ComplaintsforMutual of America Financial Group

• Initial Complaint

  01/06/2023

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  Job ended on 9/29/22. Filed forms for withdrawal from my 401A account with Mutual of America (MOA) on 10/4/22. Received email verification for correspondence and a letter indicating outstanding loan had been paid in full on 10/25/22. On 10/31/22 *** acknowledged receipt of forms for review. Received email on 12/5/22 from MOA stating wrong forms were filed and they could not process request. Refiled the correct forms on 12/7/22 and sent by certified mail. Receipt of forms by MOA on 12/13/22. Per email, forms were reviewed and processed on 12/14/22 by EFT. No funds have been received as of 1/6/2023. Called MOA on 12/28/22 and rep stated that they did not do transactions with my bank (Bancorp) and a check had been sent. If check not received by 12/30/22 instructed to call back. Called back on 1/6/2023 and the rep said no record of a check being issued and my file only shows an EFT made. Processing department is to investigate into it and suppose to call me back. Have not received a call yet. It should not take more than 3 months to send the funds when they have already sold the shares. I am in danger of my car being reprocessed because of this.

  Customer response

  01/17/2023

  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 and the matter has been resolved.
  
  Sincerely,
  
  *****************************
  
  
  
   
  
  

• Initial Complaint

  01/06/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  I sent in a withdrawal form during the month of November, 2022 and when I didn't receive the money requested by December, 2022 I called. After several calls and wait times I spoke to a representative who told me that my request was being processed and the money would be deposited with 5 days. Yesterday, January 4, 2023 I received an email from Mutual of America stating that they were looking over my withdrawal form and if I had any concerns to contact them. I called and after waiting 45 minutes I spoke to a representative who told me she could not help me and would transfer me to someone who was licensed and the wait was 50 minutes. I told her I wanted to speak to her supervisor and after being put on hold for 20 minutes I was told there was no supervisor available and someone would call me back within 72 hours.. I find this to be totally unacceptable. This is my money which I have every right to ask for and instead I am being given a hard time. I would appreciate any help that you can give.

  Customer response

  01/07/2023

  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 and the matter has been resolved.
  
  Sincerely,
  
  *************************
  
  
  
   
  
  

• Initial Complaint

  12/23/2022

  Complaint Type:

  Order Issues

  Status:

  Resolved

  More info

  The only way to do hardly anything for this company is through paper. I submitted my withdraw paper several weeks ago. You get an email that says we will contact you in 3-5 business days. That passes and you send something again. They send the same email. No one lets you know what going on, it feels like theyre just trying to keep my money. Yes its Christmas time, but they could at least let people know whats going on. Change all your stuff to in-line when come into the future so I dont have to wonder whats happening

• Initial Complaint

  12/16/2022

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  I have been trying without success for Mutual of America (***) to send me my required minimum distribution before the end of this calendar year, 2022. I have spent hours on hold waiting to talk to someone. There is one number you can call and you wait and wait. Finally, on November 11th I was able to connect to a live person. On November 16, 2022, I submitted the forms that I was given.I was told to wait a few weeks for them to process things and if there was anything amiss they would contact me. No one ever called me. On December 6th, I waited again in the queue to finally be told that I had submitted the wrong forms( I had submitted the forms sent to me by *** and stepped through the entire process by the *** person who had sent me the forms in the first place). The December 6th *** person sent me new forms, stepped through each step with me, gave me a claim number ********, apologized, told me she spoke to her supervisor and this was going to be expedited. I emailed the firms as directed. I received an email that day, confirming my email, saying they would respond as soon as possible. On December 9th, another email saying they are reviewing the submission, with a different claim number, ********. Again no calls from them. On December 15th, I called again, spoke to an ***, who said there was a spousal waiver missing, which I had never received. I had been told previously that my file did not mention a spouse, therefore no waiver was needed. *** assured me that she had submitted my request to the processors and that I would receive an email, that day or today. I called today, December 16, 2022, spoke to an ******, who could not find any message or indication in the file of my call yesterday to Aia. ****** filed more paperwork, I could hear the typing in the background and said to give it a few more days. Im a 25+ year *** account holder and dont deserve this treatment. . I need my distribution before year end. Can you help me?

  Customer response

  12/29/2022

  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 and the matter has been resolved.
  
  Sincerely,
  
  *******************************
  
  
  
   
  
  

• Initial Complaint

  12/14/2022

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  In mid October 2022, I phoned MOA to initiate a withdrawal from my 403b account as I had always done in the past. I was informed that I now needed to download the form from the website rather than receiving it by mail. The form was printed, filled out, notarized, scanned and emailed to MOA as per instructions on the form itself. I then received a confirmation email informing me that they were in receipt of my form and it would now take 7 to 10 days for processing. That time passed without any further activity or communication. I phoned on November 16 and after being on hold for nearly two hours was informed that they were behind because of the hurricane that had just went through *******, that they were also short handed and that there were a great many people making withdrawals because of the economic situation. My withdrawal would now take an additional two to four weeks.On December 14, there was still no activity in my account so I phoned again. Another 90 minutes of being on hold before speaking to an agent and after being put back on hold so that they could check things, was told that processing had just begun and would take another 7 to 10 days.Now Im concerned thats this is going to drag on into the new year and that I am going to face tax penalties from the *** because this was meant to be my required annual withdrawal. Please help. This is turning into a disaster.

  Customer response

  01/03/2023

  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 and the matter has been resolved.
  
  Sincerely,
  
  *************************
  
  
  
   
  
  

• Initial Complaint

  12/13/2022

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  I am 76 and have a 401K with Mutual of America with automated *** payments. This year, Mutual of America sold shares from my 401K for my *** on 1 November 2022. To date, I have not yet received the distribution. I have contacted Mutual of America numerous times to ask for the status but am told they can see that the distribution sale of my funds was made on 1 November and that I "should" receive my payment before the end of the calendar year. I told them this is unacceptable as they already sold my shares, and they have all my bank info to make distribute the money directly to my checking account (as they did in past years). Additionally, I am very concerned about any type of tax penalty I may be on the hook for if I don't receive my minimum required distribution.Lastly, each time I contact Mutual of America, I am placed "on-hold" for over an hour. The last call I made, on 6 December, I was on-hold for over 2 hours, just to get the same run around.I just want the *** distribution that they owe me since they sold the shares in my mutual fund on 1 November.

  Customer response

  12/14/2022

  Better Business Bureau:
  
  After spending another 2.5 hours on hold, I finally was connected to a very helpful employee, ******, who helped me resolve my issue/complaint.

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

  
  

• Initial Complaint

  12/13/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  I submitted a withdrawal request from Mutual of America in Oct.26, 2022, Mutual of America stated that a decision would be made on my request with in 5 to 7 days. I contact the company in early November around November 8, 2022. I was told that I would not receive my withdrawal until Late November2022. I was told by the Representative that it would be around Nov. 28, 2022 when I would hear back from their processing department. On December 8 I spoke with the Representative again (******) he said that he would personally walk my paperwork to the processing department for its approval. I called back after I received a odd email and spoke to another representative who stated the same thing that she would personally give my paper work to someone in processing because the person who makes the decision on the withdrawal of funds leaves a 7:30 pm EST. Today I received a call stating that the company was requesting my divorce papers because they originally had no marital status listed, but in my paperwork I checked off Divorced. Each Representative told me that I filled out my withdrawal request correctly prior to this. I called back to find out why I had to produce Divorce paperwork since I have been Divorced for over 30 years. I finally spoke with *************************** who said she is a Supervisor and would check why I was denied my request for withdrawal of my money from my account. It has been over 30 days since I requested the withdrawal, and I have to wait for almost 2 hours to get get anyone on the phone in the Status of ********************* each and every time I called. Mutual of America paperwork stated that I would not have to wait but 5 to 7 days for a decision. This is a terrible company and it makes me wonder if I passed away would my Beneficiary be able to get the money. I will be requesting all of my money.

  Customer response

  12/13/2022

  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 and the matter has been resolved.
  
  Sincerely,
  
  ***************************
  
  
  
   
  
  

• Initial Complaint

  12/12/2022

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  Back in October, I sent a request for a rollover to change my retirement at Mutual of America to another account. Not only does it take a long time to get someone on the phone, but I also have yet to receive an update through email regarding the status of the rollover. In addition, I resent the rollover form in November and it appeared to have been accepted, but I am still waiting for an update. I was able to speak with someone over the phone last week, and they mentioned to try calling between 9 and 9:30 AM on certain days, but it's difficult for me to do that. It's ridiculous how long it takes to get my own money out of a retirement account from a job I left close to four years ago.

  Customer response

  12/16/2022

  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 and the matter has been resolved.
  
  Sincerely,
  
  *********************
  
  
  
   
  
  

• Initial Complaint

  12/12/2022

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  I submitted withdrawal forms for my money to be sent to me and they sent me an email 2 days later that they received my forms and will contact me in 3-5 business days and it has been over 5 business days and no communication from their office. I saw all the complaints of others about this company and it is ridiculous that we have to go through this. They are trying to scam their customers and I want what is mine because I worked for that. Please help.

  Customer response

  12/19/2022

  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 and the matter has been resolved.
  
  Sincerely,
  
  ***********************************
  
  
  
   
  
  

• Initial Complaint

  12/09/2022

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  I submitted a withdrawal request for $10000 from my TDA , employer number *********. In a follow up call, I was informed that it was received on 11/8/22 and that it was completed properly. Rep stated that it was in review which could take up to 4 weeks. He stated I would receive and email by 12/6/22 (end of 4 weeks) indicating when payment would be sent and that it should be received within 7 to 10 days from then. After not receiving the email, I spoke to a rep yesterday who said she "validated" the request and sent to a problem solving unit for further action. She still could not tell me when I would receive the $7500 after tax amount which I need to pay current bills.

  Customer response

  01/06/2023

  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 and the matter has been resolved.
  
  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. ↩