Update by user Nov 07
Transamerica finally transferred my money to Wealthfront, as I had requested. However, it took way too long, and Transamerica took a huge amount of my money to pay for the transfer. Transamerica is not a company I will ever do business with again.
Original review posted by user May 29
Recently, I spoke with a Transamerica customer service representative, a man whose name I do not have, about taking a withdrawal from the 403(b) account I have with the financial institution, and transferring my money from Transamerica to a Wealthfront IRA I intended to set up.
He told me that I should apply for a withdrawal first, and then send them a request to transfer the remainder of my money into the IRA. That means that I am going to pay Transamerica two transaction fees, of $25.00, mind you. He sent me the forms I needed to complete both transactions. Also, it is important to understand that Transamerica does nothing quickly. They require all requests to be faxed to the company, refusing to set up a secure online mechanism for such communications. And finally, I am 63, so I am totally within my rights per the IRS to start to draw down on my retirement accounts, and I face no early withdrawal penalties.
However, I never heard anything from Transamerica about the request I sent in on May 24, in which I requested a draw of $10,000 from my account.
Today, I called Transamerica to make sure everything went through, and I found out that the man with whom I spoke last week lied to me, and sent me the wrong form. So my request has simply been ignored, and Transamerica didn't even try to contact me about the issue.
So, I contacted a person who works in HR for my former employer, and I filed a complaint with EBSA, naming my former employer, as EBSA requires.
Bottom line is that company plan administrators are not holding Transamerica responsible for its bad customer service and its obviously intentional attempts to make accessing one's retirement funds difficult. I rather doubt that EBSA will do much to hold the company responsible either. The only way to force Transamerica to treat customers well is to simply boycott the company. No corporation in the US should be doing business with Transamerica Retirement Services, period.
Product or Service Mentioned: Transamerica Retirement Plan.
Reason of review: Order processing issue.
Monetary Loss: $2500.
Preferred solution: I want my money transferred to me, immediately, per my original request; and I want Transamerica to get a knowledgeable person on the phone with me, today, to help me get my account closed and the funds transferred to my IRA with Wealthfront..
I didn't like: Transamerica worked at making it difficult to access my account, Representatives gave me bad and inaccurate information and forms, Fees and charges are outrageously high.