Complaints

The complaint text that is displayed might not represent all complaints filed with BBB. 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.

• Initial Complaint

  Date:12/26/2023

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I contacted L*** *********** by email on 11/28/23 informing her that I wanted to withdraw my money from my Roth 457 account. The papers were emailed to me the following day. I signed them and emailed them back on the same day. This was supposed to be a 100% distribution. I received the check that was dated 12/04/2023. I checked my account to make sure that it was closed. There was still money in the account along with the funds and share amounts for the funds. When I contacted **** about this she said that sometimes the account makes money after the check is written. She then told me that I would receive another check in the mail but it just might be a while before I get it. I shouldn't have to wait 45 days for my money and to have this account closed. I told her that the amount on the check stub was the same amount that was left in the account. She then tried to tell me that there's more to the process and that I would be receiving a letter in the mail explaining everything. I also called California and was given the run-around by their customer service person. I have been lied to over and over by this company. I told **** that I wanted this account closed by 12/20/23. It is still not closed. This company is holding on to people's money so that they can make more money for themselves. I know this because my husband also had an account through them that was supposed to be closed as of 11/24/23. I found out that they didn't close his account. They are not transparent with the way they do financial business. They do not even tell you what the rate of return of your money is. They are keeping money in these accounts for their own personal gain. If this account isn't closed immediately and the rest of my money returned to me now I will be notifying the State Securities Board about the shady practices of this company.

  

  Business Response

  Date: 12/28/2023

  
  
  There seem to be some misunderstandings regarding the distribution of your Roth 457(b) account assets.
  
  We received your distribution request on November 30 and processed it the next day, December 1. The reason your account was not immediately closed upon this distribution is that we are required to wait for residual dividends to be paid from the mutual fund companies before closing an account.
  
  We received two of these dividend payments on December 5, 2023, for the November 30 record date ($0.55 and $3.94 for a total of $4.49) This small balance continues to be invested and you should receive the proceeds in the early part of January, at which time your account will be closed.
  
  If you have any questions, please contact our service center at ###-###-####.
  
  Best regards,
  
  J******* ***********
  Senior Vice President - Retail Service
  PlanMember Financial Corporation

  Customer Answer

  Date: 12/29/2023

  
  
  
  
  Complaint: 21050980
  
  
  
  I am rejecting this response because: The check that I received was dated 12/04/23. It has a distribution amount of -$7.29. If this money is residual it wouldn't have been put on the check and deducted from my total principal amount. This account should have been closed and all the money that was in the account sent to me. You have no right holding unto money when it is supposed to be 100% distribution.
  
  
  
  Regards,
  
  
  
  M**** ******
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  

• Initial Complaint

  Date:09/12/2023

  Type:Customer Service Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  M**** ****** took 17 days an 4 e-mails to even acknowledge a request to transfer a PlanMember 403(b) to a Fidelity IRA. She refuses to provide the paperwork necessary to complete this transaction. PlanMember has received 1. A 403(b) Rollover Form 2. A Letter of Acceptance from Fidelity 3. Authorization from the previous employer/TSA administrator and 4. their own Investment Advisory Services Termination form. Despite providing seemingly all of the necessary paperwork via fax (multiple times), they continue to respond that they need "PlanMember's Transfer/Rollover Out Form." However, despite multiple attempts, no one from PlanMember's customer service line (###-###-####) or M**** ****** will provide this form.

  

  Business Response

  Date: 09/15/2023

  Dear Mr. L*****,
  
  I am sorry to hear about the challenges you had transferring your account to Fidelity. I understand that your advisor, M**** ******, was on vacation during this time. In addition, due to email security limitations, the email with the PlanMember Transfer Out form did not successfully reach your inbox.

  Our team reviewed your paperwork and has approved and processed your request. Due to the inconvenience you experienced, we have waived the termination fee.
  
  Please let me know if you have any questions and again, I apologize for the unfortunate circumstances surrounding your request.
  
  Regards,
  
  J******* ***********
  Senior Vice President - Retail Service
  PlanMember Financial Corporation

  Customer Answer

  Date: 09/25/2023

  
  
  
  
  Better Business Bureau:
  
  
  
  I have reviewed the response made by the business in reference to complaint ID 20588683, and find that this resolution is satisfactory to me.

  Apologies for not responding sooner, but I was ultimately satisfied with the business’ reply and remedy. Thank you.
  
  
  
  Regards,
  
  
  
  ******* L*****
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  

  
  

• Initial Complaint

  Date:07/27/2023

  Type:Customer Service Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I have been trying to transfer my retirement investment account for 10 months. I have called my account manager at Planmember, emailed and mailed forms, tried through my new investment account, tried through Capitalize, called Planmember, called Planmember with Capitalize on the phone, sent a Rollout form twice, and it has not gone through. This is a horrible, archaic, and excruciating customer service process. 

  

  Business Response

  Date: 07/28/2023

  Dear Ms. F********,
  
  I am very sorry to hear of your challenges in transferring out your account. I reviewed your account and wanted to provide some details regarding your transfer and the steps necessary to get it completed.
  
  On December 27, 2022, we received a request from APEX Clearing Corporation and Sofi Investments to transfer your account. Unfortunately, we did not receive the required PlanMember paperwork. On December 28, we sent a letter to your address on record providing you with the form and instructions on the required paperwork needed to complete your request. In addition, on the morning of December 29, we spoke with Rahul at APEX and provided him with information on the required paperwork. We spoke with you in the afternoon and resent the required PlanMember paperwork to your address. 
  
  We received the required PlanMember paperwork on January 9 but as per the instructions in the letter, we did not receive the required Letter of Acceptance (“LOA”) from APEX.  On January 11, we sent a letter to your address of record requesting the LOA. We have had no additional communication from you after our original December 29 call.
  
  In order to transfer out your account, please submit the transfer out form along with the Letter of Acceptance from Apex. Once we receive all the paperwork together, we will process your transfer immediately.
  
  If you have questions or need additional assistance, please contact Tina Ybarra at ###-###-####. **** is a PlanMember Service Center supervisor and can assist you with your request.
  
  Regards,
  
  J******* ***********
  Senior Vice President - Retail Service
  PlanMember Financial Corporation

  Customer Answer

  Date: 07/28/2023

   

  Hi Ms. B**********,

  Thank you for responding back to me so quickly.

  
  I am rejecting this response because I initiated transfer requests that were sent to PlanMember electronically through APEX's process on September 26 and ignored or rejected and December 13 through Capitalize's process. On December 29 I received an email from APEX stating that they received a letter that said "Forms not in good order" with no specific information as to how to get the forms "In good order." I called PlanMember with Capitalize on December 29 and PlanMember after a long time on the phone emailed me a "Rollover" form to fill out and mail in to PlanMember. On January 11 I got an email saying that SoFi reported that PlanMember rejected the transfer request. A few days later I got a letter dated January 11 in the mail saying that PlanMember rejected the transfer request due to "Missing letter of acceptance from new custodian" 
  

  Please review attached documentation for more information. 

  
  

  I still need my account rolled over and I should not be the one jumping through hoops to do so now 10 months later.

  
  

  Thank you,

  
  

  ********* F********

  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  

  

  Business Response

  Date: 08/03/2023

  Dear Ms. F********,
  
  We were happy to assist you with transferring your account, and I am pleased to inform you that the transfer has now been completed. A PlanMember Service Center Manager, Tina Ybarra,  worked with you to complete the necessary paperwork. Fortunately, together we determined that you wanted a transfer out instead of the rollover that you initially requested. An IRA-to-IRA transfer is a non-reportable transaction. A rollover is reportable and has additional tax implications.
  
  As with all reputable financial institutions, we require the proper paperwork in order to process your request to ensure that you are not adversely taxed due to incorrect paperwork. I understand that SOFI is an online solution that may not provide the same support, and there does not appear to be a qualified financial professional at SOFI supporting your efforts.
  
  We are happy that we were able to resolve the paperwork issues and complete your transfer. If you have any additional questions, please contact Tina or me at (800) 874-6901.
  
  Sincerely,
  
  
  J******* ***********
  Senior Vice President - Retail Service
  PlanMember Financial Corporation

  Customer Answer

  Date: 08/11/2023

  
  
  
  
  I have reviewed the response made by the business in reference to complaint ID 20384729, and find that this resolution is satisfactory to me.

  Customer reports issue was resolved and the transaction went through successfully on August 10, 2023.
  
  
  
  Regards,
  
  
  
  ********* F********