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Complaint Details
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Initial Complaint
11/16/2022
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
I have been assisting my elderly father in law to liquidate a 403b that he is the beneficiary of that is being handled by Mutual of America for 3 days in a row (11/14/22-11/16/22). We sat on hold for a total of 4.5 hours so far and been transferred 8 times with in 4 phone calls. Each department says another department must help us and they are transferring us between ********************************** and ************ back and forth over 3 days and 4 phone calls. There is no other contact information available online or on any correspondence other than the number we are calling. The local agent we were working with over the last 2 years is no longer employed there and his voicemail says it's not being monitored.
Business response
12/05/2022
Good Afternoon,
The complainant did not provide the decedents name or any Mutual of America plan information, which is required for us to properly investigate the complaint and provide an appropriate response.
Therefore, we cannot respond to this complaint until the additional information is provided.
Thank you.
*********************Initial Complaint
11/14/2022
- Complaint Type:
- Service or Repair Issues
- Status:
- Resolved
Filed withdrawal request for 403b account on September 7, 2022. Advised that all conditions had been met by September 24, 2022. Several emails from company stating request was in process and allow 3-5 business days. Supplied everything they asked for and told today that it still may be 2-4 more weeks. Can only speak to clerk, they refuse to allow me to speak to anyone else. Incidentally, this was after being on hold well over an hour each time. Told again today for at least the fifth time that someone will contact me. That never happens. Their story keeps going back and forth between give it 3-5 days and its in process. Any assistance you can provide is greatly appreciated.Customer response
12/07/2022
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
11/09/2022
- Complaint Type:
- Product Issues
- Status:
- Resolved
I would like to file a complaint on Mutual of America (MOA)In July 2022, I called MOA to request a withdrawal form to obtain the required minimum distribution (***) from my *** for 2022. During that call I asked the representative if I could designate the amount of federal and state withholding for the withdrawal. I was told I could designate the amount of withholding for federal and state and that there was no maximum amount. I received the form and on August 8,2022 I mailed the form to MOA designating 30% withholding for federal and 20% for the *****************. I also designated that I wanted 100% of the *** funds to be withdrawn from one of the accounts in my *** as allowed on the withdrawal form. On August 29 2022, I received an electronic transfer to my checking account. It was the correct total amount for the *** but only 10% was withheld for federal and no withholding for state. The funds were also withdrawn from all 3 accounts in my *** rather than 100% being withdrawn from the account I had designated. Over the past 10 weeks I have called MOA nine times. Each time I was on hold anywhere from 1 hour to 2 hrs 40 min. Each time I talked to a different representative and was told I would receive a return call within ***** hours. All nine times I have never received a return call. I have been told that this issue will need to be corrected before the end of this year. After working on this issue for 10 weeks without any progress, I am concerned that the error will not be corrected in the 7 weeks remaining until the end of this year. I find it unacceptable for MOA to not be responsive in correcting their error within 17 weeks.Customer response
12/08/2022
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
11/09/2022
- Complaint Type:
- Service or Repair Issues
- Status:
- Resolved
A unauthorized withdrawal from my account for ******** was made on 11/01/2022 and although I have been on the phone several hours today and yesterday I have not had anyone informed on how to resolve the issue respond. Once I had someone respond and refer me to another extension which did not respond.Please help me.Customer response
11/11/2022
Better Business Bureau:
I have not received a response in reference to complaint ID ********, however the matter has been resolved as I have learned that the deduction represented my minimum required annual withdrawal from my retirement account. It would be helpful if Mutual of America were to label it as such when reporting it.Sincerely,
***********************
Initial Complaint
11/08/2022
- Complaint Type:
- Product Issues
- Status:
- Resolved
I have a 401k that I have been trying to withdraw since the first week of September I have sent in everything that they needed I have called since then way too many times also have left voice messages emails and have been on hold for not kidding over ***************************************************************************************************************************************** one time and her name is ******************************* but now will not contact me back neither will the representative for the plan so I don't know what to do I'm tired of being on hold for hours for nothing I am at my wit's end I need help I am no longer with that company that had the plan and I really need my funds my customer ID is ********** thank you and hopefully we can get this resolved because no one should be going through all this just to get their money also 3 weeks ago I did get verification email saying that everything was being processed it would be 7 to 10 days still nothing still no contact still not resolvedCustomer response
11/09/2022
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
11/04/2022
- Complaint Type:
- Product Issues
- Status:
- Resolved
I have submitted roll over of my *** account balance and my Flexible Premium Annuity balance from Mutual of America to Fidelity. Both rollover forms were submitted on Sep 20 by regular mail. Mutual admitted they have received the rollover form on Oct 19th and Oct 21st. But so far Mutual of America hasn't sent out the checks to Fidelity. I called on Wed Nov 2 and leaved call back message and no one call me back. This morning Oct 4 when I tried to get into my Mutual of America account, I can't. Usually after entering the password, the website will send a security code to my email. This morning I tried a few time and no security code was sent to me. I want to get my money rollover to my Fidelity account ASAP.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
11/01/2022
- Complaint Type:
- Product Issues
- Status:
- Resolved
I have been trying to withdraw money from my 403B with Mutual of America since 9/28/2022.My account number is: *************** confirmation email stated a deposit of the amount would be in checking within 3 to 5 days.I called approximately ten days later to inquire if there was a problem. I was on hold approximately four hours customer service answered. I was told that my application for withdrawl was received but had not been processed. The rep told me all was in order and did not understand why it has not been processed? She then forwarded the application to "processing" again and requested action, she told me it would be three days and I should see my deposit. I called approximately eight days later and another rep told me the application was in the last step and that they were short-handed and could not give me a date when I would see my money???Customer response
11/03/2022
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.
Thank you for your help. They responded the same day you sent complaint. Its a shame it took a complaint from the BBB for them to respond. I appreciate you very much.
Sincerely,
*************************
Initial Complaint
10/27/2022
- Complaint Type:
- Product Issues
- Status:
- Resolved
I filed forms for my retirement account be rolled over to another financial institution on 9/2/22. I had followed their reps instructions to fill out forms and return in pdf format. I called approximately 10 days later because they didnt acknowledge receipt of my request. I was told it had been received and there was a two week lead time for processing. Not hearing anything I called back at the end of September and was told I needed to send another form with a hard signature and did so immediately by postal service. When I called again on 10/10 I was told it was approved and the check was to be cut on Friday 10/11 and would be mailed early the next week. I called again on Wednesday 10/26 and after 45minutes on hold was told that it was approved but not released. The man wouldnt put me through to anyone with authority but he could have a team leader call me back in 24 to 48 hours. I requested that he make a note to team leader about needing a callback sooner because of the size of my rollover of excess of $350,000 at the value in September when first requested. He refused to get in the middle of it. I am retired, living on social security and need my money. Mutual of America has violated a sacred trust with their unethical practices. I want my money and feel it should reflect the value prior to the recent drop in the market. Can you help?Customer response
11/03/2022
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
10/24/2022
- Complaint Type:
- Product Issues
- Status:
- Resolved
I have a 403 B from Mutual of America. I requested a withdrawal from my fund so that I could pay some bills.They require a notarized form which I downloaded from their website. I sent that form via *****on ****. They received the form and it was signed by ****************** in their mailroom. This was confirmed by ***** and by one of the Mutual of America representatives I spoke with. They indicate that processing takes **** days. As of today it has been 4 weeks. I contacted the ** headquarters and a kind lady named **** offered to help but she too has been unsuccessful. I wrote a letter to the *** and sent it ****** The letter was received on 10/20 and signed by *********. No response as of today. I also researched and found the email address and phone number for the ** in charge of processing withdrawal requests. Her name is *************************. I found her email address and phone number. I left her a voicemail message and emailed a request for her assistance. No response from there either.Customer response
10/24/2022
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
10/19/2022
- Complaint Type:
- Product Issues
- Status:
- Resolved
On August 13th I submitted an email withdrawal request with appropriate forms and submitted in accordance with agent instructions. I heard nothing for over a week. I called back and was told my email wasn't on file and thus it wouldn't be accepted so I mailed the executed forms. I heard nothing for 3 weeks. I called back the third week of September and someone told me the system showed approved and a check being cut was approved on 9/14. The agent also saw the account was still active and escalated it telling me to call back if no change. 3 days later I did call back and was advised I was told wrong and it wasn't approved. They proceeded to say they didn't have my mailed in forms. I had several conversations after the following week and was instructed to send them electronically again. I did as asked then was told I needed to include all forms even those not executed. I did this and still had one more correction to make after calling almost daily. For almost two months this was a complete mess with incorrect information on their side with the approval on 9/14. On 10/5 I got verbal confirmation they were expediting my resubmitted forms given the error on their end of the false approval. It's now 10 business days later and nothing. I called last week again and was told they would escalate and call me back on an ETA. They have not followed their own procedure or timelines and effectively are not settling my account with my funds in it. Due to market losses over this wrongful delay the withdrawal amount will be almost 500+ less than it should have been. I'm on hold again today for an hour waiting for answers while nothing has still happened.Customer response
11/04/2022
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,
***************
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Customer Complaints Summary
946 total complaints in the last 3 years.
302 complaints closed in the last 12 months.