- Report: #1475172
Complaint Review: Quest Trust Company - Houston TX
Reported By:
Exasperated Client -
Texas, United States
Submitted:
Updated:
-
Author Not Confirmed
Why?
Quest Trust Company
17171 Park Row, Suite 100 Houston, 77084 TX, United States
Phone:
(855-386-4727)
Web:
www.questtrustcompany.com
Categories:
Business Rating:
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Quest Trust Company Quest IRA Never ending senseless requirements that keep changing from day to day and person to person wasting hours and days of time Houston TX
Quest Trust Company, formerly known as Quest IRA and before that Entrust 'of Houston', specializes in wasting its client's time through continually changing petty paperwork requirements that have literally no significance whatsoever. You may think this petty, yet it has wasted at least 5 or 6 HOURS on the latest transaction alone. This is not an outlier as it has occurred since the inception of the first embodiment (Entrust "of Houston') of the company.
What once was acceptable to show proper vesting; eg. Quest Trust Company FBO John Doe Acct #ABCDE must now be written as Quest Trust Company FBO John Doe IRA #ABCDE. They claim this recent change is due to banking regulations.
Even if the paragraph above is true the latest is that when multiple accounts join in a single investment reporting fractions to the 1/100,000th of one percent (5 decimal places after the period) is unacceptable if the total percentage does not EXACTLY add up to 100%. Neither 99.99999% or 99.999999999999999999999999999999999999999% are not acceptable because they don't add up exactly to 100%. It doesn't matter that the investment would need to be in the millions or billions for the rounding to amount to a single penny, Quest Trust Company still wants their perfect 100%.
Quest Trust company refuses to accept the mathematical fact that fractions such as 1/3 added up 3 times is exactly 100% but expressing each portion in decimal format as 33.33333333% and adding the demicals does not equal exactly 100%. They can't grasp the fact when reducing fractions to decimals (unless you allow an infinite number of decimal places) they do not always add to 100% since the decimal representation must be rounded.
Quest requires the client to sign "read and approved" at the bottom of each page, but they either fail to train their employees or they hire employees with no common sense whatsoever since most employees will allow you to print the "read and approved" section at the bottom of the page and simply sign it. Intransigent or untrained employees think you must HAND WRITE the "read and approved" section on each page and further some think you must HAND WRITE the full vesting language on each page. This could be a few sentences in length when combining several IRAs into a single transaction.
Quest Trust Company apparently has a director of "Ever Changing Ridiculous Minutae to Waste Client's Time".
Be prepared to be frustrated when doing any transaction with Quest Trust Company. Expect no common sense. You are simply a cog in their wheel and must comply to their ridiculous, ever changing demands.
