Complaints

• Initial Complaint

  02/03/2025

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  A mutual fund was established for me by a relative when I was a minor, approximately 30 years ago. This relative named my mother, **** *********, as the custodian. I learned of the account a few years ago. I determined that the information on the account was out of date, including names and addresses. Nuveen does not have any options for managing the account or receiving statements digitally. Therefore, I determined that I would prefer to liquidate the account and move the assets to a fund I could more easily manage. I called Nuveen and the person I spoke with sent me a form to fill out, requiring a notary signature and a copy of my marriage license for proof of name change. I completed these steps and sent everything in, but when I reached out to Nuveen for follow-up, the representative I spoke to told me that this form was not a Nuveen form and they had no idea why the previous person I'd worked with had sent it to me, but they told me it wasn't valid. They told me I had two options: 1) apply for a new account under my name, using a minor account transfer form. Then after everything was moved to my name, I could request liquidation. 2) have my mom (the custodian) request liquidation herself. I opted for the second option, because this seemed more efficient. My mom called Nuveen and the agent she spoke with told her she needed to update her address on file and then they would send her a check after 90 days. She updated her address, but never received the check. When she called back, they told her she couldn't liquidate the account and that I had to do it. I called Nuveen again and they sent me a different form to fill out, requiring a medallion signature guarantee. I called my bank to get the medallion signature guarantee and they said they can't give it to me because the custodian needs to be present. She lives in ** and I live in **. This has been months of back and forth and I feel that Nuveen is intentionally being deceptive to hold my funds.

  Business response

  02/19/2025

  Dear Ms. ******************** you for bringing this issue to our attention, and I do apologize for the inconsistent requirements and inconvenience you have experienced related to your liquidation request.
  
  Following a separate email communication I sent you earlier today, I understand you have been able to connect directly with a manager from our transfer agent who will be handling your request until it is resolved.
  
  I will continue to monitor this request until completed to your satisfaction, and if there are any questions or concerns, please feel free to contact me directly.
  
  Regards,
  *****

• Initial Complaint

  08/22/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  Nuveen has made it virtually impossible to transfer money from there to another institution. They dont dispute that I have the right to withdraw the funds, they just keep delaying their response, and then setting requirements to do so. When I meet those requirements, they add new ones and then make it as difficult as possible to fulfill them. Its been 3 months since I started this process. I want to emphasize that the business practices I am protesting are not those that are required by the SEC, but the ones that are seemingly in place for the sole purpose of delaying or avoiding transferring the money

  Business response

  11/05/2024

  The ***** complaint was also resolved and the requested transfers were completed in September 2024.

*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. ↩