Complaints
This profile includes complaints for Principal Financial Group's headquarters and its corporate-owned locations. To view all corporate locations, see
Customer Complaints Summary
- 316 total complaints in the last 3 years.
- 89 complaints closed in the last 12 months.
If you've experienced an issue
Submit a ComplaintThe 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:12/04/2023
Type: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.
Call them and asked **** why my funds have not cleared **** stated the bank rejected funds bc they couldnt find the account. Asked to verify and resubmit they refused to. Advised since they rejected it do to incorrect info or not found it couldve been a typo. Informed them I needed these funds for a hardship and could not wait **** business days for calls to get reviewed or check to arrive.
Business Response
Date: 12/05/2023
Thank you for forwarding. Principal will respond directly to the complainant.Initial Complaint
Date:12/04/2023
Type: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 lived in ************* up until 2019, now I live in *******. Since then I realized I had unclaimed money through *************. I filed a claim (claim number *******) through the *************************** of MA (aka UPDMA) referring to Delaware ************************* D/B/A Principal Trust (aka DCGT). My contact at UPDMA is *********************** *********************). ****** said my SS# doesn't match on the claim, however the name does, its just spelled wrong (my name is *******, they spelled it *******). ****** said I need to contact DCGT directly in order to correct my SS#, so I did. I ended up speaking ONCE to ************************************* *************) in October. ******** left me ONE voicemail since saying "she was still working on the case" and I haven't heard from her since. In the voicemail she claims she gave my information her contact in another department that handles these cases. She also said this person had to contact the parent company Principal Financial Group in DeMoines ****, who knows if she did because ******** never contacts me. ****** even called her multiple times, again no response. I called every week since, at least 2-3 times per week, still no response, I even gave her my email address, again, no replies. My claim is worth over $3000 so I would really like to see some progress in this case because its very irritating to have no communication from anyone at DCGT, ******** is my ONLY contact there and she has not helped me at all. I would like AT THE LEAST a response from ******** AND continued communication either by phone and/or email, her email address, her business address, another business contact from DCGT or the phone number of the person she gave my information to there because this seems to be taking way too long to resolve. ThanksBusiness Response
Date: 12/11/2023
I have spoken to ************* from the *************************** for the State of MA. The funds held by the state will be released to ********************* once the state completes its process. No further action is needed by Principal Trust Company.
*******************************
Principal Trust Company
Initial Complaint
Date:11/30/2023
Type: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 or about 11/8/2023 my Quicken product running on a Windows 11 system quit connecting to my Principal funds account and has not been able to download any information since that time. Principal does not appear to have anyone that can support and provide assistance for my issue/problem.Business Response
Date: 12/08/2023
Thank you for forwarding. Principal will respond directly to the complainantCustomer Answer
Date: 12/08/2023
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.
Sincerely,
***********************Initial Complaint
Date:11/30/2023
Type: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.
Sometime last year a company I worked for decided give us options on how we want to revive our pension plan I opted to cash mine out the said it would be 5 to 8 weeks from October 10 2023 I called on week 6 to see if they had tentative dispersement date and I couldnt get one fast forward to today 11-29-23 they gave me a date ***** which is one day past the 8 week **** so reading through most of the complaints it appears that they are holding everyones money to maybe earn interest off everyone it just doesnt make senseBusiness Response
Date: 12/08/2023
Thank you for forwarding. Principal will respond directly to the complainant.Customer Answer
Date: 12/12/2023
Complaint: 20934357
I am rejecting this response because:
Sincerely,
*************************** as of December 12 2023 I have not received any resolution to this matter however I did call them and still couldnt get an answer from them about my funds that they are supposed to distribute by December 13 2022Initial Complaint
Date:11/20/2023
Type: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 a recently retired ** Citizen living in *********. For the past 2 1/2 years I have been trying to have Principal Bank ( a department within Principal Financial Group) issue me my yearly IRA ************ payment by international bank transfer. I have spoken to many service reps seeking a resolution, and as of now I have yet to given a reasonable explanation why they cannot/will not transfer my money into my bank. In 2021, a check was sent to me as my first ************. However, since then ********** banks will no longer accept paper checks from overseas , and that the industry standard is direct deposit. I have explained this to Principal Bank, sent/resent all my banking information along with screenshots from my bank ************************* showing the international Swift Code for banking in Oz, yet still no luck. I cannot seem to escalate this issue above the service rep I am speaking to and I am in need of my money. I hope you can help. PS- The Australian zip code would not be accepted in your text box so I just used a local Iowa zip code . My zip code is ****, ********Business Response
Date: 11/24/2023
Thank you for forwarding the complaint. We will respond directly to the customer.Customer Answer
Date: 11/27/2023
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.This was done a few days after I submitted my complaint to BBB.Thank you so much.
Sincerely,
*****************************Initial Complaint
Date:11/02/2023
Type: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 a recent retiree of Principal and filed in early October to start my pension payments. I was told on a recorded line that my payments would start in October. I called today since my payments didnt start and was told they would begin in November. Obviously, I dont want to miss one month payment as thats about $2400 I was promised. They refuse to listen to the recorded line where in early October they told me my pension would start in October and asked me to confirm on the recorded line that I wanted my payments to start in October. Can you help me get my money Im owed? Some of their profits are tied into whether or not they make pension payments so unfortunately, I fear that they refused to make pension payments because it makes their profits better. Thank you.Business Response
Date: 11/02/2023
Thank you for forwarding. Principal will respond directly to the complainant.Initial Complaint
Date:10/30/2023
Type: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 fired and principal charged me $100 to roll the former 401k money out. I was never made aware of or agreed to this. I would like the $100 fee refunded.Business Response
Date: 11/09/2023
Thank you for forwarding. Principal will respond directly to the complainant.Customer Answer
Date: 11/09/2023
Complaint: 20796147
I am rejecting this response because:Have to see if it becomes resolved
Customer Answer
Date: 12/06/2023
Complaint: 20796147
I am rejecting this response because:I have not heard from anyone at Principal on this matter. Please refund the account closure fees that were not disclosed.
Sincerely,
***************************Business Response
Date: 01/05/2024
Thank you for forwarding. Principal will respond directly to the complainant.Customer Answer
Date: 01/05/2024
Complaint: 20796147
I am rejecting this response because:I haven't heard from anyone.
Sincerely,
***************************Initial Complaint
Date:10/30/2023
Type: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 enrolled into a 401k program through a third party. I never authorized any payments to be made on my behalf. They claim I was given an option to opt out of their services, of which I still have zero information on what those are. They do not have any documentation to show I authorized the third party to make payments for me, or to set up an account. I have requested a refund, since this money was effectively stolen. They have refused to issue a refund.All I want is a refund, my account to be closed, and all my identifying information purged.Business Response
Date: 10/30/2023
Thank you for forwarding. Principal will respond directly to the complainant.Customer Answer
Date: 10/31/2023
Complaint: 20793649
I am rejecting this response because: there is no substance to their message, just a promise to respond at a later time.
Sincerely,
*************************Initial Complaint
Date:10/27/2023
Type: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 a problem with how this business helps with hardship requests. I am unable to speak with the case worker and they send emails that do not explain exactly what is needed. I have to demand to speak with someone to give me an answer for my hardship documents because I continuously receive the same email saying the same thing but does not be in detail again on what is needed. I have asked for the same hardship recently in the past 3 months and have sent the same details and am consistently denied asking for the same documentation that I previously sent. I have to call several times and then ask for a supervisor to tell me if my documents are acceptable or not instead of this back and forth going on several times. I feel as if they do not want to help with Hardship issues and do not show any kind of sympathy or empathy for needing the help.Business Response
Date: 10/27/2023
Thank you for forwarding. Principal will respond directly to the complainant.Initial Complaint
Date:10/24/2023
Type: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.
Company is the holder of ********* Foods ESOP program. I was told by their employee one year ago that I was simply going to have to wait to get my money out. I call them after a year and the next employee tells me I "missed the window" of time that lets me get my money withdrawn. I was NEVER given a window or time frame. So, then I ask for the next time frame. They say another year and CANT GIVE ME A DATE! I want my money out. I already waited and did exactly what I was told to do by their own employee.Business Response
Date: 10/24/2023
Thank you for forwarding. Principal will respond directly to the complainant.
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