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Complaint Details
Note that complaint text that is displayed might not represent all complaints filed with BBB. See details.
Initial Complaint
07/10/2023
- Complaint Type:
- Order Issues
- Status:
- Answered
On January 1, 2023, my mother sadly passed away from cancer. She has a deferred comp plan through MissionSquare. We have been trying since January 11, 2023 to make the claim for payout to the proper beneficiaries. WE have submitted the required documentation SEVERAL times. Each time we submitted the paperwork we were assured that everything was in order and check will be in the mail within 10 business days. Fast forward to today, July 10, 2023 and the check has still not been issued. When we finally do reach a representative (usually takes hours) they say documents are missing; which I know for a fact is a complete lie. Their fax number doesn't work and they refuse to accept anything via email. I am disgusted by this company and how dare they take advantage of people that trusted them with their money only to be fleeced in the end! My father would like what my poor mother planned to give to him. She worked hard for whatever little savings she had. It an absolute shame this company is allowed to exist. Please help!!!Business response
08/04/2023
August 1, 2023
Dear Dispute Resolution Team:This letter is in response to your letter dated July 10, 2023, regarding a complaint filed with the Better Business Bureau of Metropolitan Washington, DC, and Eastern Pennsylvania (“the BBB”).
According to your letter, the BBB received a complaint from an individual regarding her inability to access funds in an account administered by MissionSquare Retirement. Upon
research into this matter, please be advised the requested beneficiary transfer and payment was processed on July 13, 2023. The beneficiary has received and cashed the check as of July 24, 2023.If you have any questions or concerns, please feel free to contact me at the contact information provided below.
Sincerely,
**** ****
Managing Vice President
Client Experience OperationsInitial Complaint
07/10/2023
- Complaint Type:
- Product Issues
- Status:
- Resolved
I have a quado, filed with Mission Square. They refuse to give me my money back. I have filled out paperwork, I call multiple times a week and email. They say a supervisor will call me nothing happens. I need help !Business response
08/08/2023
August 1, 2023
Dear Dispute Resolution Team:
This letter is in response to your letter dated July 10, 2023, regarding a complaint filed with the Better Business Bureau of Metropolitan Washington, DC, and Eastern Pennsylvania (“the BBB”).
According to your letter, the BBB received a complaint from an individual regarding her inability to access funds in her account administered by MissionSquare Retirement. Upon research into this matter, please be advised the Qualified Domestic Relations Order (QDRO) transfer was processed on July 25, 2023, and a check (#******) was sent to the individual on July 26, 2023.
If you have any questions or concerns, please feel free to contact me at the contact information provided below.
Sincerely,
**** ****
Managing Vice President
Client Experience OperationsCustomer response
08/08/2023
[A default letter is provided here which indicates your acceptance of the business's response. If you wish, you may update it before sending it.]
Better Business Bureau:
I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.After I contacted the Better Business Bureau, the finally responded. After over a year of calling.
Thank you very much!
Regards,
*************************Initial Complaint
06/29/2023
- Complaint Type:
- Billing Issues
- Status:
- Answered
In October 2022, I applied for a ~ $30000 loan against my Mission Square retirement fund. I thought this was a great option as I would essentially be paying myself "back". Payments were to automatically come out of my account in November 2022, By end of January 2023, I noticed the payments were NOT being automatically withdrawn, as was required by Mission Square. They had my information as they had also deposited the loan funds into the same account previously. I called in January 2023 and was informed payments would restart automatically, when they did not come out yet the next month, February, I called again. They stated they would need to take all 4 previous payments at once, I stated this would be a hardship as I was in the middle of finalizing a mortgage on a new home. They stated I would be able to restart payments in March 2023, when that payment again DID NOT start, I called the NEXT DAY and was told the loan was DEEMED. I was told the account was sent to the IRS as income, and that I would be taxed. I would not be able to make payments and that there was nothing I could do. Speaking with multiple people that changed the dates of which the account was "DEEMED" changed repeatedly. Today, June 29, I wake up to a $565 payment taken from my personal bank account without authorization. I called and they stated my account was active, and the payments are starting. I have yet to know whether I will be TAXED as income for this or last year, if the account is truly active, or WHO authorized a payment to be taken from my bank account months later! The level of incompetency I have seen via multiple "recorded" phone conversations leads me to believe I cannot possibly be the only person this has happened to.Business response
07/25/2023
July 25, 2023
Dispute Resolution Team
BBB of Metropolitan Washington DC and Eastern Pennsylvania
1411 K St. NW, 10th Floor
Washington, DC 20005
Re: Better Business Bureau Complaint ID Number ********
Dear Dispute Resolution Team:
This letter is in response to your letter dated July 10, 2023, regarding a complaint filed with the Better Business Bureau of Metropolitan Washington, DC, and Eastern Pennsylvania (“the BBB”).
According to your letter, the BBB received a complaint from an individual regarding loan repayments to his retirement plan account administered by MissionSquare Retirement.
Upon research into this matter, please be advised we have been in contact with the individual and his loan has been reamortized. In addition, the individual’s loan repayments have been correctly set up. He will not be issued a 1099-R for this matter.
If you have any questions or concerns, please feel free to contact me at the contact information provided below.
Sincerely,
*****************
Managing Vice President
Client Experience OperationsInitial Complaint
06/20/2023
- Complaint Type:
- Billing Issues
- Status:
- Answered
On May 22nd I mailed in a payment to an outstanding loan and they received on the 28th and started the process to apply to my loan on June 1st. This was done through numerous phone calls just to get that answer. Also, the loan was paid off in January 2023 through directly taking payments out of my payroll but apparently this little amount of $88.13 was never deducted and the loan ended up being deemed. I found out about this after creating an online account through this new system.After multiple phone calls and finally speaking with a supervisor named **** twice, I was promissed that the payment will be processed and applied to my loan.Today is June 20th and the payment still hasn't been processed. It is impossible to get through someone and after many hours waisted the supervisor doesn't even have direct communication with the payment processing center. He has to email them to get an answer or get anything done.This new company is horrible and nothing gets done and people's money is being mishandled and payments are getting lost and you literally can't get anything resolved by anyone.People answering, if you're lucky to get though, are cluless and they have no access to anything and basically it's a dead end.All I want is for my payment to be processed and my loan to be updated to paid off status.Thank youBusiness response
07/17/2023
July 17, 2023
Dispute Resolution Team
BBB of Metropolitan Washington DC and Eastern Pennsylvania
1411 K St. NW, 10th Floor
Washington, DC 20005
Re: Better Business Bureau Complaint ID Number ********
Dear Dispute Resolution Team:
This letter is in response to your letter dated June 26, 2023, regarding a complaint filed with the Better Business Bureau of Metropolitan Washington, DC, and Eastern Pennsylvania (“the BBB”).
According to your letter, the BBB received a complaint from an individual regarding loan repayments to his retirement plan account administered by MissionSquare Retirement.
We have processed the loan repayment and the balance is now $0.00. In addition, the individuals new loan has been set up and made accessible to him.
If you have any questions or concerns, please feel free to contact me at the contact information provided below.
Sincerely,
*****************
Managing Vice President
Client Experience OperationsInitial Complaint
06/20/2023
- Complaint Type:
- Service or Repair Issues
- Status:
- Resolved
I recently opened a **** and traditional **** on my MissionSquare account. This is provided by ** **********. The issue arose when MissionSquare had entered the account numbers into their system incorrectly. So when I transferred money to the traditional SBDA it goes to the **** ****. Even though I have no money at this time in MissionSquare funded by ****. I called multiple times trying to have this fixed. Each time waiting for an operator after being transferred multiple times. Some times this took well over an hour to actually speak with someone. I was told multiple times the problem would be resolved or it was an issue on the TD Ameritrade side. So 4 months later the problem still persists and I am unable to fund these accounts. I have tried to take the step of closing the **** accounts in attempt to reopen them one by one at a later date so there wont be an issue with the account numbers. Now it has been another month and MissionSquare states they are having issues closing the **** accounts. Maybe it is the fact the account numbers are incorrect. Which they still will not address. So I am stuck in limbo waiting for the accounts to be closed. I have talked to ** ********** and have been advised all of the account closing information has been sent to MissionSquare and they are just waiting for MissionSquare to close the accounts. MissionSquares customer support is probably the worst I have dealt with in any customer service setting. Long wait times to speak with someone just to be told we need to transfer you to someone who handles your plan in DC. There is no way to talk to a supervisor or file a complaint to resolve the issues I have been having. There is no follow up so you have to continue to call back to find a status update. Only to be told that after looking at your account notes it seems nothing has been done. I would not recommend MissionSquare to anyone. Unfortunately this is the plan my employer has chosen and I am stuck with.Business response
07/18/2023
July 18, 2023
Dispute Resolution Team
BBB of Metropolitan Washington DC and Eastern Pennsylvania
1411 K St. NW, 10th Floor
Washington, DC 20005
Re: Better Business Bureau Complaint ID Number ********
Dear Dispute Resolution Team:
This letter is in response to your letter dated July 1, 2023, regarding a complaint filed with the Better Business Bureau of Metropolitan Washington, DC, and Eastern Pennsylvania (“the BBB”).
According to your letter, the BBB received a complaint from an individual regarding his inability to close his accounts administered by MissionSquare Retirement. Upon research into this matter, please be advised the individuals accounts have been closed as requested.
If you have any questions or concerns, please feel free to contact me at the contact information provided below.
Sincerely,
*****************
Managing Vice President
Client Experience OperationsCustomer response
07/19/2023
[A default letter is provided here which indicates your acceptance of the business's response. If you wish, you may update it before sending it.]
Better Business Bureau:
I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
Regards,
***************************Initial Complaint
06/20/2023
- Complaint Type:
- Order Issues
- Status:
- Answered
I had requested a monthly payout of my funds starting on Apr 2023. I submitted all the paperwork in Feb 2023, incl my bank info for direct deposit. I called in April to find out that they had send out a check. The lady I spoke with said they didn't had my bank info so she send me a form via email, which I filled out and returned the same day, which was an 04-18-23. May 2023 comes around, no money in the bank. Here I go again, called on May 25th to find out that yet another check had been send. I told them to cancel the check and deposit the money into my bank account. She stated not to worry and that next month, which would be June, the money will be direct deposit into my bank account. Well, I just got off the phone with customer service and again I was informed that they had send another check. I told the rep to cancel that check and send the money to my bank account, because our USPS mail carrier continues to put mail in the wrong mail boxes. Like the check they had send in May never made it to my address. The rep told me that she (name was ******) escalated the issue to her supervisor, named ****, and that she was gonna call me back within the next 3-5 business days. I can almost bet on it that I will not get a call back. Please help me, all I want is the money to go into my bank account. I DO NOT want a check, and I sure DON'T wanna have to call them every month. Why is it so hard to enter the bank information into an account?????Business response
07/17/2023
July 17, 2023
Dispute Resolution Team
BBB of Metropolitan Washington DC and Eastern Pennsylvania
1411 K St. NW, 10th Floor
Washington, DC 20005
Re: Better Business Bureau Complaint ID Number ********
Dear Dispute Resolution Team:
This letter is in response to your letter dated July 1, 2023, regarding a complaint filed with the Better Business Bureau of Metropolitan Washington, DC, and Eastern Pennsylvania (“the BBB”).
According to your letter, the BBB received a complaint from an individual regarding her inability to receive monthly distributions from her retirement account administered by MissionSquare Retirement.
Upon research into this matter, please be advised the individual's bank account information has been successfully added to her account and the ACH Direct Deposit has been processed.
If you have any questions or concerns, please feel free to contact me at the contact information provided below.
Sincerely,
*****************
Managing Vice President
Client Experience OperationsInitial Complaint
06/16/2023
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
On 05/31 I paid off a loan toward my retirement account it had 3 payments left per their system even though that was not correct and should only have had one loan payment remaining. Reason was I need to take out a new loan for college tuition. When I paid off the loan I was told in 10 days I would be able to take out a new loan. As how it is set up one loan per calendar year. after paying off the loan i logged in and noticed a new loan with payroll deductions in which I immediately called back on the 31st and was told no there was not another loan she didnt see it on her side I said I could on my portal. She said no and if i had issues after the 10th of June to call back and they would help me over the phone. I did so on June 12th I called and was told it would be escalated 1-3 days and someone would call me on 14th I had not heard called again said would escalate to her manager follow up with whom I spoke with the previous call and call me no return but it could be 5- 7 days for resolution different from previous call of 1-3 days. call on 15th now saying it could be 15-30 days. This is completely unacceptable no manual override for their systems error no communication. If this was not a plan through my company I wouldn't even be part of it especially after reading the other complaints. Because of their error I am unable to pay college tuition on time their process is complete unprofessionalBusiness response
07/08/2023
July 8, 2023
Dispute Resolution Team
BBB of Metropolitan Washington DC and Eastern Pennsylvania
1411 K St. NW, 10th Floor
Washington, DC 20005
Re: Better Business Bureau Complaint ID Number ********
Dear Dispute Resolution Team:
This letter is in response to your letter dated June 28, 2023, regarding a complaint filed with the Better Business Bureau of Metropolitan Washington, DC, and Eastern Pennsylvania (“the BBB”).
According to your letter, the BBB received a complaint from an individual regarding a loan repayment to their retirement plan account administered by MissionSquare Retirement.
We have updated the individuals account to accurately reflect the repayment of the loan. A new loan went into effect on June 29, 2023.
If you have any questions or concerns, please feel free to contact me at the contact information provided below.
Sincerely,
*****************
Managing Vice President
Client Experience OperationsInitial Complaint
06/16/2023
- Complaint Type:
- Customer Service Issues
- Status:
- Answered
On October 2022, I received a name change letter from Mission Square. I never requested a name change or fill out a name change form. I emailed them. They changed back to my legal name but changed my name again a few days later. They changed my name back and forth a few times. Finally, they emailed me a name change form to fill out. I will not fill out the name change form unless they can show me proof that I previously had completed a name change.The customer service phone number is a joke. I called the customer service number on different days and hours, and not once a live customer service person answered the call.Business response
07/08/2023
July 8, 2023
Dispute Resolution Team
BBB of Metropolitan Washington DC and Eastern Pennsylvania
1411 K St. NW, 10th Floor
Washington, DC 20005
Re: Better Business Bureau Complaint ID Number ********
Dear Dispute Resolution Team:
This letter is in response to your letter dated June 28, 2023, regarding a complaint filed with the Better Business Bureau of Metropolitan Washington, DC, and Eastern Pennsylvania (“the BBB”).
According to your letter, the BBB received a complaint from an individual regarding a request to have his name corrected on his retirement plan account administered by MissionSquare Retirement.
Upon research into this matter, we have determined the individuals requested correction to his legal name has been completed.
If you have any questions or concerns, please feel free to contact me at the contact information provided below.
Sincerely,
*****************
Managing Vice President
Client Experience OperationsInitial Complaint
06/14/2023
- Complaint Type:
- Product Issues
- Status:
- Resolved
I got injured at my work and the workmen's comp stop paying me in April 2022, my employer terminated me on April 12, 2023 I have been without any income for 14 months. because I am injured and wasn't working I haven't paid rent and I am being evicted from my apartment, I don't have money for food, my electricity service was cut, and I don't have money for phone service, or wifi. my medical was terminated and I take 12 different types of medicine. I am in pain because I can't buy medicine. I had 4 kids who lived with me and they left because there is no food in my home, I get lunches to survive from the salvation army. I mentioned this to show how desperate my situation is. I had $16K on my account, I got separated on September 2017 and there is a QDRO on my account, I sent all paperwork for the QDRO in 2019 but the ex did not send or did anything. Now she is in desperate need of help and she is being evicted too from her apartment. to do the QDRO the lawyers are asking for a $3000 deposit. I have been calling, texting, and emailing MissionSquare retirement for 3 months asking to withdraw the money from the account and I am going to share 50%/50% with my ex. and nobody does anything to help or inform me or to orientate me on what to do, every time they said that there is a lock on the account, that they will talk to a supervisor or a legal time and nobody contact me back, I have been calling every day now. and finally, somebody told me why is a lock, now I am asking for a loan from my own money so I can pay the lawyer and finalize the legal procedure, the ex is on board with me to do anything possible to get this money out of this account, we could do notarized agreement or video call or fly to Washington de from California to show them we are real. and we get no help at all, they just said they will get back to us. and they don't. why is this company so inept and doesn't help its clients in desperate need? they supposed to help, the savings were for needsBusiness response
07/07/2023
July 7, 2023
Dispute Resolution Team
BBB of Metropolitan Washington DC and Eastern Pennsylvania
1411 K St. NW, 10th Floor
Washington, DC 20005
Re: Better Business Bureau Complaint ID Number ********
Dear Dispute Resolution Team:
This letter is in response to your letter dated June 26, 2023, regarding a complaint filed with the Better Business Bureau of Metropolitan Washington, DC, and Eastern Pennsylvania (“the BBB”).
According to your letter, the BBB received a complaint from an individual regarding his retirement plan account administered by MissionSquare Retirement.
Upon research into this matter, a distribution from the individuals retirement account to the individual has been processed.
If you have any questions or concerns, please feel free to contact me at the contact information provided below.
Sincerely,
*****************
Managing Vice President
Client Experience OperationsCustomer response
07/10/2023
[A default letter is provided here which indicates your acceptance of the business's response. If you wish, you may update it before sending it.]
Better Business Bureau:
I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
Regards,
*************************Initial Complaint
06/13/2023
- Complaint Type:
- Service or Repair Issues
- Status:
- Resolved
Hello i have a 401k plan with this company they where formally icmra when they switched to mission square their system messed up my 401k and since january i have been contacting them to fix it and they have done nothing. In late may they told me they finally had a handle on it and that they needed 10 days its been more than 10 and they owe me over $900.00Business response
07/10/2023
July 10, 2023
Dispute Resolution Team
BBB of Metropolitan Washington DC and Eastern Pennsylvania
1411 K St. NW, 10th Floor
Washington, DC 20005
Re: Better Business Bureau Complaint ID Number ********
Dear Dispute Resolution Team:
This letter is in response to your letter dated June 26, 2023, regarding a complaint filed with the Better Business Bureau of Metropolitan Washington, DC, and Eastern Pennsylvania (“the BBB”).
According to your letter, the BBB received a complaint from an individual regarding loan repayments to his retirement plan account administered by Mission Square Retirement.
We are currently in the process of investigating and resolving the situation for the individual.
If you have any questions or concerns, please feel free to contact me at the contact information provided below.
Sincerely,
*****************
ManagingVice President
Client Experience OperationsBusiness response
07/18/2023
July 10, 2023
Dear Dispute Resolution Team:
This letter is in response to your letter dated June 26, 2023, regarding a complaint filed with the Better Business Bureau of Metropolitan Washington, DC, and Eastern Pennsylvania (“the BBB”).
According to your letter, the BBB received a complaint from this individual regarding loan repayments to his retirement plan account administered by MissionSquare Retirement.
We are currently in the process of investigating and resolving the situation for the individual.
If you have any questions or concerns, please feel free to contact me at the contact information provided below.
Sincerely,
**** ****
Managing Vice President
Client Experience OperationsCustomer response
07/27/2023
[A default letter is provided here which indicates your acceptance of the business's response. If you wish, you may update it before sending it.]
Better Business Bureau:
I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
Regards,
***********************************
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Contact Information
Customer Complaints Summary
135 total complaints in the last 3 years.
82 complaints closed in the last 12 months.