Complaints

This profile includes complaints for Principal Financial Group's headquarters and its corporate-owned locations. To view all corporate locations, see Find Local Branches.

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• 

  Principal Financial Group

  711 High Street Des Moines, IA 50392-0001

  
• 

  Principal Financial Group

  4010 W Boy Scout Blvd Ste 700 Tampa, FL 33607

• 

  Principal Financial Group

  PO Box 22347 Tampa, FL 33622

• 

  Principal Financial Group

  10200 Innovation Suite 800 Milwaukee, WI 53226

• 

  The Principal Financial Group

  1351 Page Dr. S. Ste. 204 Fargo, ND 58103

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:06/14/2024

  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.

  I have request a withdrawal from my 401k account and sent all the paperwork that were requested to do so . Is going to be 2 weeks now since ai fax over the papers and as of today this company ******** still has my money hostage. This is not right way of treating thair accounts holders since they clearly showed the lact of care , laziness or bad organization. When someone goes and take this route is probably because they are in need of their money and has no other opetion but to go this route since Im sure noone will pay penalties and what ever other fees your company will add in ***** to have their money transferred. I see Im not the only person they are doing this to and like to make other awareded to stay away from doing business with ******** as of the same with my emplyer since I already file a complaint with them so they can just use a better more reliable company and the company I work for is a huge company with employees all over the work , not just US is all over and the great thing is they do listen and do whst is best for their employees. Stay away from principal if you reading this , if yoir life dependen on your money or to stay away from becoming homeless you are for sure dead or homeless waiting on them to do a simple transfer.

  

  Business Response

  Date: 06/21/2024

  Thank you for forwarding.  Principal will respond directly to the complainant.

• Initial Complaint

  Date:06/14/2024

  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.

  When I rolled over my 401k to an *** I was charged 2 separate $100 fees. Please provide an agreement whereby I agreed to these fees and on what date said agreement occurred. I was also not provided an option to rollover the 401k to the *** "in-kind" and thus incurred an unrecoverable loss. I was financially harmed by $200 in undisclosed fees and several hundred in an unrecoverable loss in the **** 401k.I would like the $200 in fees refunded as well as to be made whole for not having the option to rollover the assets "in-kind."The contact information from my former employer account is no longer valid, please use the email address from this complaint.

  

  Business Response

  Date: 06/14/2024

  Thank you for forwarding. Principal will respond directly to the complainant.
   
  
  

  Customer Answer

  Date: 06/21/2024

  I received some sort of secure message to my email on 6/14 but am unfortunately not able to read it.

• Initial Complaint

  Date:06/13/2024

  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 called on Tuesday to pull money from my Retirement. I spoke with a representative who was very pleasant and patient. I told her what I needed to do. She asked me how I wanted to receive the funds. I told her direct deposit. I put in my information, and was told that they did not deposit to my bank. So I opted to receive a check NEXT DAY. This fee was $25. My check should have been here yesterday which was Wednesday. Today is Thursday, and I am STILL waiting. I called today and spoke with a representative who I told what my issue was. I asked for her supervisor. She then put me in touch with ******* then told ****** my issue. She informed me that requests made after noon would not be processed until the next business day. This information would have been helpful the day I made the request. This is the second business day, when I paid for overnight delivery of my funds. ****** told me there was nothing she could do. I then asked for her supervisor. She told me she was the supervisor. I said no maam you have a supervisor that you report to, who would that be? She told me she was. I asked her 5x who her supervisor was. She told me ************ asked for ****** last name she told me they dont do that. I told her it was not fair to me that I was NOT informed about a cut off time, but was charged $25 for a check that I was expecting to be here yesterday, and here it is on day 2 and I still dont have my money. She told me she would review it with the associate and that it was good information to know. I requested $1900.00 and paid $10 for the check, and $25 for it to be overnighted. I want my fees refunded to me.

  

  Business Response

  Date: 06/21/2024

  Thank you for forwarding the complaint. We will respond directly to the customer.

  Customer Answer

  Date: 06/21/2024

   
  Complaint: 21845357
  
  I am rejecting this response because:

  I was not informed that I would be receiving my check TWO business days after I requested and PAID to have it overnighted. 
  I want the fees associated returned to me.
  
  Sincerely,
  
  ***************************

  

  Business Response

  Date: 06/27/2024

  Thank you for forwarding the complaint. We will respond directly to the customer.

• Initial Complaint

  Date:06/12/2024

  Type:Billing 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.

  I can't log in to my account because of the Authenticator requirement!!!! You are talking to an elderly lady here and I have tried TWO different authenticator apps and every single one of them wants me to scan a QR code! WHAT QR CODE? There isn't any! It is after hours so I CAN'T call anyone!! I haven't been able to log into my account in over a year, make that nearly 2 years! I spend 3 hours arguing with a stupid bot that is just making me mad!

  

  Business Response

  Date: 06/18/2024

  We apologize for the member's frustration with the log on process.  Principal takes privacy very seriously and the authentication process is to protect our members.  We have made multiple attempts to call out to the member to assist with the authentication, and have left messages however we've not gotten a response.  At the bottom of the log in page is a 'Trouble logging in? Get Help' button.  That takes one to another page where 'Individuals' is listed and provides options for help, including login in help which also includes help with the authenticator.  We understand that a call was likely needed, and our team is trained to assist.  We would be happy to assist.   Member should call ************, Monday through Friday 7 a.m. - 7 p.m. CT. 

• Initial Complaint

  Date:06/10/2024

  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.

  Cannot Access my **************** up by a former employer. Account number ************. All the literature they send in the mail leads to a dead link. Their Create New account ALWAYS fails the verification of ID despite me having an in-date, Valid State ID (I should know I just had to downgrade from my DL a few months ago). They have no Customer Support over the weekend and I've been attempting to get ahold of them for several months.

  

  Business Response

  Date: 06/21/2024

  Thank you for forwarding the complaint. We have responded directly to the customer.

• Initial Complaint

  Date:06/07/2024

  Type:Product 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.

  On May 16, 2024, I mailed my IRA ******** packet to Principal. On May 21, 2024 they signed the return receipt. On May 23, 2024, they indicated that they are mailing a check that should arrive in five days. It is now 10 days later and no check. Calls to Principal indicate that they wait 10 days before issuing a new check. THIS IS UNACCEPTABLE. GIVEN THE NUMBER OF COMPLAINTS HOW IS PRINCIPAL STILL RATED A+??? I plan to file a complaint with the SEC and the ***********************

  

  Business Response

  Date: 06/10/2024

  Thank you for forwarding.  Principal will respond directly to the complainant.

  Customer Answer

  Date: 06/10/2024

   
  Complaint: 21816810

  I am withholding my acceptance/rejection to their reply pending resolution of my demand.  Principal has been in touch this morning (June 10, 2024) and states they are working on a resolution to include reissuing the check and sending Overnight mail at their expense.  I will further reply once we receive the check.  NOTE: as of today, June 10, 2024, the original check has not been delivered. If/when the original check is delivered, I will compare check issuance and postmark dates to see whether the written representations are accurately represented, and report my findings.
  

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

  

  Business Response

  Date: 06/25/2024

  Thank you for forwarding.  Principal will respond directly to the complainant.

  

  Business Response

  Date: 06/25/2024

  Thank you for forwarding.  Principal will respond directly to the complainant.
  

  
  

• Initial Complaint

  Date:06/07/2024

  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.

  I am filing this complaint because my husband had TWO life insurance policies with Principal. A check was mailed to Principal for March payment, but was lost in the mail due to the new facility in ********, ** (mail has been a nightmare). Principal cancelled the policy on 3/1/24 because they "had not received payment." They also sent a letter concerning this "missed payment" dated 3/1/24 that was lost in the mail that I didn't receive until May 2024. They CANCELLED my husband's policies, account number ******************, WITHOUT A PHONE CALL - just a lost letter in the mail. I am furious because everyone I've talked to refuses to re-instate his policies (as this was no fault of my husband and I). After 16 years with this company, this is how we are treated- UNACCEPTABLE. We have paid close to $7,401.60 of our hard-earned money to just be dropped suddenly, when we aren't at fault! This is especially frustrating, as my husband works in Law Enforcement, and he puts his life on the line for others as a first responder every single day! I hope to speak to someone from Principal, but I'm not optimistic. Ideally, I'd like for the account and policies to be reinstated, along with 6 months credit for their unjustified cancellation of my husband's policies but would take 4 months credit toward the account with reinstatement.

  

  Business Response

  Date: 06/14/2024

  This is in response to Complaint filed by *************************, dependent of member/cerfiticateholder *************************.   

  ******* had ported his Voluntary Term Life benefit upon termination of his coverage under his employer.  This ported policy terminated on April 4, 2024 due to non-payment of premium for the month of March 2024.   It is correct that a payment was received June 4, 2024 but this was well beyond the 30 day grace ****** for March premium so the ported policy remained terminated.  

  Upon receipt of this complaint or inquiry, we did discover that ******* had been rehired by his prior Employer and has been covered by that group policy for Voluntary Term Life, with an elected dependent benefit since July 1, 2021.  As stated in the attached booklet of *******' ported policy, page 5, " In no circumstance will you be eligible for Member Life Insurance und the Group Policy ( the ported policy ) if you are eligible under any other Group Voluntary Term Life Insurance Policy underwritten by Us ( Principal ).    Also stated on page 7, Termination :  Your insurance will cease the date you become insured again under the Prior Policy as a Member.

  Principal never received notification to terminate the ported policy, however we will now terminate this back to 7/1/2021 and refund all premiums.   ******* is not eligible to keep his ported policy upon his being rehired by his previous employer.  

  The member should expect this refund to be received within the next 7-10 business days.  

  *******************, Manager | Principal | Benefits and Protection Group Administration | ************   ******************************************

   

• Initial Complaint

  Date:06/05/2024

  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.

  I was employed by a company that left the ***. I had financial problems during the pandemic and this job did not rehire me. I am going to make a complaint about them as well. But principal sent a letter that I received on Friday May 31 st in which was before June 1 st. When I called principal they could not give me my money nor give me the proof of delivery that they sent to state property. I contacted them because of it being that they told me that is where it's going to go. Yet since I called before June 1 st followed up and left messages on Friday May 31 2024. When I spoke to them today I told them I was contacting BBB.they had called me back today but I cannot pick up phone when I'm working and they did not leave a voicemail. They made it difficult for me to collect my money and also I lost the employee contribution. This is wrong. I worked hard and I'm going to make a complaint about HR Illy I do not like the fact that during the pandemic I had no idea I couldn't take the money or transfer it. This was because of illy. But then they took the contribution back and I'm stuck with a less amount. And when I spoke to a live person at principal they did not have or give me the proof of delivery. I made the calls before June 1 2024. I am 67 a senior and could really use the money even with employer keeping my contribution. I am wanting the check and never has anything been sent back to them. My PO Box 1023 I had had it for 3-5 decades. So why couldn't they just send the check. I feel this is wrong. Very wrong and the employer contribution where does that go ? Lost property sees the amount but no proof of delivery. I will be calling tomorrow. They never had the proof of delivery. Plus they called me back. I was at work and spoke to a live person woman that is sending the forms back to me. I want my check.

  

  Business Response

  Date: 06/06/2024

  Thank you for forwarding. Principal will respond directly to the complainant.
   
  
  

  Customer Answer

  Date: 06/11/2024

   
  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.
  
  Sincerely,
  
  ***********************

• Initial Complaint

  Date:05/29/2024

  Type:Product 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.

  I no longer want to contribute to this account and would like to withdraw the money that I've contributed. Had I known there were so many complaints about this company I would not have agreed to save with them.

  

  Business Response

  Date: 05/29/2024

  Thank you for forwarding. Principal will respond directly to the complainant.
   
  
  

  Customer Answer

  Date: 06/04/2024

   
  Complaint: 21773660
  
  I am rejecting this response because: no one has reached out to me to attempt to rectify the situation.
  
  Sincerely,
  
  *************************

  

  Business Response

  Date: 06/06/2024

  Thank you for forwarding. Principal will respond directly to the complainant.

• Initial Complaint

  Date:05/28/2024

  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.

  I attempted to withdraw and close the account. Made several back and forth calls to multiple"specialists" who could give no helpful info other than We need you to answer security question. Now this account is 10 years old or more, the Questions are not great questions but that is only part of the issue as security questions are often prone to not working as intended, they refuse to allow me to use my driver's license, passport, or SSN as alternatives to prove who I say I am. I even asked about a coming into a physical location and was given no location, told they wouldn't help me without answering the security questions, asked to speak to someone higher up... can't security questions. All I wanted was to withdraw and close. I spent over an hour on the phone getting little but regurgitated "security questions" nonsense. Even tried logging in to their site and I apparently have an online account but when I go to recover it I can't and they tell me to call the help line which leads to the "specialists" issue all over again.I even contacted My old job's HR department and they told me they store nothing about anything related to Principal. So I can't log in online, the "specialist" can't/won't help me, and my old job can't help me.

  

  Business Response

  Date: 05/29/2024

  Thank you for forwarding.  Principal will respond directly to the complainant.

  Customer Answer

  Date: 05/30/2024

   
  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.
  
  Sincerely,
  
  *****************************