ComplaintsforUbiquity

• Initial Complaint

  03/05/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  This company is the worst 401K company I have ever been forced to allow to hold my 401K contributions. I am forced, in order to participate in 401K and receive employer contributions, to do allow them to hold my retirement funds. UBIQUITY has repeatedly made changes to my investment choices, changing my elections as to which funds and how much I chose to invest WITHOUT my express approval. Even when I have explicitly denied them the rights to make changes. When I contact them they argue with me and refuse to reverse their unauthorized changes, costing me significant growth value and earnings and forcing me into funds that charge the highest fees. I have tried repeatedly to get UBIQUITY to address this THEFT of my money, and I have contacted my employer, the Plan Administrator - with no meaningful response. If your employer chooses this company for 401Ks, FIND A ANOTHER Employer.

  

  Business response

  03/08/2024

  We truly regret to hear about your frustrations and concerns regarding your 401K plan managed by Ubiquity. It's paramount to us that our clients feel secure and satisfied with how their retirement funds are managed, and we apologize if our service has not met your expectations.

  We understand that any changes to your investment choices are a significant concern. To clarify, as per our records and the information shared with you, your account is part of a model portfolio managed by **** Capital on behalf of ****, LLC., your employer's chosen plan administrator. The adjustments made to your investment allocations are a result of rebalancing efforts initiated by **** Capital to align with the original investment strategy selected for your portfolio. This process is standard practice in managed portfolios to maintain the target allocation over time, which can shift due to market fluctuations.

  We assure you that there has been no unauthorized alteration of your investment elections by Ubiquity. Our role in this process is to execute the rebalancing as per the instructions of the plan's investment manager, which in this case is **** Capital.

  We empathize with your concerns regarding investment fees and the impact on your portfolio's growth. We want to provide you with the control and confidence you seek over your investment choices. As such, moving your funds into self-directed investments is an option available to you, allowing you to manage your allocations directly. We are more than willing to assist you in making this transition and ensuring you feel informed and supported in managing your investments.

  Your trust and security are of utmost importance to us. We invite you to reach out directly so we can address any further questions or concerns you may have and guide you through the options available to you within your plan.
  

  
  

• Initial Complaint

  02/28/2024

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  For the last 2 weeks I have been trying to talk to a qualified representative in customer service about roll overs and winding up my firm's plan but no one will return my call. I have done this via e-mail and phone without any call back despite a voice mail system promising a return call based upon "my place" in the phone queue. I looked up the company on ****** and it shows that it is "closed" so now I'm wondering if it is going out of business and/or insolvent which if so is alarming. I need a manager at Ubiquity to immediately contact me.

  

  Business response

  03/08/2024

  Firstly, I want to extend our sincerest apologies for the difficulties you have encountered in trying to communicate with us and for any stress or inconvenience this may have caused. We understand how important it is to have clear and timely communication, especially regarding such significant financial matters as rolling over and winding up your firm's plan.

  Please rest assured, Ubiquity is fully operational. We recognize, however, that our communication has not been up to the standard you deserve, and we are taking immediate steps to address this issue, including reviewing our phone system to prevent future malfunctions.

  We appreciate your patience and diligence in submitting the necessary forms for the distribution request. Your distribution request was received in our system on March 6, and we have expedited its processing. It will be ready for your approval in the sponsor dashboard later today (3/8/24). This approval step ensures the security of your funds, preventing unauthorized access to your account. Once approved, please allow up to 15 business days to complete processing. You can view the updated status of the request in your Sponsor Dashboard. 

  We are committed to resolving your concerns as quickly as possible. If you have any more questions or need further assistance, we encourage you to reach out directly.

  Customer response

  03/12/2024

   
  Complaint: 21360297
  
  I appreciate what I regard as a sincere response of the Ubiquity representative but it does not address the crux of the specific and general problems raised in my firm's complaint.  My firm has been a Ubiquity customer for over a decade and for most of that time service has been prompt and professional.  Over the last several months service has been almost non-existent and when it does exist it is unacceptably slow and deficient in responsiveness.  Emblematic of the problems is Ubiquity automated phone system where customers are directed to call for help. The system informs callers that they can maintain their place in the call queue by pressing pound after confirming their phone number.  The system then states the phone number of the caller but the number is NOT that of the caller.  It is some other number that is not even in the caller's area code.  The system allows the caller to input a different number which it then refuses to accept.  I have used the system at least three times with the same story and pattern.  What makes even worse is that after the system refuses the actual phone number it hangs up, leaving one with the alternative of doing nothing for trying again ...or e-mailing.  But the e-mail system is not that much better because Ubiquity takes days to get back if it does get back to the sender.  This occurs despite an auto-reply that indicates that a Ubiquity rep will respond promptly within a day or less.
  

  In the meantime while Ubiquity has made some progress on my firm's specific request it still fails to promptly respond to follow up e-mails with questions that my firm has sent to it.

  Ubiquity is handling extremely important matters for its customers and I have not experienced anything similar in recent times with other firms in the same industry. 

  I am available for any questions or further information as needed.

   

  Sincerely,
  

  Kriegman *********** PLLC 

  
  ***************************

  Managing Member

• Initial Complaint

  02/14/2024

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  Ubiquity will not allow me to cancel my 401k plan, and subsequently access my funds in this account. I have emailed and called multiple times but no one will assist me. This needs to be resolved immediately.

  

  Business response

  03/08/2024

  We sincerely apologize for the difficulties you experienced when attempting to cancel your 401k plan and access your funds. Your concerns are very important to us, and we regret any inconvenience caused by the delays in communication and assistance you faced.

  We are glad to report that your case has been resolved and that the termination fees were waived. At Ubiquity, we continually strive to improve our customer service experience, and feedback like yours is invaluable in highlighting areas where we can do better.

  Please rest assured that we are taking steps to ensure that the issues you encountered are addressed and that similar situations are handled more effectively in the future. We are committed to providing our clients with responsive, transparent, and efficient service. If there are any more questions you have or further assistance you need, we encourage you to reach out directly.

• Initial Complaint

  02/03/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I have been chasing MyUbiquity to release my fund from last 1.5 years, lost phenomenal amount of tax savings as could not take distribution last year. I left the employer in middle of 2022 and since that time I have been asking to release my funds. The company closed shortly after my leaving and since then they have been saying that we are going to close the plan and release your money. Made some 100 of calls and emails, no luck. I was the trustee on the account and it has been nightmare to get the account closed. The customer service is extremely poor and generally the answering person picks the call and then they return the call in 1-2 days if you are lucky.I have given up to retrieve my funds and finally I have to highlight this incident to help get my funds.

  

  Business response

  02/05/2024

  Thank you for taking the time to share your feedback with us. We appreciate the opportunity to address your concerns. As we have discussed several times, you are the trustee of record for this plan. We understand that you sold the plan, but until and unless the new owner contacts us to take it over, you maintain fiduciary responsibility. Plans must have a trustee. You therefore continue to have the right to close this plan which would allow you access to all your funds. Should you choose to proceed with terminating the plan, or if the new owner replies to any of our emails or calls, we will be happy to assist you with your distribution at any time.

• Initial Complaint

  01/19/2024

  Complaint Type:

  Delivery Issues

  Status:

  Answered

  More info

  The company claims it sent a 401k rollover check five weeks ago, on Dec 12, 2023, and it has never been received by my 2nd 401K broker. I placed multiple calls and left messages at the call center, as there is no customer service responding to your questions. The money in question is significant and is not being invested during this time. I am getting no callbacks or even an email.

  

  Business response

  01/31/2024

  We sincerely apologize for the inconvenience you've faced regarding the delay in receiving your 401K rollover check. We understand the significance of the funds and the impact it has on your investments. We acknowledge that your repeated attempts to contact our call center have gone unanswered, and we deeply regret any frustration this may have caused. To address this matter urgently, we will expedite the process and send a replacement check via overnight mail this week. Additionally, if you prefer a wire transfer, kindly reply to our email with the necessary wire information, and we will ensure a prompt transfer of your funds. We understand the importance of resolving this matter promptly, and we appreciate your patience as we work to rectify the situation.

• Initial Complaint

  01/18/2024

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  Product Support is non-existent for the last 60 days.We have support tickets that do not even get a response (much less resolved) for weeks.Currently we have 3 tickets that have been opened 2 weeks without an initial response.2 of these tickets involve regulatory requirements.

  

  Business response

  01/31/2024

  We sincerely apologize for the ongoing challenges you've faced with our product support. We understand the importance of timely responses, especially when regulatory requirements are involved, and we regret any inconvenience this has caused.
  
  We want to provide context for the delays. Currently, we are experiencing a high volume of inquiries, and unfortunately, an unprecedented portion of our staff has been out of the office due to illness. Please accept our sincere apologies for any impact this has had on the level of support you've received.
  
  In light of your specific cases, we have reviewed them internally, and to expedite resolution, we have assigned them to a more senior team member. This individual will be reaching out to you this week to discuss your concerns and work towards a satisfactory resolution.
  
  We understand the urgency of your situation, and we appreciate your patience as we address these issues. Our goal is to ensure that your support tickets are not only acknowledged promptly but also resolved to your satisfaction.
  
  Thank you for bringing this to our attention, and we are committed to making the necessary improvements to prevent such delays in the future.

  Customer response

  02/09/2024

   
  Complaint: 21163282
  
  I am rejecting this response because:  The **** LLC s December contributions are still in awaiting status and have not been process.  As of today, it has been 1 month since the data file and funding was provided to Ubiquity for processing.

  This issue has cost **** LLCs employees $100s of dollars in returns due to this untimely delays.

  Sincerely,
  
  *************************

  ************

• Initial Complaint

  01/11/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  My employer used Ubiquity for retirement plans. They informed us that they would be closing the plan. Because of this, I initiated a withdrawal in mid-November. Ubiquity claims it takes about 10 days for the process to complete. However, it did not go through until December 21. At that point, Ubiquity claims they sent my withdrawal over via a wire. However, I have never received it. *** spoken to Ubqiuty representatives in December and January and have received no explanation or call back from a supervisor, as the representatives told me would happen. Additionally, I emailed ubiquitys support email on January 7 asking for help and an explanation and they have yet to respond there either. I think because its a smaller amount of money, they are hoping to keep it and not return my calls or emails.

  

  Business response

  01/17/2024

  We understand your concerns and appreciate your feedback. Here's some clarification:

  
  1. **** and pre-tax distributions must be requested separately due to their taxation differences and are stored in distinct custodial account. We're working to allow simultaneous requests, however the mechanics of the withdrawal will remain separate due the foregoing stated circumstances.

  
  2. The fee for the second distribution is a pass-through check fee to the custodian, and Ubiquity doesn't benefit from this separation.

  
  3. The 30-character limit on check distributions is a universal industry standard imposed by our custodians and banking partners.

  
  4. Ubiquity's monthly fee is around $5-6, lower than the national standard, and we aim to remain competitive and do not charge asset-based fees. This means we do not benefit from higher account balances. 
  We apologize for any frustration and appreciate your patience. If you have further concerns, contact our customer support.
  

  
  

  Customer response

  01/17/2024

   
  Complaint: 21126375
  
  I am rejecting this response because: this appears to be an automated or templates response that does not have any relevance to my case. My withdrawal was approved by Ubiquity on Nov. 17, according to their rep ***** Im aware of the fees, and Im still awaiting my money. As the Ubiquity site shows, Im owed over $300 of retirement money that I worked to earn. 
  
  Sincerely,
  
  ***********************

  

  Business response

  01/31/2024

  BBB Case #: 21126375

  We sincerely apologize for the delay and any frustration you've experienced in the withdrawal process from your retirement plan with Ubiquity. We understand the importance of resolving this matter promptly, and we appreciate your patience.

   

  Upon investigation, we confirm that the withdrawal process was initiated, and your funds were sent ******** on November 17, as per our records. However, we acknowledge that you haven't received the funds, and we understand your concerns.

   

  To address this issue promptly, we need to ensure the money was not sent to the wrong account and will reach out to you once again to clarify your payment information. We want to ensure that all details are accurate and to expedite the resolution of this matter.

   

  We apologize for any inconvenience this may have caused, and we are committed to resolving this situation to your satisfaction. Please expect our contact within the next 3 business days for further assistance

   

  Thanks,

  *******

• Initial Complaint

  01/05/2024

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  I have been requesting to withdraw my funds out of my 401K plan after being removed from my previous companys plan for WEEKS with zero response. I have sent numerous emails, calls to customer support, and nobody contacts me. I cannot get my investment money from this business! I am no longer on the company 401k plan so my funds are just sitting there.

  

  Business response

  01/31/2024

  We sincerely apologize for the delay in processing your 401K withdrawal request. We've resolved the issue, and your funds are now on their way. As the sole account holder, the approval process took longer than expected due to verifications needed to ensure the plan itself remained open with custodians. We understand the importance of efficient communication and are actively working to improve our customer support channels to prevent similar delays in the future. Thank you for your patience and understanding.

• Initial Complaint

  12/18/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Ubiquity locks 401Ks into paying excessive transfer fees and holds transfers to happen one by one when you have separate financial funded account types. They also do not allow critical details for plan holders and limit you to 30 characters for check distributions. Calling and setting up help services resulted in a reply that this is how the system is setup and they couldn't process it any differently. For a company that takes excessive monthly fees, the end result is them stealing more money from the funds.

  

  Business response

  01/17/2024

  We understand your concerns and appreciate your feedback. Here's some clarification:

  
  1. **** and pre-tax distributions must be requested separately due to their taxation differences and are stored in distinct custodial account. We're working to allow simultaneous requests, however the mechanics of the withdrawal will remain separate due the foregoing stated circumstances.

  
  2. The fee for the second distribution is a pass-through check fee to the custodian, and Ubiquity doesn't benefit from this separation.

  
  3. The 30-character limit on check distributions is a universal industry standard imposed by our custodians and banking partners.

  
  4. Ubiquity's monthly fee is around $5-6, lower than the national standard, and we aim to remain competitive and do not charge asset-based fees. This means we do not benefit from higher account balances. 
  We apologize for any frustration and appreciate your patience. If you have further concerns, contact our customer support.
  

  
  

• Initial Complaint

  12/02/2023

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  I have purchased a 401K program with MyUbiquity and I can not seem to get any support from their firm. I have tried calling, emailing and every attempt was made. I have a critical question about my account that can severely impact our companies taxes, without providing the support for the service I have paid a lot of money for, I have no other option other then to file a complaint with the BBB.

  

  Business response

  01/02/2024

  Hello,
  
  We show that this request was for a calculation which we completed after multiple communications on 12/13/23.  Here is our final response from this customer:

  
  December 13, 2023 at 10:30 AM
  
  Nevermind, I found the box link. All good now!! Thank you for your response.

  *****************************

  Global Managing Director

   

  If any additional information or assistance is required, please don't hesitate to respond. 
  
  Thank you, 

  
  *********************
  VP of Client Experience + Financial Operations
  Ubiquity Retirement + Savings 
  myubiquity.com 
  

  Customer response

  01/02/2024

  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, they finally responded and delivered the service I requested.  I would highly encourage the business to revisit their customer service department and perhaps hire internally or externally to adequately service their clients in a timely manner.  I have noticed the vast majority of issues and complaints have been the inability of their customer service department to respond.
  
  Sincerely,
  
  *****************************

*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. ↩