Business ProfileforAmerican Century Investments

-- Im an experienced investor but foolishly let an American Century rep help me make a bad decision.-- I got an error message on the ** website while trying to do an **H transfer to a bank for $112,000. When I called the rep told me that American Century has a limit of $25,000 for online **H transfers.-- Ive done countless bank transfers over the years and none have taken more than two business days. But the representative made it sound like this **H transfer could take longer than two business days.-- He talked about a possibility of sending a check overnight and my bank putting a hold on the deposit. But he also talked about my bank calling ** to verify the funds and possibly releasing the funds early.-- I wouldnt have even considered this if he hadnt talked about the transfer taking longer than normal. But it sounded like a better option until I called my bank afterwards and found out that it was wrong.-- Now we have to wait four or five business days after tomorrow (more than a week) to use the funds. We are going to use this money to pay off a loan so the unnecessary delay will cost us extra interest.-- I ******** been able to do the transfer online or the rep ******** done it without the commentary!

RE: Customer Review Dear Sir or Madam, Our research team has reviewed this matter thoroughly, and we are writing to provide a reply to the customer. The client contacted us after realizing his withdrawal amount exceeded our daily online transaction limit. At that point, the client was correctly presented with two options by one of our representatives: 1) request a redemption by ACH in the full amount over the phone, or 2) request that we send a check in the full amount via overnight mail. As a matter of practice, along with presenting transaction options to clients, we give an estimate for how long it will take a request to be completed in full. For ACH transactions, we quote two to five business days. Our client indicated that he’s used to ACH transfers taking two business days, which differs from the high end of our ACH transmittal timeframe quote of five days. We provide this timeframe estimate because delays with ACH transactions can and do happen. It was not our intent to upset the client, and we regret any inconvenience this may have caused. Ultimately, the client chose to receive a check overnight. Banks routinely place a hold on checks for large dollar amounts such as this particular transaction. So, to assist with the redemption proceeds being available to transact on at his bank as soon as possible, we suggested asking a bank representative contact us to verify the funds so any hold could be waived. It appears that after a request for an overnight check was placed, the client contacted his bank who told him otherwise. Compliance with this verification varies among banks. As a result, the overnight check option may have taken longer than an ACH transaction. In closing, I can see how we could have made it clear that any attempt for his bank to verify assets should have been completed before placing the actual redemption by overnight check request. Doing so may have prompted the client to select the ACH option, which may have resulted in the funds becoming available at his bank sooner. Sincerely, Cynthia Gassman Director, Client Services