ComplaintsforEquitable
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Complaint Details
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Initial Complaint
07/31/2023
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
I have a 403b from a previous employer (left the job in ****). In March 2023, myself and my financial advisor have been attempting to transfer the balance ****** to a nationwide account. ********************** keeps changing the required paperwork, losing paperwork , etc for 5 months. Every phone call to the company changes what is required. I dont know how to get my money from them. Requests to speak with the next level up goes unanswered. Calls are met with over an hour on hold with rude or incompetent customer service agents. Most calls end up with a dead end transfer.Business response
08/15/2023
Thank you for your correspondence received in our office today regarding your file # ********.
Because of privacy concerns, and in accordance with our standard operating procedures, we cannot answer inquiries or complaints to non-regulatory organizations, but please be assured that we will provide a response to the consumer within the next 30 days which addresses the issues outlined in your correspondence. If you desire a copy of our response, please contact the consumer, or his or her representative.Initial Complaint
07/24/2023
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
I have called Equitable three times in the past three days. I have been on hold with various departments for a total of three hours each day. I am trying to obtain forms for a contract exchange. I have called: 7/19; 7/20; 7/21. Every time I call, I am transferred to a different department, without a response. I am requesting to receive the contract exchange forms.Business response
07/24/2023
Thank you for your correspondence received in our office today regarding your file number ********.
Because of privacy concerns, and in accordance with our standard operating procedures, we cannot answer inquiries or complaints to non-regulatory organizations, but please be assured that we will provide a response to the consumer within the next 30 days which addresses the issues outlined in your correspondence. If you desire a copy of our response, please contact the consumer, or his or her representative.Initial Complaint
07/21/2023
- Complaint Type:
- Service or Repair Issues
- Status:
- Resolved
I have been trying to get a disbursement from my 403B. I had all the paperwork overnighted to their processing office for them to tell me that one of the forms was not signed. I have copies of the forms I sent adn everything was signed. I was able to chat with a representative and faxed the form again. Called 24hrs later to find out the fax was not received. Their chat option often times out or the representative closes the chat with no warning. I have now emailed the form to a representative with no response. It has been over a week with multiple calls, chats, and emails with no resolution. Nothing with Equi-vest is user friendly or customer service oriented. They will invest your money for financial gain of the firm but when you want to take a disbursement they make the process convoluted, confusing, and down right impossible. I have not made any progress in over a week. I am now not able to reach customer service or get a representative online in the chat.Business response
08/24/2023
Dear ********************:
Thank you for your correspondence received in our office today regarding your complaint # ********, **************************
Because of privacy concerns, and in accordance with our standard operating procedures, we cannot answer inquiries or complaints to non-regulatory organizations, but please be assured that we will provide a response to the consumer within the next 30 days which addresses the issues outlined in your correspondence. If you desire a copy of our response, please contact the consumer, or his or her representative.Customer response
08/31/2023
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 and the matter has been resolved.
Sincerely,
*************************
Initial Complaint
07/17/2023
- Complaint Type:
- Customer Service Issues
- Status:
- Resolved
I started the process to withdraw all of the funds from my 403b on 4/24/23. The amount at the time was $5,237.37. I heard nothing from the company until May of 2022 when I called and they told me that page 4 of the 12 page document needed a box checked. I faxed this document on 5/22/23. No response from Equitable. I called on 6/23/23 and again on 6/26/23 when I was on the phone for 48 minutes with no response. Finally, on 6/26/23 I talked to an agent that gave me an email address. After four emails I finally got the form in. Equitable claims that their website allows you to complete most transactions, wrong. You need a human sometimes! The nature of my complaint is Equitables Poor customer support and their lack of communication plus unreasonable reliance on the internet and extended phone wait times. Contract number provided upon request.Business response
07/21/2023
***************************************************************************** * * * * * *** ***** ********* *** ********* **** ****** ******* *** *** *********** *** ******* ******* ********** ****** ********* ************ *** ********** *********** *** ** ************* ** **** ****** ******* ** *** ********* ****** ** ***** ** ** ***** ** *** ********** ** *** *** *** *** ******** ********* ** **** ****** ******** ****** ****** *** ****** *** **** ******** ******* ** *** **********************************************************************Dear **********************:
Thank you for your correspondence received in our office on July 17, 2023, regarding the complaint you received from *********************** .
Because of privacy concerns, and in accordance with our standard operating procedures, we cannot answer inquiries or complaints to non-regulatory organizations, but please be assured that we will provide a response to the policy owner which addresses the issues outlined in your correspondence. If you desire a copy of our response, please contact the policy owner, or his or her representative.
Respectfully,
*********************** ********** ************ ******** ********* ****** **** ********* ***** **** **** **** ***** ********** ** ***** **************** ***************** ***************** * ************************************************** **** * ********* ******** ******* **** * ****** ** ******* ****** **** ******* **** ******** ********* *** ******* ************* ***************************************************************************************************************************************************************************************************** * * * * * * * * * * * * * * * ********* ** *** ***** **** ** ********* ********* **** *** *** ****** ** ********** ********* ********* ********* **** ********* ******* ********** ********** **** **** ********* ********* **** ********* ******* ** ******* ********** ********* ** ** ***** ******* **** **** ************** ************ ** ************ *** ********* ********* *** ******* ****** ****** *** ********* ************* ******** *********** ** ********* ********* *** ********* ******* *** ****** ****** ** ***** ************* ********** * * ******** ******** *** *********** ****** ******** **** ******* **********************************************************************
Customer response
07/21/2023
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 and the matter has been resolved.
Sincerely,
***********************
Initial Complaint
07/10/2023
- Complaint Type:
- Product Issues
- Status:
- Answered
No one is answering the phone for the equivista loan department and my agent ***** does not keep in contact with me and his number is *****************.Im trying to take money out and no one seems to be in officeBusiness response
07/14/2023
** ********* ** **Thank you for your correspondence received in our office on July 10, 2023, regarding the complaint you received from ****************************Because of privacy concerns, and in accordance with our standard operating procedures, we cannot answer inquiries or complaints to non-regulatory organizations, but please be assured that we will provide a response to the policy owner which addresses the issues outlined in your correspondence. If you desire a copy of our response, please contact the policy owner, or his or her representative.
Respectfully,
* *********************** ********** ************ ******** ********* ****** **** ********* ***** **** **** **** ***** ********** ** ***** **************** ***************** ***************** * ************************************************** **** * ********* ******** ******* **** * ****** ** ******* ****** **** ******* **** ******** ********* *** ******* ************* ***************************************************************************************************************************************************************************************************** * * * * * * * * * * * * * * * ********* ** *** ***** **** ** ********* ********* **** *** *** ****** ** ********** ********* ********* ********* **** ********* ******* ********** ********** **** **** ********* ********* **** ********* ******* ** ******* ********** ********* ** ** ***** ******* **** **** ************** ************ ** ************ *** ********* ********* *** ******* ****** ****** *** ********* ************* ******** *********** ** ********* ********* *** ********* ******* *** ****** ****** ** ***** ************* ********** * * ******** ******** *** *********** ****** ******** **** ******* ********************************************************************** **** ******* *** *** *********** *** ******* ******* ********** ****** ********* ************ *** ********** *********** *** ** ************* ** **** ****** ******* ** *** ********* ****** ** ***** ** ** ***** ** *** ********** ** *** *** *** *** ******** ********* ** **** ****** ******** ****** ****** *** ****** *** **** ******** ******* ** *** **********************************************************************
Initial Complaint
05/23/2023
- Complaint Type:
- Order Issues
- Status:
- Answered
This company has failed to live up to my mother's life insurance policy. My mother passed away june 2022 and the estate of which I'm the trustee has yet to be paid. They have been giving me the run a round for several months. Terrible company.Business response
05/23/2023
Thank you for your correspondence received in our office today regarding your file number *********
Because of privacy concerns, and in accordance with our standard operating procedures, we cannot answer inquiries or complaints to non-regulatory organizations, but please be assured that we will provide a response to the consumer within the next 30 days which addresses the issues outlined in your correspondence. If you desire a copy of our response, please contact the consumer, or his or her representative.Initial Complaint
05/15/2023
- Complaint Type:
- Service or Repair Issues
- Status:
- Resolved
Ive contacted equitable multiple times to withdraw my money and close this account. The form stated that if ** not married to move to section 7. Then only for them to tell me this form needs to be notarized. Every customer service rep I speak to always have different answers. I want someone from processing to reach out to me so that this form is complete and I can be done with this!Customer response
05/15/2023
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 and the matter has been resolved.
Sincerely,
*******************
Initial Complaint
04/25/2023
- Complaint Type:
- Customer Service Issues
- Status:
- Answered
My 89 year old mother, ***************************, is applying for ******** through the ********************. The ******************** was under the belief she had a policy of life insurance issued though Equitable Life, policy number ********. My mother is not sure where this information came from and does not believe such policy exists. Accordingly, I have reached out to Equitable numerous times to inquire into this purported policy. The customer service agents I spoke with confirmed no such policy exists. However, the ******************** will not continue to process my mothers ******** application without something in writing from Equitable confirming she does not have the above life insurance policy. The Equitable customer service agents advised they cannot provide such a writing, nor have they been willing to transfer me to someone that can be of assistance despite my numerous pleas. To date, Equitable refuses to provide a writing confirming the above policy does not exist which is impeding my mother's ability to have her ******** application reviewed. She is 89, ill, with no income, and thus, time is of the essence.Business response
04/28/2023
April 28, 2023
Dear *********************************,
Thank you for your correspondence received in our office today regarding the complaint you received from **************************
Because of privacy concerns, and in accordance with our standard operating procedures, we cannot answer inquiries or complaints to non-regulatory organizations, but please be assured that we will provide a response to the policy owner which addresses the issues outlined in your correspondence. If you desire a copy of our response, please contact the policy owner, or his or her representative.
Sincerely,
******************************
Office of Consumer Affairs
************Initial Complaint
04/05/2023
- Complaint Type:
- Product Issues
- Status:
- Answered
My mother is 90 years of age and disable so I *********************(son) have been taking care of all her needs and bills. The live insurance policy is with A X A Equitable and she has paid ********** into a policy that is worth ********** and speaking with the agent is the hardest thing to do. I have called several times and the response took over 90 days. The last time we spoke he said that he would look into this policy which they no longer offer but i have yet to receive a response now going on 30 days and was also told that the policy will go until ********** and at that time the premium would still exist.My question is why she has to paid on a policy which the coupon says ****** and really pays over ****** monthly and she has exceeded the value of the policy only to receive face value of policy.Business response
04/19/2023
Dear ******************,
We are responding to your correspondence dated April 5, 2023, regarding ID# ********.
We have reviewed the clients concerns regarding the premiums for this policy.
This type of policy is a Flexible Premium Variable Life Insurance policy, which means that premium payments can be made at any time, for any amount, within certain premium payment limits.
There must be enough funds in the net cash surrender value of the policy account to allow for the monthly deductions to be withdrawn. The deduction consists of an administrative charge and a cost of insurance charge. As the age of the insured increases, the cost of insurance also increases. This causes the monthly deduction amount to increase each year.
Due to this being a flexible premium policy,the policy owner determines the premium mode and amount, not Equitable Financial. The billed premium will not change unless we receive a request to change it.
An illustration was provided at issue, signed by the policy owner, acknowledging that the illustration was reviewed, and it was understood that its purpose was to help the policy owner understand how the policy works and that actual policy values would probably be different than shown.
Illustrations have been provided to the policy owner over the years to assist with determining the premiums needed to maintain the policy.
Based on our review, the policy is performing in accordance with its terms and provisions.
If you have any questions regarding your inquiry, our office is available to help Monday through Friday, from 8:30 AM to 4:30 PM Eastern Time. You can also reach me directly at ***************************************** or by telephone at ************.Customer response
04/21/2023
Better Business Bureau:
I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:[Your Answer Here]
We have not seen or remember signing an illustration of this policy. I have spoken with my mother regarding this and she said " if I would have known that the policy was like this I would have never signed it."
I understand policies but why will a company send out a coupon to pay a $750.00 premium when in actuality you have to pay over $850.00 and the older you get the more you have to pay after you have already paid over $25,000.00 beyond the face value.
I think that the premium should be reduced do to senior citizens really don't have that kind of income with medical and other expenses. At this rate she bill be paying almost $1000.00 a month.
At this point I would just like for someone to work with ** regarding this concern and not take months to return a call of promises.
In order for the BBB to appropriately process your response, you MUST answer the question above.
Sincerely,
*********************
Business response
05/02/2023
We are responding to your correspondence dated April 25, 2023, regarding ID# ********.
We have reviewed the clients additional concerns.
As previously mentioned, this type of policy is a Flexible Premium Universal Life Insurance policy, which means that a premium payment can be made at any time, for any amount, within certain premium payment limits. The policy owner determines the billing mode and amount, not Equitable Financial.The billed premium will not change unless we receive a request to change it.
Additionally, the policy owner may:
Pay a portion of premiums Example, if the premium is $500 monthly, you can choose to pay $250 out-of-pocket and use your cash value to pay the rest.
Not pay premiums If the cash value is large enough, you can use it to pay the entire premium amount.
Pay more than the target premium You can overfund the policys cash value early on so that investment gains build up more quickly.
As the age of the insured increases,the cost of insurance also increases. The policy information pages provided to the policy owner at issue included a table of maximum insurance cost rates.
Additionally, the policy owner was provided a 10-day free look period upon receiving the policy. This period allowed additional time to examine the policy. If for any reason the policy owner was not satisfied with the policy or policy terms, the policy could have been canceled by written request to receive a full refund of any premiums paid.Our records show the delivery receipt was signed in ****, acknowledging acceptance of the policy.
We have responded separately to the policy owner with a copy of the signed illustration, table of maximum insurance cost rates, and delivery receipt.
Life insurance is a critical part of a broader financial plan. As life changes through the years, so do insurance needs.
It is the policy owners responsibility to seek advice or set up an appointment with their financial professional anytime they feel necessary to review their policy. We strongly urge policy owners to consider reviewing their policy with a financial professional on a periodic basis. This way you can make sure this policy is performing towards your particular investment objectives, financial situation or needs and make adjustments along the way.
Our secondary review concludes that the policy was administered and has performed in accordance with the terms of the contract. The proper disclosures were provided in the policy and annual reports. Equitable Financial is unable to modify or amend the terms of the contract by providing a reduction of future monthly cost of insurance deductions.
If you have any questions regarding your inquiry, our office is available to help Monday through Friday, from 8:30 AM to 4:30 PM Eastern Time. You can also reach me directly at ***************************************** or by telephone at ************.Initial Complaint
03/06/2023
- Complaint Type:
- Product Issues
- Status:
- Resolved
on February 6 2023 i reported a change of address and a request for tax documents. they continue my old address, but it is being forwarded to me. i have not received my tax documents yet. i need to get my taxes done!!Business response
03/17/2023
Responded to client in writing on 03/17/2023Customer response
03/20/2023
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 and the matter has been resolved.
Sincerely,
***********************
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Customer Complaints Summary
127 total complaints in the last 3 years.
36 complaints closed in the last 12 months.