ComplaintsforAmerican Teachers Retirement Services, LLC
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
04/30/2022
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
In November 2015, I opened a Universal Life Policy with National Life Group based on the advice of a broker from American Teacher Retirement Solutions (ATRS). In February 2018, I met with my ATRS broker, ***** ****, where he recommended that I change policies from National to American Life because American provided higher yields. He further explained that I'd be able to transfer the cash value of my current policy to the new American account. Based on the promise of higher rewards and the ability to transfer the account, I approved this and completed the paperwork to open the new policy. ATRS stated that they would handle the filing of the paperwork, but it was not properly filed until July 2020. After the filing, I received a notice that my cash value had been 100% surrendered, not transferred. At no point was I informed that my account would be surrendered when transferring the cash value. Given that ATRS recommended both policies and collected commissions on both recommendations, I consider it grossly negligent that they didn't explain the surrender. They further submitted the paperwork in spite of the fact that the cash value would be 100% surrendered. Over the last 18 months, I've been in communication with ATRS, but they've refused to accept responsibility and have instead blamed National. Their suggestion was to force National to reverse the transfer and pay the minimum future premiums on the National policy until the 10 year surrender period ended. However, I only agreed to opening a new policy with American because I was advised that I'd be able to transfer my cash value. Their solution would have been unacceptable as it would have forced me to maintain two policies. Given all of this, we demand compensatory reconciliation from ATRS. We calculate the damages to be $3,379.29. This is based off the account balance as of February 28, 2018 with interest at a rate of 8.25% which is the average rate of return for the last three years under the National policy.
*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. Businesses are under no obligation to seek BBB accreditation, and some businesses are not accredited because they have not sought BBB accreditation.
Customer Reviews are not used in the calculation of BBB Rating
Customer Complaints Summary
1 total complaints in the last 3 years.
0 complaints closed in the last 12 months.