Business ProfileforPlanMember Financial Corporation

Very difficult to do anything with this company. They have no way to upload forms via secure messaging, you have to snail mail or fax to them, so outdated. I think this is intentional so you have to spend months trying to get your money out. They emailed me forms (so I can transfer my money to a competent group) but then mailed me a letter stating I was missing the "New Version" of their form. When I called to see what exactly was needed they said I have to resend everything. I pressed for information on why and the representative said because if you just submit the new form the transfer out will happen and a rep won't be able to talk with you to try and get you to stay. Seriously??? I said I would never in a million years stay with the company. The rep said that I could just submit the one new document and then call and speak to a supervisor to try and get my forms connected. Really? The lack of customer service, lack of updated contact methods and general lack of competence of this company is shocking. I've never dealt with one so bad, they should be embarrassed.

Dear Ms. T. We understand your frustration and appreciate the opportunity to respond. PlanMember maintains a staff of licensed professionals to assist customer needs like yours. Our processes are designed to expedite customer requests as quickly as possible while ensuring accuracy and security, never to delay or cause frustration. Unfortunately, the delay in your transfer seems to be due to a few misunderstandings related to the correct completion and submission of forms to complete a transfer request. It’s important to note that once we received the correct paperwork, we completed your requested transfer in two days. It is also important to note that each time we received incorrect paperwork, you were notified and informed of exactly why the transaction could not be completed. Here’s a recap of what transpired and additional clarification of the process required for a secure transfer of account funds: While we do allow for the secure electronic delivery of many of our forms, this type of transaction (the movement of an entire account balance) must be submitted in paper form or FAX and not by electronic means. As for the time it took to complete your account transfer, on October 25, 2022, you spoke with one of our service representatives who informed you that you must complete our PlanMember Account/Rollover Form and obtain a Letter of Acceptance (LOA) from the firm receiving the transfer. Also on this date, our transfer form and instructions were sent to you via email. On November 1 we received a completed transfer form, but it was the receiving firm’s transfer form, not PlanMember’s, as you were instructed to provide. On November 2, we received the same incorrect paperwork. On November 7, we received the correct transfer form (PlanMember’s) but it was not accompanied by the receiving firm’s LOA as is required and as you were instructed. On November 21, you again spoke with one of our service representatives who reiterated the correct paperwork that needed to be completed. We acknowledge that during this call, our service representative made inappropriate statements, though none that should have misled you regarding the correct paperwork required to complete the transfer. On November 22, we received the correct paperwork, at which time your account was liquidated, and on November 23 a check was sent to the firm to receive the transfer. Again, we regret your frustrating experience and hope this helps clarify how events transpired. If you have any further questions or need further clarification, please contact the PlanMember Service Center.