7/19/2023, nearly 7 weeks and the company has not produced my distribution nor have they adequately explained their failure to act upon my request.

  Business response

  07/31/2023

  GoldStar Trust had received a partial in kind distribution request from the client on 06.05.23. Due to a large mailing, the distribution volume was high at that time. Call Center representatives were letting clients know that the process was extended to 4-6 weeks. In review of the account activity timeline, the GoldStar metals team missed uploading the order to the depository on 07.03.23. The issue was not detected until 07.19.23, when the order was escalated with the depository. The depository confirmed the release of metals to client on 07.24.23. Management tried calling the client without success and a voice message was left with a direct number for call back. Management emailed the client that the $50 processing fee would be refunded due to the delay in processing and miscommunication. Management called the client to follow up on 07.26.23, and the client confirmed receipt of metals and acknowledged the refund of $50.

  Customer response

  08/01/2023

  GoldstarTrust management has followed through in correcting all issues stated in this complaint, as well as other issues that arose, including refunding COD charges I incurred for a duplicate shipment of my order sent in error.

• Initial Complaint

  06/09/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  In late February, early March, I began the process of closing my Gold Roth IRA account with Goldstar Trust Co. I have had several contacts with Goldstar as well as with Goldline International who is buying my coins back. I have been led to believe that Goldline has sent the funds to Goldstar who is supposed to send me a check for the coins. Each time I call to find out what the delay is, they give me the same run around which results in me not getting the money that I, in good faith, stored with this company. My Roth IRA Account number is/was: ********** and the amount of money to be repaid is, $8,378.76 , less $ 123.53 for liquidating.

  Business response

  06/28/2023

  GoldStar Trust Company (“GoldStar”) apologizes for the delay in completing a metals liquidation and distribution of funds to the client. Due to an unfortunate series of events involving the metals depository and the precious metals dealer, the liquidation of metals held within the client’s Roth IRA and subsequent withdrawal of funds from the IRA were delayed. GoldStar received the signed withdrawal form dated February 22, 2023, on March 1, 2023. Notification was sent to the metals dealer on March 1, 2023, and sale details for the liquidation were received back on March 3, 2023. Sale details were sent to the metals depository on March 3, 2023, with instructions to ship the metals being sold to the metals dealer. GoldStar received confirmation from the depository that the metals were shipped on March 10, 2023. Unfortunately, the incorrect metals were shipped from the depository to the dealer and had to be returned before the correct metals could be shipped. GoldStar then required a revised Sales Order from the metals dealer in order to complete the transaction and post the funds received to the client’s account. The revised Sales Order was received and the funds were posted on May 30, 2023. GoldStar management spoke with the client on May 30, 2023, informing that the funds were received and that the distribution was in process. A check was generated and mailed to the client on June 5, 2023. Records indicate that the check cleared the bank on June 14, 2023. GoldStar acknowledges that the liquidation of metals and subsequent distribution of funds from the IRA were delayed and apologizes for the inconvenience. Unfortunately, the shipment of the incorrect metals by the depository and the correction of that shipment were out of GoldStar’s control and caused the delay. The annual storage fee of $150 was waived on the account as a courtesy.  

• Initial Complaint

  06/05/2023

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  On May 17th I received another request for payment from GoldStar. I submitted a previous complaint that GoldStar was requesting a payment from me for managing an account that they have refused to transfer. I have requested that GoldStar give me my money from the account that they claim to be managing. I can not find information on GoldStar but believe that Happy Bank is the real company and am not sure if GoldStar exists. I'm not sure if GoldStar is a scam because they have received money from me for over 5 years and the entire time they have known that there is no money in the account that they claim to be the custodian of. I placed $5,000.00 in an account that GoldStar was supposed to be the custodian of. I would like GoldStar to transfer my account as soon as possible and I will call the number attached to give them the information that they need. The last time I tried this, my new account holder said that they never received the IRA account that was requested.

  Business response

  06/20/2023

  GoldStar Trust Company (GTC) investigated the complaint and determined that in 2018, the GTC Compliance and Risk Manager requested that the annual maintenance fee for the account be waived going forward due to being the only asset the client held with GTC and it was in default. Due to an inadvertent error, the fee model was not updated, and the annual maintenance fee continued to charge to the account. In 2020, a previous BBB complaint was received by the Compliance team and the fee model was updated to not charge to the account and the annual maintenance fees were refunded and waived. In December of 2021, a letter was mailed to all clients that notified of a fee schedule update adding an annual paper statement fee of $25.00 for 4 quarterly statements per year. At that time, the client was provided the option to enroll in electronic statements through the online portal to avoid the paper statement fee. The research showed the client is currently not set up for electronic statements and has been accurately incurring the paper statement fee. The client is welcome to call GTC’s Investor Services Department at (800) 486-6888 for help with enrolling in electronic statements so the paper statement fee can be avoided going forward. GTC is unable to transfer the account as requested. The asset held within the IRA, a church bond which is currently in default, is not an asset that is normally accepted by other IRA custodians. GTC would be glad to transfer the asset to another IRA custodian if an accepting custodian can be found by the client.

• Initial Complaint

  02/17/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Why do You Hold a Deposit From my Employer for so long..I work shift work and when I need Gas..my Deposit shows its in the bank, yet I have No access to my funds. Why??

  Business response

  03/03/2023

  Centennial Bank located an account with the same name and address as the complainant. However, a thorough review of the account found no evidence of a hold being placed on a check deposit. It appears the account had received ACH deposits and the complainant would have had access to the funds on the effective date. The debit card attached to the account was active and available for use. The account had gone negative on occasion reaching the maximum $500 overdraft limit. Without additional information on the specific account, transaction or date, the Bank was unable to research further.

• Initial Complaint

  02/06/2023

  Complaint Type:

  Customer Service Issues

  Status:

  Resolved

  More info

  In May of 2022, my agent requested a transfer of my IRA to another company. I still have shares in a company that Goldstar has not transferred. My agent has contacted them twice since the original request, with the most recent being 01/03/2023. I am requesting that the transfer be made immediately.

  Business response

  02/16/2023

  GoldStar Trust Company (“GoldStar”) received a full transfer request in May of 2022. All assets were transferred to the successor custodian except for the publicly traded stock held in the account, which would have to be transferred electronically. GoldStar received delivery instructions for the stock from the successor custodian, but the transfer was rejected a number of times. The GoldStar Operations Manager reached out to a contact at the successor custodian to clarify and confirm the process. The stock was electronically transferred on February 8, 2023, and has been confirmed received by the successor custodian. Residual cash received into the account at GoldStar has also been transferred and confirmed received. The account at GoldStar is now officially closed. The client and his advisor have been notified via email of the completion of the transfer.

  Customer response

  02/18/2023

  
  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

  12/05/2022

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  Happy State Bank has claimed I was doing fraudulent activity using my checking account. When I asked what the fraud was, they claimed I use Cash App, Zelle, and Venmo too much. These are mobile apps used like mobile banking. I used these apps while connected to my bank account. I used Zelle to pay bills and my rent on the house I live in. I explained this to them on the phone and they claimed it was not a good enough explanation and they still believe I commit fraud. There is currently $381.38 in the account and they are denying sending me my money via deposit. I earned this money from my employer. It has been locked since 11/18/22 and I have not been able to pay my bills or afford food as I do not make a lot of money. I have been forced to beg my family for money. I want my money ASAP and I want the people who made this false claim against me held responsible as I very clearly stated and proved that I was not using my account for any nefarious purposes. Happy Bank account number is **********.

  Business response

  01/11/2023

  The investigation showed that the complainant’s account had been flagged by the Fraud Department for suspicious activity on 10.28.22. The branch CSR attempted to call the complainant and was able to leave a voice message on 11.16.22. No response had been received from the complainant and the decision was made by the branch Market Retail Leader to proceed with closing the account. The account was placed in limited status for suspicious activity and a 30-day account closure letter was sent on 11.18.23, informing that online/mobile banking and debit card access had been suspended pending account closure. The complainant called the Bank on 11.17.22, after the account had been flagged for closure, requesting more information. The complainant confirmed that he wanted to proceed with closing the account, but expressed that he wanted the funds immediately. The complainant lived out of state and was informed a check could be mailed that day. However, the complainant would have to allow for mail time to receive it. As an alternative, the complainant was asked if he had another Bank account set up to allow for the funds to be wired and received the same day. Wiring instructions were received via email on 11.18.22. However, the emailed instruction had been inadvertently missed by the branch CSR. A direct deposit was received into the complainant’s account on 12.09.22. The branch CSR sent a follow up email to the complainant on 12.12.22, again asking for the wiring instructions and they were received by the branch CSR on the same day. On 12.12.22, the CSR initiated the wire for the balance of the account, less the disclosed $25 outgoing domestic wire fee and the disclosed $35 new account closure fee (assessed for accounts closed within six months of account opening). The account was closed on a zero balance on 12.19.22. The $35 balance for the waived new account closing fee, due to bank initiated closure, was sent via cashier’s check to the complainant’s last known mailing address on 12.19.22.

*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. ↩