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

  575 7th St Des Moines, IA 50392-0002

  
• 

  Principal Financial Group

  4555 Lake Forest Drive Suite 230 Blue Ash, OH 45242

• 

  Principal Financial Group

  1110 Montlimar Dr Ste 250 Mobile, AL 36609

• 

  Principal Financial Group

  4141 Parklake Ave Ste 400 Raleigh, NC 27612

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:09/12/2023

  Type:Customer Service 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.

  Hi,I have been trying to log into my Principal Financial 401K account for over 3 weeks. The Mutli-Factor Authentication phone number that principal is trying to send me is not a phone number that I have ever owned. I have explained this to their customer service team multiple times and they have made no progress nor have they provided any updates on the status of the resolution.Principal's 401K programs is managed entirely online. Not having access to monitor and control my finances is not acceptable. This is a major flaw in their security protocol and the responses have received today are gross inadequate for a 401K provider.

  

  Business Response

  Date: 09/12/2023

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

• Initial Complaint

  Date:09/11/2023

  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.

  I have been working with Principal to receive retirement funds after I was terminated from my previous job. After a month and 5 representatives, all with conflicting stories, I am being told my funds were sent to another company by **** who is a supervisor with Principal. Principal assured me after the funds were not direct deposited as requested a physical check was sent. But now **** is saying that was never the case or an option.

  

  Business Response

  Date: 09/14/2023

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

• Initial Complaint

  Date:09/11/2023

  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.

  Principal Financial Group holds my ESOP account from my former employer ****** and Associates. I separated from ****** in June of 2018. presently, My account has *********, and I am 40% vested for an amount of $14,710.16. The paperwork I have been receiving over the years says that I am eligible to receive my vested portion five years after terminating from them. The five years were up this past June. When I called Principal , I was told that I will only be eligible in September of ****, that is going into the seventh year after separating from my company.Furthermore, when I log into my account, it looks like it has been frozen, I cannot access it. It appears that there are some deceptive trade practices at play.all the paperwork that I have been receiving from ****** since my termination say that after five years I will be able to access my account

  

  Business Response

  Date: 09/22/2023

  Thank you for forwarding.  Principal has responded directly to the complainant

• Initial Complaint

  Date:09/11/2023

  Type:Order 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.

  My reason for this contact is to inform and advocate for all innocent hard working citizens and caring employers. For fifty years our small town had a community manufacture by the name Biltrite/Warco, which employed over half of our neighbors and church. My deceased husband worked for the facility 29 years. Unfortunately in 2019 he passed away. Shortly there after the human resource department at Biltrite contacted me to inform that i should be eligible to receive a widows benefit from my deceased spouse and encouraged me to complete the necessary paper work. I went into their office and they helped complete this paper work. Shortly there after i began receiving monthly payments in the amount of $ ****** per month. Received payments for three years. Unfortunately, around 2020 Biltrite went out of business, turning over their business affairs to a dishonest, corrupted company name Principal. Every since this company take over the business affairs have been unorganized, uncaring and very dishonest for the peoples that have worked hard and invested their money and hard working years to a company. My complaint is about the letter i received on August 28,2023 (alone with three other widows in my neighborhood) stating that i (we) were no longer eligible to receive my (our) deceased spouse widows benefits due to the spouse opting me out of the benefits and due to those reasons the money I was paid will have to be repaid to Principal. I'm asking that all working citizens and good companies be warned of this abusive, untrustworthy, lying company. The company and all it's employees should be vetted before they are allowed to be hired into another institution that deals with the citizens money, wages and benefits. My heart aches for the innocent out their like me and my husband sacrificed and went to work for 40 years of our lives just to fine at the end of our retirement their is a lazy, disrespectful, embezzling company preying on what u worked for.

  

  Business Response

  Date: 09/11/2023

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

  Customer Answer

  Date: 09/11/2023

   
  Complaint: 20582101
  
  I am rejecting this response because: Talked with ****** by phone today. Stated she would put in writing what was talked about and mail this information to me to view
  
  ***********************************************

  

  Business Response

  Date: 09/12/2023

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

• Initial Complaint

  Date:09/07/2023

  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.

  Date: 07/05/2023 I was employed at *******.com between 05/2023 and 07/2023 (end of month). At that time I was covered by Principal dental insurance. I received a letter from HR at Silo confirming that I was employed and covered. However, principal is now pretending that they cannot find my insurance. I should not be billed for dental care I received under insurance.

  

  Business Response

  Date: 09/07/2023

  Due to privacy concerns we will respond directly to our member. 

  *******************************

  **********************************************************

  Customer Answer

  Date: 09/08/2023

   
  Complaint: 20565053
  
  I am rejecting this response because:

  I have authorized a hipaa release, and I have attempted to communicate with this dishonest business many times. They have given me the runaround in lieu of offering a solution. Since I have authorized this hipaa, i would prefer to retain BBB's help in finding a solution, because communicating with the business directly has not worked.

  Furthermore, this response does not address the complaint. I find it very dismissive. The company also has not reached out to me about this issue prior to posting this response.

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

  

  Business Response

  Date: 09/08/2023

  We are attempting to assist the member with this matter. We sent the member a letter on 9/8/23 which addresses the complaint. We included a direct contact number and information as we desire to resolve the concerns. 

  *******************************

  **********************************************************

• Initial Complaint

  Date:08/31/2023

  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 started with my company in April of 2023. I received a letter from this company letting me know that I would automatically be enrolled in the 401k program. I immediately called the number and spoke to an agent who tried to get me to keep the account open. I told him I wanted to opt out and he said that he would put notes in the system. Now months later they have stolen almost 2k from my paychecks and since I do not get paycheck stubs I did not notice. I called them and they informed me that no notes were in my file. The lady I spoke with TRIED to quickly get off the phone until I demanded proof of my call and change. Then she went through the correct process. I want my money back that was stolen from me by this company.

  

  Business Response

  Date: 09/01/2023

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

  Customer Answer

  Date: 09/01/2023

   
  Complaint: 20549483
  
  I am rejecting this response because: they are making no effort to correct the complaint.
  
  Sincerely,
  
  ****************************************

• Initial Complaint

  Date:08/23/2023

  Type:Order 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.

  On June 27th I requested a complete 401K withdrawal from Principal Financial, our employee 401k server. I requested the **** year old withdrawal as I was ********************************************************************************************** 3-5 business days. It's now Aug 22nd and no one can tell me when or if I will ever get my money. All Principal tells me, my investment, Principal U.S. Property Separate Account is frozen and no one knows when the money will be released. It could be 6 months or forever. I could never see my money. I can't transfer it or anything. I just want to make sure investers and employers stay away from Principal Financial. Why offer an investment if the investment can never be accessed?

  

  Business Response

  Date: 08/25/2023

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

  Customer Answer

  Date: 08/28/2023

   
  Complaint: 20507725
  
  I am rejecting this response because: Principal Financial employee ******* called me and left a voice messegeand I have returned the call with a voice message. So I have not spoken to anyone.
  
  Sincerely,
  
  ***********************

• Initial Complaint

  Date:08/09/2023

  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 have had this life insurance policy for 19 YEARS. I have never been late. I did not receive my bill for *** so I just mailed in a check without the bill. My check was cashed. I called on July 27th (a 26 minute phone call) stating I had not received my bill. They say sorry, your policy has been canceled. I talked to 3 supervisors, the same story. Sorry, this cannot be reinstated. I mentioned I never received a past due notice, or cancellation notice, nothing from them. I was so upset. I called back on August 2nd after speaking with my husband. Another 32 minute phone call. They tell me the last bill they sent was on 3/30 - so you took my April check AND my *** check and CASHED THEM BOTH. They were not returned stating the policy was canceled. They then tell me they are sending a refund check for my monthly premium. The check was dated 8/1/23 - 4 days AFTER my first phone call. WHY did they cash my checks if this was canceled? Were they EVER going to notify me. I realize it is my responsibility to pay my bills, but again I did NOT receive any bill from them. NO communication at all. I have never been late in 19 years of having this. How convenient to "say" they mailed me something, I have no way to prove it. They can be canceling a ton of policies like this and making a lot of money - as we cannot prove we did not receive a bill. I said I would pay an entire year up front, or get enrolled in auto-pay to make this right. This is an inexpensive bill, there's no reason for me not to pay it. They would not listen to me at all - just kept telling me, once it lapses it is canceled and cannot be reinstated. I can see if I had a history of being late, but NEVER in 19 years and they do this to a long term customer - I feel this is unethical, and would like my policy reinstated.

  

  Business Response

  Date: 08/09/2023

  We have reached out to **************** for additional information to determine the type of life insurance coverage she referred to in her complaint.  Once the policy type has been properly identified, we will refer the complaint to the appropriate area and they will respond directly to *****************  

• Initial Complaint

  Date:08/02/2023

  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 401K with Principal Financial. On June 22nd I decided to move a portion of my account from my 401K to a self directed **** This is an in house transfer within Principal. On July 11, 2023 the transfer had not taken place and I decided to move all my funds to Fidelity. At that time I sent the request via their online system, sent a fax and also mailed them a letter. It is now August 2, 2023. I have received $274,484.67 but am missing $90,9600.I have talked to probably a dozen representatives at Principal and they all state the problem will be taken care of immediately and absolutely nothing has happened. At this point I need to have my money sent to ******************** and they have all the correct information. I would also like to be compensated for the interest I've missed out on during this time from which would be the increase in the S&P from June 22 - the date they finally send my money. From my perspective they are making a tidy sum of money sitting on my cash and have absolutely no intention of sending it to me. There has to be some law/statute regarding how long they can keep my funds.Please let me know what you can do to help resolve this situation.Thanks,*****************************

  

  Business Response

  Date: 08/03/2023

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

  Customer Answer

  Date: 08/03/2023

   
  Complaint: 20412569
  
  I am rejecting this response because:

  I have received no communication from Principal Financial and they still have my money.  As of right now nothing has changed.

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

• Initial Complaint

  Date:08/01/2023

  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 havent been able to get access to my own *** funds for over a year. I have sent documentation to Principal bank multiple times, I sent a notarized document, I gave everything they asked for including personal information such as NIT, SS and ID# etc.. I still cant access my account. I spoke to different agents who told me that I only needed to give my social security which I did. I was starting to doubt giving this information over the phone. I spoke to another agent who told me they dont ask for this type of information over the phone and I called the same numbers Ive been calling ************ and ************. Im very concerned for sharing all this information over the phone, email and website. Some agents tell me wrong information while others tell me I should be able to access my account. Last call, I spoke to a supervisor who explained to me that I would only need to fill out one last document and she explained each line of it. I went ahead and submitted this document. Still, got another notification saying that they needed more information. Im very frustrated and upset for the type of experience, all the time invested and the hassle Ive been put through and still no resolution. I understand its for security reasons but, a notarized document and other personal numbers sent would have been enough. I dont know what else they want from me. They are not clear about this. All I need is to access my own account.

  

  Business Response

  Date: 08/10/2023

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

  Customer Answer

  Date: 08/15/2023

   
  Complaint: 20403623
  
  I am rejecting this response because:
  
  Sincerely,
  
  ********************

  Customer Answer

  Date: 08/18/2023

  I havent received any communication from part of the company to provide a resolution to my issue 

  

  Business Response

  Date: 08/29/2023

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

  

  Business Response

  Date: 08/30/2023

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