ComplaintsforMorningstar, Inc.

• Initial Complaint

  03/15/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I made a mistake in signing up for a Morningstar premium subscription using an email address I do not normally check. I discovered I had been billed for four months for the service even though I had not used it at all. I wasn't aware of the bills as the receipts were going to someone else's credit card statement. I alerted Morningstar support who initially refused to issue a refund but decided to offer a 2-month refund (a 50% refund) after I continued to insist that it wasn't fair to bill me for a service I did not use and which I genuinely wasn't even aware I was being billed for. I do not wish to accept a 50% refund and feel disappointed as a non-US customer as such practices are not tolerated where I live.

  

  Business response

  03/19/2024

  Hello,

  Thank you for raising this issue and very sorry for the inconvenience.  We have refunded your full amount of $139.80 as requested.  Please note this may take 7-10 business days to reflect in your account.  

  Again, we are sorry for the problem and appreciate the business. 

  Thank you.

  Morningstar Customer Support

• Initial Complaint

  12/01/2023

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  Somehow Morningstar Investor signed me up on monthly service contract. I do not know how/wen the signup occurred. I am assuming some trickery and/or intent ally unclear instructions. I have not been using their service since not aware signed up for it. Apparently, signup occurred around Apr/May of 2023 and I have been billed ***** monthly.I contacted Morningstar this week (11/27-30) to request I be removed from the service and a partial refund be provided. I felt fair was meeting in the middle, that 4 months refund be provided. Morningstar said they cancelled the service but refused to issue any kind of refund.I am requesting that Morningstar provide a minimum refund of 4 months at approximately $140.00.

  

  Business response

  12/05/2023

  Hello,

  Thank you for bringing this to our attention. We are sorry for any inconvenience this has caused.  We have contacted the customer and agreed to refund 3 months worth of service. 

  Thank you.

  Morningstar Customer Service

  Customer response

  12/06/2023

   
  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.
  
  Sincerely,
  
  *********************

• Initial Complaint

  06/26/2023

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  Approximately two years ago I paid for a quarterly subscription to the *** investor. Before the end of a year I called Morningstar and cancelled the subscription. I never received an e-mail from Morningstar confirming the cancellation. Several weeks ago I saw that I was still being charged $62.95 quarterly for the subscription.On June 16th, 2023 I called Morningstar and requested that my subscription be cancelled and that I be sent an e-mail confirming that it was cancelled. I never got an e-mail from Morningstar.On June 22, 2023 I again contacted Morningstar to request an immediate e-mail confirming my cancellation. I was told that I would not get an e-mail until August. The Morningstar agent also found that my subscription had not been cancelled on the 16th as I had requested.I still have not received any confirmation from Morningstar that my subscription has been cancelled. I want an immediate e-mail confirming that my subscription to the *** Investor is cancelled and that I will no longer be charged.

  

  Business response

  06/30/2023

  Hello,

  Thank you for the message and very sorry for the inconvenience this has caused. As requested we have reach out to discuss the matter and refunded your subscription.  

  Again we are sorry for the problem and appreciate the business.

  Morningstar Support

• Initial Complaint

  01/30/2023

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  I have been trying to cancel my monthly subscription to Morningstar since January 20th. I've left several voicemails and emails as well. I have received a few replies telling me they will respond within 5-7 business days; however, no one has. I submitted the cancellation before the monthly charge on my credit card; however, they charged $133.33 regardless, so now I'm going to have to request a refund as well. When I try calling their customer service to check on the cancellation and now refund, I am told that another department handles that, so they transfer me to that line. Then, they say they can't hear me and hang up on me. I could hear them just fine and there is nothing wrong with my phone or the reception. All I'm seeking is now my $133.33 refund and to cancel my subscription that I no longer need or want. I've been paying for it for years and it's a monthly subscription. My next step is to contact the credit card company to see if they can help.

  

  Business response

  01/31/2023

  Hello,

  Thank you for reaching out to Morningstar. We are very sorry for the problem. We have issued a prorated refund as requested.  

  Please let us know of any further questions and sorry for the inconvenience.

   

  Thank you.

  Morningstar Support

  Customer response

  02/01/2023

   
  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.
  
  Sincerely,
  
  *********************

• Initial Complaint

  01/23/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  MorningStar offers a two week free trial. I signed up to check out their securities research capabilities and determined it wasnt for me within the two weeks. MorningStar does not offer a easy way to stop the trial. There appeared to be now way to do it in the account settings or via email. I found no phone number to call about discontinuing my free trial. Since I was unable to talk to a person or remove my account from their free two week trial, I sent an email to their support organization expressing my desire to withdraw from the two week trial. I heard nothing more. To my surprise six months later I realized they had charged me ***** every month. When I tried to call multiple times, the various employees pick up the phone and says they cannot hear me, then route me to another phone number. The other phone number dials busy indefinitely. I eventually found a person through trying multiple other numbers (she was able to hear me miraculously) and she gave me the email address to billing at morningstar.com. She claimed they could surely help me. I requested a refund for the complete amount of six months charges 2 weeks ago ($279.60, or *****/mo). Again I have heard nothing. Please assist.

  

  Business response

  01/25/2023

  Hello,

  Thank you for the message and very sorry for the problem this has caused. As requested we will issue a refund for the charges made to your credit card.  

  Sorry for any inconvenience and thank you for trying Morningstar.

   

  Thank you.

  Morningstar Support

• Initial Complaint

  10/04/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  On September 24, my debit card was charged $249 for an annual subscription renewal for Morningstar. I called Morningstar several times and waited on long holds then a representative would answer and tell me that they couldn't hear me and to call back at ************ (the same number I'd called). This happened 4 different times. When I finally reached a representative and asked for my subscription to be cancelled as it is no longer needed, I was informed that there is no refund (full or pro-rata) on a subscription. The rep claimed I was sent an email that I did not receive. I asked to speak to a supervisor and was told that the supervisor would not be able to do anything more for me. I stated I wanted to speak to them nonetheless. The rep came back after a few minutes and said his supervisor advised me of the same conditions; even though the supervisors were supposedly in a meeting. I'm surprised by the unprofessional manner of this whole situation. Morningstar is supposed to be a company of integrity, but this experience borders on unethical.

  

  Business response

  10/10/2022

  Hello,
  
  Thank you for bringing this to our attention and sorry for the problem. To confirm we have refunded the subscription fee per your request. 
  
  We are sorry for the inconvenience and appreciate the business.
  
  Thank you.
  

  Customer response

  10/11/2022

   
  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. Thank you for your help!
  
  Sincerely,
  
  *************************

• Initial Complaint

  10/03/2022

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  Date of transaction: September 10, 2022 ******* Card was charged on Sept. 11, 2022 Annual Membership They charged my card without my permission. When I called the 800#, the woman said they sent me an email in June stating that they would be renewing my membership. I never saw the email. They say their policy has now changed and they do not offer refunds (pro-rated or full). Emails can get buried in an inbox or spam. This company should not renew until a customer sends confirmation. This is a ploy by a multi-million dollar company.I am a senior on a fixed income. **************** just kept repeating the same mantra--no refunds. I want a full refund of my $270.91. Invoice no. **********

  

  Business response

  10/04/2022

  Hello,
  
  Thank you for bringing this to our attention and very sorry for the problem. To confirm we have refunded the subscription fee per your request. 
  
  We are sorry for the inconvenience and appreciate the business.
  
  Thank you.

  Customer response

  10/04/2022

   
  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.
  
  Sincerely,8l

  
  
  *********************

• Initial Complaint

  08/31/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  8/28/2022 & 8/29/2022 Received an email on Sunday 8/28/2022 that Morningstar was gonna renew my Subscription. I called there office were closed. Waited till Monday morning 8am called and was told that I could not cancel my subscription because I did not do it on the 28th, I explained the 28th was a Sunday and they were closed.They raised there prices 25% from the year before and I did not want to renew my subscription once I saw the steep cost increase. they are refusing to cancel my subscription and trying to force me to pay for another year.Customer ************** in ** states that is there policy.

  

  Business response

  09/10/2022

  Hello,

  Thank you for bringing this to our attention and very sorry for the problem. We reviewed the request and have refunded the full amount of $249.00 for the 1-year subscription to Morningstar Investor.

  Sorry for the inconvenience and thank you for the business.

   

• Initial Complaint

  05/12/2022

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  I received a letter from Morningstar ********************* LLC dated April 2022 stating that I am a " Managed Account Participant ". I have never heard of this company nor signed up or their services. The would not tell me how they got my information or what information of mine they have. I requested to speak to a supervisor multiple times and was denied. I spoke to Bedanto **** who advised he would not provide his employee id number nor any identifying information for the company. They will not tell me if they have access to my funds or what is going on but i do know they know my full name and my full address.

  

  Business response

  05/20/2022

  Hello Taniyah,
  
  Thank you for reaching out to us. We are very sorry for the frustration you have experienced with our call center when trying to obtain further information about the letter you received.
  
  Morningstar ********************* LLC offers advisory services to individuals enrolled in employer-sponsored retirement plans through our Morningstar Retirement Manager platform.  ************ is typically made available through your employer or the recordkeeper chosen by your employer to administer the retirement plan. Our records show that you enrolled your retirement plan account in our managed account service through the Morningstar Retirement Manager platform on August 5, 2021.
  
  Your retirement plans recordkeeper, ******, left you a voicemail to provide more details and to help you opt out of the managed account service if you decide you no longer want to be enrolled.
  
  We are sorry for any inconvenience this has caused you. If you have further questions, please reach out to us at **************.
  
  Sincerely, 
  
  Morningstar ********************* 

• Initial Complaint

  05/03/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  April 21: requested paperwork to close account and disperse funds.April 26: again asked for paperwork for dispersal of funds. Received, completed, and filed paperwork to close the account. Received an immediate auto-response from DocuSign verifying completion and submission by 3:30 pm ET May 3: still no evidence that the request has been acted on. (1) Previous experience tells me this should take about 3 days to complete. (2) During the intervening 2 weeks my shares have lost $1500. (3) I need my money to close on a house -- ASAP.

  

  Business response

  05/12/2022

  As Ms. ***** noted, she signed the check request document on Tuesday, April 26 using Morningstars DocuSign solution and received verification of her submission.  Her Advisor called us on Monday May 2 to inquire on the status of the submission.  At that time, we saw no record documenting her request in our CRM system.  We subsequently tracked down the signed document in our DocuSign queue and submitted it for processing.  The delay between the contact on May 2 and the liquidation and check distribution was due to an error when submitting the document manually. It was processed on Monday May 9, sent out overnight on May 10, and received by Ms. ***** on May 11. 
  

  We continue to work with our technology team to determine why Ms. *****s DocuSign submission on April 26 did not automatically generate a case ticket for Morningstar to process as it should.  The error that further delayed the check creation and distribution has been addressed with the Support team. 
  I spoke with Ms. ***** yesterday and apologized for these delays.  I understand the inconvenience it caused her, and once we determine a root cause for the DocuSign issue we will implement any changes needed to prevent this from occurring again.    
  

  If you have any further questions you can reach us at ************ 

*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. ↩