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Customer Complaints
9Customer Complaints
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Most Recent Customer Complaint
12/03/2018
Provident Trust is trying to collect custodial fees on IRA funds they do not have. Provident is threatening collection agency and file wrong 1099r. I had and my wife had 3 IRAs invested in a Life Settlement Policy on the life of a elderly man,designated 'AGAP 108'. Provident Trust Group, *************************************************** was originally designated the custodian of these IRAs. These IRA investments declared bankruptcy for in 2015. When the investments went into bankruptcy, Provident began billing $150.00 for each of our three accounts, or $450.00. That went up to $250.00 for each of the three or $750.00 on IRA money they do not possess. I then designated ******** as custodian of the IRAs in bankruptcy and notified Provident of this action. There was no response from ******** of this change, but bills kept coming. When the bankruptcy court did release what was left of the IRA funds on December 29, 2016, they sent it to ******** which is the custodian of the IRAs…Read More
12/19/2018
Contact Name and Title: Nada A. trust Compliance
Contact Phone: ************
Contact Email: ****************************
Provident Trust Group, LLC ('Provident') is in receipt of the complaint in case no. ******** (the 'Complaint'). Due to the confidential nature of the parties' relationship, Provident is unable to disclose certain information in response to the Complaint and provides the following response.
By way of background, Provident is a trust company, licensed and bonded in the State of Nevada for the purpose of administering custodial services. Provident provides these services for account holders and acts at the account holders' direction. Provident does not sell products; instead, Provident is simply a passive, non-discretionary custodian that holds the assets purchased by its customers. Provident is not in a position to offer legal services and is not a legal advisor.
In this case, it appears that there has been some confusion in regard to what the Complaining Party needs to do in order to transfer their assets and close their account. In an effort to resolve this matter, we have been working directly with the Complaining Party. Through open communications with the Complaining Party, an agreeable resolution was reached.
Nonetheless, Provident acknowledges the frustrations felt by the Complaining Party and is committed to providing the highest level of customer service. Provident has waived any fees in question and will work diligently to resolve any outstanding issues.
Provident is committed to customer service and acted promptly and in accordance with its contractual relationship with the Complaining Party. Provident is willing and able to provide additional information upon request.
…Read More