Complaints

The complaint text that is displayed might not represent all complaints filed with BBB. 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.

• Initial Complaint

  Date:02/06/2023

  Type:Service or Repair Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  In November and December of 2022 I retired from ***************** in **********, **. On a recorded line I clearly stated I wanted my pension paid out in January 2023. My pension was sent to me Dec 28, 2022 resulting in a higher income forcing my ******** part B payments to increase $100 per month in ****. I want restitution. I have filed a complaint with Transamerica and no response. The agent *********************** has not replied either

  Business Response

  Date: 02/06/2023

  Transamerica understands the concerns of our participants and will contact the participant directly to resolve. 

• Initial Complaint

  Date:01/19/2023

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I was contacted by TransAmerica Retirement Solutions that I would be receiving monies from my ****** Pension Plan upon my retirement. My retirement date was Dec. 31, 2022. I was told I would receive my money Jan. 1, 2023. Just to follow up, I called right before Dec. 25, 2022 to make sure this would still happen. I was told by a female who answered the phone that I wouldnt be receiving my money until the Federal interest rates for November 2022 had been released. We were never told this during the whole process. TransAmerica said the interest rate had not been released as of Dec for Nov. I was then upon request to speak to someone higher up transferred to Matt ************* and he stated it could takes months before they receive the November interest rate and they could not release my money until this was received. I called two different banks and both said that makes no sense as it was released. They said if that was the case then they could possibly have many due extra monies depending on which way the rate went. As of today January 18, 2023, TransAmerica is sticking by this lie and has not released my money! I just want my money that I worked for and earned to be deposited into my account as stated in the paperwork sent in by ******* wife. Please investigate this company for shoddy practice.

  Business Response

  Date: 01/19/2023

  We appreciate the concerns of our participants and will contact the participant directly to resolve. 

  Customer Answer

  Date: 01/20/2023

   
  Complaint: 18829239
  
  I am rejecting this response because:
  When I took out money in 2012 I was told I couldnt take the entire amount until I reached the age of 65 and/retired.  So as the paperwork Transamerica sent to showing I have this money, it is because I do.  I spoke to 3 different people and each verified the amount at that time and that it would not be released until the interest rate was given for November 2022.  Now they are saying one person made a mistake.  This company is lying and keeping my money. I reject their lies! 
  Sincerely,
  
  *********************

  Business Response

  Date: 01/23/2023

  Transamerica will work with our participant to resolve directly 

• Initial Complaint

  Date:12/30/2022

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  This year, as part of my divorce settlement, I received a retirement account that was in place at Transamerica. After speaking to financial representatives over several months , I settled on a plan in Nov 2022 and docusigned papers agreeing to create the new account and to transfer funds from another account from outside of Transamerica into the new account. I was led to believe the process would be completed within a week to 10 days. 3 days later I log into my account which now says $0 and I have NO RECORD as to where my money went. I have emailed and called constantly speaking with Transamericas financial advisor and was told they were waiting for a check to clear from the other institution, but their check had arrived to the other institution whom they apparently partner with. First of all, I find it very strange that they are completing these transaction transactions by CHECK! Secondly, I see no indication from my end that anything has happen other than my account has $0!On Monday of this week I told them to forget about consolidating the accounts, just open the new account with the money I had with them. When speaking with the financial advisor on Wednesday, I was told that although I could not see my money, he could see on his ledger where my money has gone. This is not acceptable as I should be able to see and follow all transactions.On Wednesday I spoke with a vice president who apologized and said they are working to get it resolved.Today, I got an email stating the check still had not been deposited. It has been a month and this is my retirement. I am a divorced 62 yr old woman and feel like I have been given the run around with most of my lifes savings.I find the whole situation suspicious.

  Business Response

  Date: 01/09/2023

  Transamerica will respond directly to participant to resolve her concerns

• Initial Complaint

  Date:12/21/2022

  Type:Service or Repair Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Complaint:I have a fully vested balance 401k with Transamerica. I followed the steps and requested a rollover/ transfer to another institution where other former 401ks have been moved after changing jobs. This request was on 10/13/2022. After a few weeks my advisor called to notify me they never received the check from Transamerica. I then called Transamerica toward the end of October first part of November to inquire why my money was not sent out. I was informed they were waiting for a *** (third party approver) and it can take a month sometimes. Now on 12/14/2022 I call to get answers and move this up the chain. I was informed they had to send another request and to wait 3 business days and then we could move forward with with getting my money released. I called 12/20/2022 was was given the same old "we cant do anything without the ***** I informed her I spoke to the owner of the business which has been out of business for almost 3 years now and he informed me he approved the transfer but doesn't know who or anything about a ***. During this call she said I'm not suppose to give you this info but I will give your the *** company info so you can reach out. She gives me a name of " Sample PPC2 and a phone number ************". At this point she realized this is not valid info and gives me the response I will email you when I figure something out. we are now at 2.5 months with no action from Transamerica, also now I have info they failed to operate with due regard with individuals retirement money, by not verifying and and allowing people to setup accounts with names that literally say "sample". Resolution:I want my money transferred from this fraud of an institution immediately to the place I requested, as I am losing money everyday that it is sitting with them.

  Business Response

  Date: 12/22/2022

  Transamerica appreciate the concerns of our participants and will reach out directly to resolve. 

• Initial Complaint

  Date:12/05/2022

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I have a D.B.P. account with Transamerica. Retirement Solutions. I should have received my first check by 10/1/2022. I turned 65 years old that month.That have all of the correct documents needed to start issuing my monthly check. They have agreed, three times, over the past three weeks, all required documents have been received. Three days ago, November 29, 2022, they informed me I'll know the status of it in ten days. Initially, they said I was to receive my check in mid October. Then they changed it to 11/25/2025. I spoke with another agent at ************* on 11/29/2020. He said I will not have an update for ten working days! Please, if you can't help, do you know of any options? I have a copy of the package that I have submitted to Transamerica dated 9/24/22. My telephone is *************. My secondary contact is ************************* for help! Please!*********************

  Business Response

  Date: 12/05/2022

  Transamerica has reached out to this participant to provide updated information and will be communicating directly with the participant to resolve.

• Initial Complaint

  Date:10/31/2022

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I opened a 401(k) account in September 2022 through my employer. I have had several 401(k)s throughout my years of employment and appreciate the pre-tax benefit that they offer. As an interim healthcare traveler, a 401(k) is optimal for me because I need to offset my tax burden. When I open the account, I assumed that this was going to be a traditional 401(k) with pre-tax benefits. No other account or option was discussed on the call to the customer service agent. However when my interim contract ended and I called Transamerica to arrange to rollover the funds to a traditional **** I was told that these funds were in a **** account! I was told that this is what I chose nothing could be further from the truth. The word **** was never mentioned and I never specified that I wanted these funds to be taxed. It is now too late for me to contribute to the maximum due to the fact that I contributed nearly $13,000 to a **** fund unbeknownst to me. I called the company to ask about this and they said they reviewed the transcript and that this is the option that I chose. This is complete fiction. I would never choose a **** account and the subject never came up. I would surmise that if this were the case, I would have been asked by their agent to clarify that this is my choice i.e. traditional *** versus ****. This conversation did not happen. I simply opened an account and assumed that it would be the pre-tax benefit.

  Business Response

  Date: 10/31/2022

  We appreciate our participant's concern and will reach out to her directly to resolve. 

  Customer Answer

  Date: 10/31/2022

   
  Complaint: 18333659
  
  I am rejecting this response because:I did not receive the notification by email or I would have addressed the problem immediately.  I contacted Transamerica by phone in December to increase my 3% PRE TAX contribution to a larger percentage.  I have had many 401K accounts and my primary goal has ALWAYS been to reduce my tax burden.  The phone conversation was recorded so the transcript will verify that I DID NOT ELECT AN AFTER TAX **** ACCOUNT.  I would have never chosen this option.  In addition, if this were the case, why didn't the Transamerica agent verify on the call that i was switching from pre-tax traditional 401K to a ****?  This absolutely did not occur and the transcript will illustrate this.  I am requesting a copy of the transcript so that I can achieve a clear understanding of why this occurred. I do understand that the process cannot be reversed, however to state that chose this option is grossly false.
  
  Sincerely,
  
  *************************

  Business Response

  Date: 11/01/2022

   Transamerica respects our participant's privacy and responded directly to the participant regarding these specific Items. 

• Initial Complaint

  Date:08/10/2022

  Type:Customer Service Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  This is regarding my accounts with TransAmerica (403b, Ascension Healthcare Employer Contribution Acct, Ascension Retirement HRA, 457B). I have made many requests to change my last name with TransAmerica for each of these accounts. I submitted the required form and copy of the marriage certificate on the website 3 times for each account. TransAmerica continues to revert back to using my previous last name (******). ****** is not legally my last name and should not be used. I have spoken to many individuals at TransAmerica (most recently ************** and *************** ). They all advise me that there is nothing they can do and that ****** is the only one that can correct the issue. I have requested to speak to ****** and they refuse to transfer me to him and they tell me that he will call me back. ****** never calls back. This is unacceptable and needs to be corrected immediately.

  Business Response

  Date: 08/10/2022

  Transamerica appreciates our participant's concern and will reach out to them directly to resolve. 

  Customer Answer

  Date: 08/10/2022

   
  Complaint: 17698231
  
  I am rejecting this response because:
  There is still no resolution and I would like the BBB complaint to remain open until TransAmerica provides me with a resolution. 
  
  Sincerely,
  
  ***************************

  Business Response

  Date: 08/22/2022

  Transamerica has responded and resolved this participant's concerns. This was completed after the date of this notice.

  Business Response

  Date: 08/23/2022

  Transamerica has responded and resolved this participant's concerns. This was completed after the date of this notice.

  
  

• Initial Complaint

  Date:07/26/2022

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Transamerica has completely dropped the ball on allowing us to withdrawal funds on a retirement plan due to financial hardship. Over two weeks ago we submitted all documentation to start the withdrawal and we were given notice that it could take up to 5-7 business days to receive approval and funds. After a week, we had still not received any update or funds. We reached out to the customer service and they noted that we had marked the withdrawal due to my husband being "deceased" when that option was never selected and we asked they look into the reason this would be showing up. Calling back a second time, due to them not calling us back with an update, they now informed us that his previous company marked him as "deceased" when he left the company. We have been told on every call with customer service that they will put an expedited request to get this changed since they are actively speaking with the owner of the 401k and he's not actually deceased. After calling five times to get a new update, and that being noted on his account, we've still not received any change or notice on when we will receive the funds. When we asked to speak to a manager or someone in charge of changing the account status, we were told no. We have no issue with calling the previous company and asking them remove the "deceased" from his account, but we've been given no instructions on how to remove this from his account on our end. His account on line has never shown he was deceased and he left that company in 2018! On top of him being marked as "deceased", me being the beneficiary on the account was never notified of this, which is unethical if he were to have actually been deceased and I needed the funds for his funeral arrangements or any remaining debts. This is unacceptable for a "retirement strategies" company in business since ****. The handling of retirement funds that are in fact the employees, should absolutely be accessible when hardships arise!

  Business Response

  Date: 07/26/2022

  We appreciate the opportunity to assist the participant with their concerns and will reach out to them directly.