Information About the Acquisition of Midland Trust and Midland IRA
Equity Trust Company and its affiliates are excited to announce their acquisition of Midland Trust, Midland IRA, and other Midland affiliates. On July 15, 2024, Equity Trust will become the custodian for accounts that were previously custodied with Midland Trust.
What You Need To Know
- Custodian Change: On July 15, 2024, Midland Trust and Midland IRA are resigning as custodian and administrator of their accounts and are appointing Equity Trust to serve as the accounts’ directed custodian. Equity Trust will take on this responsibility as the accounts' directed custodian on July 15, 2024. This will be defined as the “Transfer.”
- If you are impacted by the Transfer, your account number will not change and your online login information will not change.
- No action is required to Transfer accounts from Midland to Equity Trust.
- Clients have the right to opt out of the Transfer. To opt out, please follow the instructions detailed in the June 11, 2024 letter that was emailed and mailed to clients. You can also review the below FAQs for information on how to opt out.
Timeline
- Notice to clients: June 11, 2024
- Transacting in your Midland account before the transfer: Midland Trust/IRA will continue to process your transactions until July 15, 2024
- Last day to opt out from the transfer: July 14, 2024
- Transfer date: July 15, 2024
- Post Transfer: Equity Trust Custodial Account Agreements, Account Disclosures, Fee Schedules, and Privacy Notes, along with Equity Trust forms will be used and applied to accounts.
Important Documents and Agreements – starting on July 15, 2024:
- The following Custodial Account Agreements will be applied to your account, please select and review the Agreement for your account type:
- Traditional, SEP, and Roth IRA Custodial Account Agreement and Disclosure
- Simple IRA Custodial Account Agreement and Disclosure
- Coverdell ESA (CESA) Custodial Account Agreement and Disclosure
- Health Savings (HSA) Custodial Account Agreement and Disclosure
- Custodial Account Agreement (Taxable Account)
- The following Fee Schedule will be applied to your account:
- The following Privacy Notice will be applied to your account:
- Please review the following other important disclosures:
*** To request a free paper copy of any of the Important Documents and Agreements, please call us at (239) 333-1032. ***
Frequently Asked Questions (FAQ) for Accounts Involved in the Midland Acquisition
General Questions
Who is my custodian? Will my account number(s) change?
- Your custodian is Equity Trust Company, a South Dakota chartered trust company with 50 years of financial services experience holding in excess of $51 billion in assets under custody and administration.
- Your account number(s) will not change. You will continue to use your existing Midland account number.
Any changes to how I log into my online account?
No, you will continue to be able to access your online account at https://portal.midlandtrust.com/ and your log in information will not be impacted.
Will I be able to see my historic Midland account information in my online account after the transfer?
Yes, you will be able to review your account information online in the same manner as you did pre-transfer, and your historic information will be available.
Are there any changes in how my account or assets are titled?
Starting July 15th, new investments will need to be titled as “Equity Trust Company, Custodian FBO (your name) (account type)”
To whom should checks be made payable that are deposited into my account?
Checks for deposit into your account should be payable to “Equity Trust Company, Custodian FBO (your name) (account number)”
Do I need to re-register my assets into Equity Trust’s name?
Assets may need to be re-registered into Equity Trust’s name, but we will provide additional information in the coming weeks and will give you direction and assistance on how this can be done.
What number do I call to speak with my custodian?
- Continue to call (239) 333-1032 to speak with us, now and after the transition.
- You can email us on and after July 15th, at EIShelp@trustetc.com.
Is the Midland Team going to continue to service my account?
Yes, the Midland Team is now a part of the Equity Trust Team and you will continue to speak with your Midland Team associate.
Will the wire instructions be changed?
No, the wire instructions will not change, except for replacing Midland Trust Company with Equity Trust Company.
Are there any new agreements that I need to be aware of due to the transfer?
- Yes, effective July 15, 2024, your Account will be governed by the custodial agreement specific to your account type found above, see Important Documents and Agreements Section, https://www.trustetc.com/midland-acquisition.
- By not exercising your right to opt out of the transfer and continuing to maintain your account, you are agreeing to terms in the above referenced Agreements, Disclosures, and Notices.
- To request a free paper copy of any of these Agreements, Disclosures, or Notices, please contact us at (239) 333-1032.
Can I opt out of the transfer?
- To opt out, you must take one of the following actions before July 15, 2024:
- Submit a distribution/disbursement request of your entire account(s) and close your account or
- Submit a transfer request of your entire account(s) and move your account to a different custodian.
- If you contact Midland Trust to express your objection but do not take the necessary steps to close or move your account(s) to a different custodian, as described above, you will be deemed to have accepted Equity Trust as your new custodian of your account(s) and your account(s) will transfer to Equity Trust on July 15, 2024.
- By not exercising your right to opt out, you will have agreed to the terms and conditions of the new Agreements and disclosures that you can find on Equity Trust’s website, https://www.trustetc.com/midland-acquisition. If you exercise your right to opt out, you may be subject to Midland Trust’s transfer and account termination fees.
Real Estate/Private Lending/Checkbook Control LLCs
How and when should rent payments be changed to be made payable to Equity Trust, as the custodian?
Starting July 15th, payments should be made payable to “Equity Trust Company, Custodian FBO (your name) (account type).”
How will this impact tenant/borrower payments? Will there be any changes to the payment portal?
There will be no changes to the payment portal. It can continue to be accessed through https://pay.midlandtrust.com/home. Log in information and recurring payments will not change.
Will I need to re-deed my investment property?
Not at this time. We will be able to provide a copy of our name change documents whenever you decide to sell the property.