ComplaintsforJohn Hancock Financial Services, Inc.

• Initial Complaint

  02/14/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  On 1/17/24 I requested a full distribution from my 401K after being terminated from my employer. Was told I had a 30 day hold per my plan description---it is not a part of my plan description. I again initiated another full withdraw request on 1/25/14. As if 2/9/24 my **** Hancock balance has been $0 but no funds have been set via direct deposit to my bank account. Today is 2/14/24 and now I am being told they have a system issue preventing them from electronically depositing my money that they need to send a check. There is no record of my distribution being initiated nor rejected. ALL other prior loans or distributions from this account have been logged with the date of the request and account info where it was sent. If the transfer was rejected then the funds should still be in my account yet my account balance is showing $0. I am owed over $3500 which is needed to pay my mortgage and car payment. No one can tell me where my money is or provide proof of their "rejected" payment. My distribution request from 1/25/24 showed completed/closed and my account summary says terminated-PAID. My distribution request from 1/17/24 says it's in progress. I was told the most recent distribution request is fulfilled and prior requests are cancelled. This did not happen either. Everything they tell you is a lie. Someone needs to get me my money sent TODAY! These people are criminals and should be shut down!

  Business response

  02/27/2024

  Our representative addressed this matter with the customer over the phone.

• Initial Complaint

  02/01/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Ive recently put in a request for a withdrawal form for my 41k 2 weeks ago. I havent worked for the company ********************** in 4 yrs. Ive been filling everything out over the computer but it seems like every time I asked about my request they tell me something new. Ive been on the phone with both parties and it just seems like there is no real communication between them. For example the HR representative that **** Hancock had on file for ANF no longer worked there. Every time I called one of the 2 companies Im being told to refer a massage to one another. I called today 02/01/24 and was told that Im at fault for not filling something out correctly when I had a ************************* representative guide me through the *** the very first day. I was also told it was going to take a week because they have a delay and to me the whole process just seems like an inconvenience.

  Business response

  02/02/2024

  Our representative will reach out to this customer.

  Business response

  02/02/2024

  Our representative will reach out to this customer.

• Initial Complaint

  01/21/2024

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  **** Hancock variable life insurance is not reinstating a policy that they said was being paid and in good standing after many calls.

  Business response

  02/01/2024

  We have received and reviewed the concerns and have mailed a response directly to the consumer.  

• Initial Complaint

  01/16/2024

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I have been trying to roll over the balance of my 401k plan from **** Hancock to my new plan for over a month, and still have no resolution in place. I, and my 3rd party administrator (********************) who is assisting me with this, have received inaccurate or false information for the last 3 weeks, and **** Hancock only provides scripted answers, not tailored to my specific issue.- My paperwork was confirmed as received by **** Hancock on 12/14/2023, with confirmation that the "contract termination distribution" to my new 401k provider would occur on 12/21/2023.- My **** Hancock account showed a $0.00 balance shortly after 12/14/2023 (balance was approximately $204,000)- The distribution to my new provider still (as of 12/16) not happened.- Early January I was told by a **** Hancock representative that my money had been transferred to a company called "Millennium Trust". That was inaccurate, as Millennium Trust has no record of receiving my rollover.- I was then told that the recipients bank (US bank) had to complete a review of the rollover, prior to it being approved.- The next week I was told that **** Hancock's bank (Citibank) had to complete a review of the rollover.- On 1/1/2024, **** Hancock asked for my mailing address to mail me the distribution check.- As of 1/16/2024, the check has still not been mailed. I am not only expecting the full amount of my retirement to be received, but also any interest earned and any penalties that *** be due to me as a result of **** Hancock's business practices, and not providing me access to my retirement money.Email thread between ******************** (my 401k 3rd Party Administrator) and **** Hancock is attached.

  Business response

  01/18/2024

  A representative will reach out to this customer to address their concerns.

• Initial Complaint

  01/11/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Date: 6/13/23 Amount paid: $765.00 for a vacation trip Goway Travel Reference #****** in the amount of $13232.16 for a trip 8/6/23 to ***** ************************* Nature of dispute: Our initial airline failed to take off at the scheduled time thus making our plane late for the connecting flight to *****. After sitting on the runway again, one flight attendant rushed us to the connecting terminal, but the plane was already full for the only flight leaving to ******, thus, making ** miss our connection. When I requested we be put on the only flight leaving that evening to CA, but the airline refused to do so and after waiting around they rebooked us for the next flight which was 24 hours later. That resulted in a need for an overnight stay in a local hotel.Results: The business did not try to resolve the problem.Policy number: *********, *********, *********

  Customer response

  01/23/2024

  I have not heard from the business in response to my complaint.

  Business response

  01/23/2024

  Please see the attached response

• Initial Complaint

  01/10/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I lost my employment with Freedom Forever over 30 days ago and Ive been told my employer has to approve the cash distribution. My job is refusing to respond & no contributions have been made to the account in over 30 days. I have proof of unemployment as well. Im going to file with the department of labor if this isnt resolved in 3 business days. **** Hancock is the worst company Ive ever dealt with. The amount is under 5k. I dont understand the big deal.

  Business response

  01/11/2024

  Our representative will contact the customer to explain our role in connection with their ex-employer's 401k plan and to assist with their concerns.

• Initial Complaint

  12/31/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  I had an employer sponsored 401k with **** Hancock.I left that employer, and am trying to Rollover the 401k.**** Hancock had made the process excruciatingly difficult. The customer service people gave me incorrect instructions and information multiple times after long wait times. . My former employer has also had a difficult time getting answers.My 401k rollover checks were supposed to be mailed on December 8th, but havent arrived at their destination in ****** .** **************** incorrectly claimed that the checks were mailed to my former employer , ****************************** in *******. My Former employer told me that the ** representative claimed they were mailed them to my new IRA provider. ** doesnt even offer a tracking number or delivery confirmation on these important checks that contain my entire retirement savings. They are very late on the turnaround and now my retirement money isnt earning interest due this delay. It has now been 14 business days since ** claimed the transactions were processed. Terrible service and my money isnt earning interest while in limbo.

  Customer response

  01/11/2024

  [
  
  Better Business Bureau:
  
  I have reviewed the response submitted by the business and have determined that the response does satisfy my issues and/or concerns in reference to complaint #********.
  

  I am still  completely disgusted by JH and their horrible customer service, archaic methods, and gross mishandling of my  retirement savings . 
  
  Regards,
  
  *************************

• Initial Complaint

  12/31/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I first contacted **** Hancock regarding my 401(k) funds on 10-27-23. I asked that the account be cashed out and the funds sent to me. I received a confirmation # ********. I was given the expected amount minus the mandatory federal withholding. After a few weeks of not receiving the funds, I reached out again. On 11-10-23 I was told the account was "under review with the 3rd party administrator who is in charge of the company's account ". ( The business I was working for called us into the conference room on a Friday and told us they were bankrupt and shutting their doors). So I don't know who the 3rd party is and I don't really care. I want my money. I was unemployed for several months and really need the money. I am shocked that a company as large as **** Hancock has shown so much incompetence while handling my account. It took me months of calling in trying to just change my address with the company, I kept being told that I needed to contact my company representative, to which I replied there WAS NO COMPANY anymore. Round and round and round until finally someone was competent enough to figure it out.

  Business response

  01/02/2024

  A representative will contact the customer to help resolve these concerns.

• Initial Complaint

  12/28/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  The **** Hancock is the holder of my 457B account through WISE ****** Systems and local office being ****** Woodmen Fraternal Financial.The ************ of ****** Woodmen picked up my withdrawal form, because my employer was terminating the 457b plan. They said it would be ***** days and that was on 12/13/2023. Looking at my **** Hancock account online, they havent even started the process. Looking at the other complaints, this seems to be an ongoing issue.

  Business response

  01/02/2024

  Our representative will reach out to this customer to assist with their concerns.

• Initial Complaint

  12/28/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Their portal is decent, and all was decent until I left my former employer. I had taken out a loan against my 401k. I was just going to leave all funds with ************ the loan, just as Fidelity or any other decent brokerage would allow, but **** Hancock doesn't allow you to repay the loan direct to them. Their website & your plan *** say you can just repay the entire loan balance, but I get a different answer and the run-around every time I call. At one point, I was told I have to repay in full and could mail it. So I had retracted all of my past **** contributions to do so, but on the last call they stuck to their initial position that any repayment must be made through my prior employer (like my old company is going to route my $ for me and continue to administer my plan). So they won't even give me an address or means of repaying the loan directly without convincing my prior employers to submit my payment for me.They will only regurgitate their go to script that I must coordinate through my prior employer (plan administrator)....My former employer is no longer the plan administrator. I do not trust them to to act as my fiduciary. So JH is going to code the remainder of the loan as a ineligible Withdrawal. I will then get hit with a 10% penalty and 22-24% taxes. Around $9,000 in extra penalties and taxes. So instead of taking the loan $ back, they are going to cost me a $9,000 bill at tax time here in a few months. They won't even send me my plan documents with the loan policy. They say I have get those from my former employer I left months ago.After the 1st few of several tense phone calls, they also sent emails asking I take a survey. They were bombing my inbox every other day. I went to fill 1 out and they are all expired now....Why put an expiration date on a customer satisfaction survey after carpet-bombing your email for weeks...?

  Business response

  01/02/2024

  Our representative will reach out to this customer to assist with their concerns.

*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. ↩