ComplaintsforTransamerica Retirement Solutions
Need to file a complaint?
BBB is here to help. We'll guide you through the process.
Complaint Details
Note that complaint text that is displayed might not represent all complaints filed with BBB. See details.
Initial Complaint
01/31/2022
- Complaint Type:
- Product Issues
- Status:
- Answered
On Jan 6th, I called and soke to someone about taking a loan out against my 403B plan and paying off a loan. I was told I would have to wait 15 days before I could apply. I went to apply today, Jan 28, 2022, and now am being told I have to wait 6 months before taking a loan. They are being deceitful and I either want them to wave the 6-months or return my loan payoff.Business response
01/31/2022
Transamerica is working directly with the participant to resolve their concerns.Initial Complaint
01/12/2022
- Complaint Type:
- Order Issues
- Status:
- Answered
I am filing a complaint because I am holding this company responsible for not handling a hardship withdrawal professionally and responsibly. The company first tried to deny my request with no regard or reason. They are aware of me trying to withdraw funds from my retirement account due to financial hardship. I have submitted all the forms needed and the information provided. I am also familiar with the process as I have submitted the same exact request in the past. The company intentionally held the application for no legal reason or provided me with the status. I called their customer service number and placed me on a long hold then out of nowhere they finally decided to approve the funds. The forms included my direct deposit information and were also the same account information I have used in the past. This company with no reason what so ever send a check via snail mail on a such delicate timely issue and now I am facing eviction through the court with a permanent record. This company has a form completed of my bank details for direct deposit of those funds. Now I am in a worse financial hardship than before with more money needed to keep my apartment including late fees adding up per day. I will no longer be able to lease due to how poorly this company has treated my situation. Plan information below:******************************* *** Fitness Solutions, LLC 401(k) Retirement Savings PlanPlan: PF62044 ***** tel: ************Business response
01/12/2022
We show the requested transaction as completed and will address the participant's concerns regarding the procedures in place.Initial Complaint
12/15/2021
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
In August of 2021, I sent a rollover request to my previous employer and to Transamerica to let them know my retirement rollover was on its way, and where to send it to. My previous employer sent a check instead of a wire transfer as requested. Transamerica (or the bank they utilize) cashed the check and held it for 10 days. They then sent another check back to my previous employer in the total amount. My previous employer declined to cash the check and issue a new check to a different account as it was in Transamericas account. After weeks of calls with representatives who provided me conflicting information, I was escalated to a supervisor. I sent a copy of the cashed check to Transamerica. My previous employer refuses to be involved. Supervisors from Transamerica have stopped responding to my messages. It is coming on 6 months I should have had money in my account accruing interest, and they still won't respond. My employer is switching plan providers on December 21st. I was told if it wasn't sorted out by then, I may lose my 401k rollover. I would like to be contacted ASAP, with regular updates until the money is in my account.Business response
12/15/2021
We appreciate our participants concerns and will reach out to them directly.Customer response
12/15/2021
Complaint: 16364784
I am rejecting this response because:
Sincerely,
***********************Initial Complaint
12/07/2021
- Complaint Type:
- Billing Issues
- Status:
- Answered
I had an retirement account with Transamerica through a previous employer. I received statements showing my balance. I go to close the account and roll it over to another company and all the funds are gone. I never cashed out this account. I contacted Transamerica via their online feature from their portal on November 21, 2021 and still no response. I would like to know where my money is so that I may withdraw it.Business response
12/20/2021
We appreciate our participant's concerns and will reach out to the participant directly.Initial Complaint
12/06/2021
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
Oct. 14 - I have been trying to rollover the funds from my Transamerica Individual *** account into an account held at another brokerage. The other brokerage assisted me with completing the request and sent the forms to Transamerica. Transamerica rejected the request. Problem #1... they did not notify me or the other brokerage of the rejection. After several weeks, I called. They rejected the request because they don't accept 3rd-party forms. Seemed arbitrary.Nov 9 - A representative ******* P filled out Transamerica's forms for me and emailed me PDFs. In order to complete the transaction, I would need to have a Medallion Signature Guarantee affixed to the form. I asked specifically, because I was unfamiliar with this where I could get this. She told me she didn't know, "Your bank should be able to do this for you." I asked more questions about why I needed this and she made it clear, notarizing the forms was not enough, the original MSG was required, it could not be sent electronically...physical forms were required.I checked with my bank but they didn't offer the service. One other local bank offered this service but only for account holders. My financial planner could not, he said the recving broker could probably do it. Vanguard told me they would apply the Medallion Signature my signature was on file. I had the forms notarized and sent them via overnight courier.Nov 29 - The rollover request has gone nowhere again. Called TRS they have not received the documents. Dec 3 - Vanguard says they were sent but rejected again. Vanguard could not provide the MSG which TRS says is required for rollovers above $150,000. They suggested making several partial rollovers.The functionality to initiate a partial rollover is disabled in my account. So I called. Carly * couldn't explain why. Said I could pay $35 to notarize them, transfer electronically and wouldn't need the MSG. *hat??? Still no rollover. Per ******* D, no forms recvd yet!Business response
12/13/2021
Transamerica has already responded and resolved this directly with Mr. ***********Customer response
12/14/2021
Complaint: 16327362
I am rejecting this response because:The business has not compensated me for the expenses I incurred resulting from the failure of their representatives to provide accurate information. I was informed during my initial call that the only way to complete my rollover was by sending hard-copies of the forms and having an original MSG stamp affixed to the paperwork. I was told it could not be done electronically. This was not true. Further, when asked, the representative told me she did not know where I could obtain an MSG stamp.
Weeks later after numerous contacts, the expense of overnighting documents and notary fees, a representative finally told me they did not require the MSG if I used their partner (notarize.com) and the documents would be transferred to them electronically. THIS is what I had sought originally! I expected this would be done quickly. It wasn't. The unexpected delay resulted in decisions which resulted in lost value in my investments. Investments come with risk, I suppose.
While the rollover has finally been completed, I have not been compensated for the expense and the considerable time I have spent trying to complete what should be a very simple and speedy transaction, the sort this business handles every single day. The transaction and the issue was only escalated AFTER numerous complaints to the business and complaints to the BBB, FINRA and the SEC.
The person (*******************) who responded did not bother to apologize for the mishandling of this transaction, the out of date forms sent to me, a web site which inexplicably prevented me from completing partial rollovers electronically...only offering this, "We have made
the manager of this area aware of this incident to review for process improvement."I'm betting the *** rollover forms are still incorrect but I have no way to check because I found myself locked out of the web site when attempting to verify the status of the check after I was told the "check was in the mail". Suddenly, the password and username I had been using throughout all of this was not recognized. What a terrible way to do business! I won't hold my breath waiting to be reimbursed for shipping and notary fees.
Sincerely,
*******************Business response
12/15/2021
Mr. **** has been responded to from the company. If there are additional concerns or questions he would need to reach out to our customer care are at ******************** central time. We do not disclose account information on the BBB site as this is a publicly viewed site and we value our participant's privacy.Initial Complaint
11/02/2021
- Complaint Type:
- Sales and Advertising Issues
- Status:
- Answered
My name is *************************** and I am writing this on behalf of my mother who is almost 98 years old. She has a 401K with Transamerica. I am her POA in all things financial as recognized by her bank and all other institutions she has had financial dealings with. Only Transamerica refuses to acknowledge my POA due to a simple typo involving the date of the witnesses. They will not release desperately needed funds to her savings account unless my mom speaks to them on the phone. While she is still of sound mind, she is nearly deaf and blind, which makes it very difficult to do this. I am simply asking that they deposit $1000 a month into her account from her 401K so we can pay her healthcare aids. She already is receiving quarterly distributions deposited directly into her savings. What they are asking me to do is very difficult to accomplish given my mom's condition due to her stroke. Our only motive is to have enough money to keep her in her own apartment and out of a nursing home. I don't see what the difficulty is to change it to monthly distribution. It's her money and will go into her savings account. When speaking to customer service reps with the company, I have found them unsympathetic and callous when discussing our situation. I would like the BBB to intervene in this matter if possible.Business response
11/10/2021
Transamerica is working directly with ******************** to resolve his concerns.Initial Complaint
10/27/2021
- Complaint Type:
- Sales and Advertising Issues
- Status:
- Answered
This has to be the worse insurance company to deal with. I have been trying to get an issue resolved with them for the past 5 months and have been unsuccessful. Each time I call, I get a different response from each customer service representative.Initial Complaint
08/09/2021
- Complaint Type:
- Sales and Advertising Issues
- Status:
- Resolved
I've been trying to cash surrender my whole life insurance policy for 6 weeks now. The second week of July 2021 I called Transamerica to do a cash surrender of my whole life insurance policy. I did not receive the form to start this process by the next day so I called and it was resent. I took 3 tries and 1 week to have the form sent. On July 27th I faxed the form with my drivers license as instructed. On July 30th I called and was told it was still processing. On Aug 2nd I called and was told the form was rejected because they could not read my drivers license, but the operator said it looked fine, but then said I should have the form notarized because the amount was over $10K. I got the form notarized and faxed it on Aug 3rd. The company received the fax on Aug 4th. On Aug 9th I called and was told they have not reviewed my request and my request was marked to be expedited. I could call back in another 2 days to check on the progress.Business response
08/19/2021
Consumer Response /* (2000, 6, 2021/08/16) */ The business contacted me, closed the account and send me a check for the full amount. Thank you so much!Initial Complaint
08/02/2021
- Complaint Type:
- Sales and Advertising Issues
- Status:
- Answered
I sent a rollover request to pull my 401k out of Transamerica 7/3/2021. I used their online portal and received confirmation of receipt. I waited 2 weeks and received nothing. I called in and the rep stated they never received. I faxed into the manager direct on 7/23, I called to see if he receive my fax, over a week and no response from Manager Carlos. I called today 8/2 and rep states they have an error in their system as they don't have accurate filings of my Roth IRA and that they need to find the date when it was rolled over in 2019. No update on resolution. So at this point they have my retirement funds not releasing until undisclosed time but reason being, their records aren't up to compliance and they have errorsBusiness response
08/19/2021
Business Response /* (1000, 5, 2021/08/03) */ Transamerica has been working directly with the participant to resolve her concerns and will communicate with her.
*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩
BBB Business Profiles may not be reproduced for sales or promotional purposes.
BBB Business Profiles are provided solely to assist you in exercising your own best judgment. BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles.
When considering complaint information, please take into account the company's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints.
BBB Business Profiles generally cover a three-year reporting period. BBB Business Profiles are subject to change at any time. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile.
As a matter of policy, BBB does not endorse any product, service or business.
Customer Reviews are not used in the calculation of BBB Rating
Contact Information
4333 Edgewood Rd NE MD 0001A
Cedar Rapids, IA 52499-0001
Customer Complaints Summary
45 total complaints in the last 3 years.
9 complaints closed in the last 12 months.