Millennium Trust Company Scam Review – Legit or Fraud?

Millennium Trust Company (MTrustCompany.com) has been taking quite a bit of heat lately regarding financial services that they render unsuspecting individuals.

We say unsuspecting individuals due to the fact that many of the individuals who have experience with the Millennium Trust Company have received out-of-the-blue correspondences from Millennium Trust Company regarding their 401k plans.

Charging all sorts of fees to hold and manage 401K plans of consumers who have had their 401K plan rolled by former employers is where Millennium Trust Company has been encountering strong strife between consumers.

To find out more regarding the Millennium Trust Company and why consumers appear in an uproar regarding this company, we invite you to read our unbiased review.

What is Millennium Trust Company?

Millennium Trust Company was established in 2000.

Since their inception, Millennium Trust Company asserts that they began focusing on unique custody solutions, where today they are known for their ability to solve complex custody requirements.

In other words, Millennium Trust Company provides custody solutions regarding rollover 401k plans and self-directed IRAs.

According to their site, Millennium Trust Company works with some Fortune 500 company’s and independent Investment Advisors.

Among the most reputable clients they work with would be Fidelity Investments, MetLife, John Hancock, MassMutual, Voya Financial and CBIZ.

Who is Behind Millennium Trust Company?

MTrustCompany.com is owned and operated by Millennium Trust Company, LLC.

According to the Better Business Bureau, Millennium Trust Company reflects an A+ ranking and has been BBB accredited since April 28th, 2017.

Millennium Trust Company is classified as a retirement and wealth services provider.

Millennium Trust Company, LLC become incorporated on September 29th, 2000 in Illinois, USA.

Physical Location: 2001 Spring Rd Set 700, Oak Brook, IL 60523-1890

Telephone: 1 (800) 258-7878

Domain Insight

MTrustCompany.com was a privately registered domain that was created on August 28th, 2000 through the Network Solutions, LLC registrar.

According to SimilarWeb, MTrustCompany.com reflects a global rank of 524,337 with a US rank of 109,632 as of January 3rd, 2019.

Detailed in the market intelligence report would be how Millennium Trust Company supports over 80,000 monthly visitors on average while 94.88% of their traffic originates from US-based visitors.

Millennium Trust Company Reviews

Millennium Trust Company doesn’t reflect much of presence amongst other review sites, in fact we could only find Millennium Trust Company reviews across consumer review portals.

While it is true that there are far larger number of complaints filed against Millennium Trust Company, nevertheless, here is a some positive review we found regarding Millennium Trust Company:

“After reading the reviews, I was extremely apprehensive about calling this company about a letter I received, but honestly, my experience was seamless and the process couldn’t have been easier. I opted not to roll over my IRA, but I had no concerns navigating their website to verify my info and the money was deposited in my checking account within a day. Unfortunately I don’t have the names of the representative that assisted me on the phone, but I had no concerns with being able to talk to someone and having all of my questions answered efficiently.”

According to Indeed, Millennium Trust Company appears to be a reputable company to work for and provides a good corporate structure.

Millennium Trust Company Complaints

The complaints revolving around Millennium Trust Company are voluminous and reflect troubling consumer experiences.

According to Yelp, Millennium Trust Company reflects a 2 out of 5 star rating out of 119 reviews.

Here are among the most relevant complaints we found:

“I don’t think they have their customers best interest in mind.
A former employer rolled my 401k into this company…I’m going to roll this money over before they try to get more fees.”

“Same story as everyone else. The company I had a 401K account with terminated my account, and sent my money to this crappy company without my consent. (So basically, they’re BOTH crappy companies.) These a**holes took a whopping $70 out of my hard earned money for no reason, that was supposed to be intended for my retirement (NOT their pockets!!) RIP OFF!!! Thieves!!”

“Millennium extracted $74 in fees on the way into their custodian account and on the way out after it was transferred from my ex-employer’s retirement plan provider…Millennium Trust Company is predatory, especially on poorer people with lower balances in their retirement accounts…”

More complaints regarding Millennium Trust Company can be found in the complaint section of the Better Business Bureau.

Is Millennium Trust Company Legit?

Despite the growing number of complaints being filed against Millennium Trust Company, there isn’t any evidence to suggest that this company is breaking any US laws.

Given these facts we do believe Millennium Trust Company to be a legitimate company although don’t let that confuse you, we are by no means supporting the Millennium Trust Company in any way, shape or form due to the way they fleece individuals hard-earned retirement funds with many fees.

Millennium Trust Company Review Conclusion

Millennium Trust Company is a custody solution that specializes in retirement and wealth management services.

The aim of this review was to provide you with a more encompassing oversight regarding Millennium Trust Company and why many consumers are quite aggravated with this company.

Be wary of Millennium Trust Company’s excessive fees and if possible contact a financial manager, certified public accountant or lawyer to figure out the best route to handle any issues you may be experiencing with this company.

With this in mind we are going to bring this review to a close but if you have any experiences that you wish to share that could help other individuals in like-wise situations, we encourage you to leave your wisdom below.

To stay in the loop regarding financial-related opportunities and trending financial scams to avoid, we encourage you to subscribe to ScamFinance today!

We invite you to share any insight, experiences or feedback you may have below!