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

• Initial Complaint

  08/14/2024

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  For more than two years I have tried to move my holdings from Goldstar Trust to ******* Bank. For some reason Goldstar refuses to process the paperwork associated with the CIM group. I continue to receive mail that identifies Goldstar as the Custodian when they aren't. ******* Bank has tried to work with Goldstar to resolve this and Goldstar has been uncooperative to say the least. I have uncashed checks associated with this account because Goldstar won't do their part.

  Business response

  10/10/2024

  GoldStar Trust Company (“GoldStar”) takes all complaints seriously and has reviewed the customer’s account thoroughly. The review showed that on our around May 12, 2022 GoldStar sent the full transfer to ******* Bank as in-kind per the customer’s request. On or around May 16, 2022 the paperwork was mailed certified to DST CIM and tracking showed the paperwork was received. GoldStar never received a notification that the transfer was rejected by DST CIM. On or around February 10, 2023 GoldStar received a dividend and returned it to CIM as account closed. GoldStar continued to receive checks over the next several months and returned all of them as account closed. On or around October 19, 2023 GoldStar responded to the customer’s account representative letting them know that the paperwork had been completed and sent to CIM on May 16, 2022. GoldStar explained to the customer’s account representative that Herring Bank would need to contact CIM since the paperwork had been completed. GoldStar reached out to DST on or around August 16, 2024 to confirm the re-registration of CIM. On or around August 19, 2024 it was determined that CIM would not re-register the accounts at GoldStar’s request and that CIM’s paperwork had to be used to complete the transfer. GoldStar determined that the customer had to initiate the paperwork from CIM. GoldStar confirmed with CIM that the customer’s assets had been re-registered to the customer and not ******* Bank on August 07, 2024. GoldStar emailed the customer on October 08, 2024 informing him that the asset had been re-registered to the customer as of August 07, 2024.

• Initial Complaint

  06/06/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I tried to freeze my account multiple times due to transactions I did not authorize. Since I had a negative balance they could not freeze my account or close it. They said I owed $300 which I paid, however while this payment was processing they charged me $79.75 more in fees. Again they said they are unable to freeze and close the account. I then paid $80 to get to a positive balance and close the account. But since they’re was now a positive balance of $.25 they could not mail me a check for 25 cents and close the account. I called a week later to attempt to close again and now I owe $140 in overdraft fees due to suspicious PayPal activity. I asked if they could freeze the account while I called PayPal to see what the issue was and they said they cannot freeze the account. I sent the exact amount to 0 out the account and they finally closed the account. My entire experience was horrible I feel taken advantage of and bullied by the bank. I am an unemployed student who cannot afford to pay a $500 to a bank because they claim they are unable to freeze my account and stop transactions which I thought was my right as a customer. To summarize, 1) How can a bank refuse to freeze my own account due to suspicious activity? 2) why can’t a bank close my account and send me a check for the remaining balance?

  Business response

  06/20/2024

  Centennial Bank performed a review of the complainant’s account activity. The review showed that on or around May 30, 2024, the complainant provided notification of unauthorized PayPal transactions and on June 6, 2024, requested the account be frozen/closed. The complainant’s account had a negative balance at the time, and the complainant was provided the amount needed to bring the account current for closure. While awaiting receipt of the funds to allow for account closure, additional transactions presented to the complainant’s account for payment, resulting in additional Non-Sufficient Funds (NSF) and Overdraft (OD) fees. The complainant’s account was closed on June 6, 2024, and a cashier’s check was issued for the remaining balance. The Bank reviewed the complainant’s allegations and determined that there were isolated procedural errors with processing the complainant’s request to close/freeze the account and with processing a dispute upon receipt of the oral notification of unauthorized transactions on the account. On June 20, 2024, the Bank issued a cashier’s check to the complainant as a refund of related NSF/OD fees resulting from the Bank errors. In addition, the Bank has contacted the complainant to obtain further transactional details to assist the complainant with submission of a dispute of any unauthorized transactions. The Bank thanks the complainant for the chance to address the concerns and apologizes for any inconvenience.

• 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.

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