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

  2200 Riverchase Ctr STE 620 Hoover, AL 35244

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:06/27/2023

  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.

  May 9 - made the request online for the funds to be transferred to a ***************.May 11 - called and requested to change my transfer from the original *************** to a traditional rollover **** The representative I spoke with confirmed that the change was made and I didn't need to do anything else.May 18 - receivedemail that the transfer request was complete.May 19 - received email from Principal that the distributionhad been processed.May 25 - the firm holding my *** accounts received the check but it was written to my *************** and not the rollover *** as I had requested.June 12 - spoke with my new company about the incorrect transfer and they said I needed to request a letter from Principalthat it was sent to the wrong account.June 14 - called and spoke with a Principal rep who was not helpful and said that all they can do is provide form lettersbut that they can review the call on May 11. He keptme on hold for 45 minutes, spoke with me for 5 minutes, and then put me on hold again for over an hour. Idid not speak to him again when I needed to hang up. I never received an update on my issue.June 27 - called again and spoke with a Principal rep who said my request was resolved on 6/20 and that they are not responsible andthat the change I requested on 5/11 was not a guarantee. They are unwilling to help me any further.After the first rep I spoke to, the other two reps refused to actually listen to what I was telling them and would speak over me. There also seems to be misinformation given to the representatives as one told me one thing while the other told me another thing and the third said the other two were both wrong. Their training definitely needs to be unified and I think all of their reps could use a refresher in customer service.I am so glad I no longer have my retirement account with ******************** and am now with a company that actually treats me like a human being and not just a number.

  

  Business Response

  Date: 06/27/2023

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

• Initial Complaint

  Date:06/27/2023

  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.

  06/23/2023 Took a loan from my 401K account and deposited the check into my bank account. The funds were then removed from my account due to ******************************************* not funding the check. This is my 3 day trying to find the answer to what is going on? I am told that a department is researching it. Principal continues to say that the funds have been paid and they do not know what happened.

  

  Business Response

  Date: 06/27/2023

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

• Initial Complaint

  Date:06/22/2023

  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.

  In May, I called to pay off my 401k loan that was a little over $800 at the time. I 1st called to get the pay off quote & advise that my dad would be paying it off, & asked if there would any issues, and was informed that there wouldnt be. I later called to pay it off. I informed them that I was looking to pay off my loan and initiate a new loan. After spending countless days going back on forth on this, and trying to allow my husband to pay it off. That is when I was told no one else could pay the loan off, unless my name was on the bank account. At the time, my bank account had just had fraud activity and my husband and I were still waiting on his bank to finalize our joint account. So, he was going to pay. Since, I was earlier told it would be ok for him to do so. However, the next rep and supervisor informed that was not so. The supervisor then provided a mailing address for me to do a certified check or money order. I decided not to go that route and wait until the bank account got situated. I called on Friday 6/9 to pay the loan off at just shy of $780. I again, informed I wanted to pay off a loan and initiate a new one. The rep advised that the payment would not process on their end until M/Tues next week and there would be an 8 day period before a new loan would be initiated. When Monday came, I checked and it still showed a loan balance. Tuesday it showed no balance, but the new initiation date showed October. So, I called again, asking them to confirm the date I can initiate a new loan, the rep said it would be 8 days. I then told her what I was seeing and she went to check, and the call dropped. Next rep, same thing, then later said it looks like October. Next rep, same thing. I informed them that multiple people told me 8 days. I need my money. The only reason it was paid was due to false information that was provided. I want this refunded ASAP, as Im now in a rut bc I cannot take another loan. I keep getting the run around.

  

  Business Response

  Date: 06/22/2023

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

  Customer Answer

  Date: 06/22/2023

   
  Complaint: 20218003
  
  I am rejecting this response because I cant get anyone to actually tell me anything. Ive been told since Thursday last week that I would get a call from a supervisor. Ive gotten the run around and have reached out to this business continuously about this without resolve. They have recorded calls for every phone call. They are more than able to review and hear the information I was told. I did not authorize the transaction made on my account under these new terms. 
  
  Sincerely,
  
  ***************************

• Initial Complaint

  Date:06/21/2023

  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.

  I am very disappointed in the service I received from customer service. i have been attemptingto remove my 401k and ESOP funds.During this time I always had to spoke to someone different and the response was always quite different. It seems no understood the vesting table or policy.I spend more than a hour for each call. I been yelled at and spoke with no regard. I trust this is not the way That Principle Financial Group wishes to conduct business with customers. To resolve the problem, I would appreciate aprompt response. I have recorded conversations dating to last year.I look forward to your reply and a resolution to my problem. Please contact me at the above email address or by phone at504-816-0895.

  

  Business Response

  Date: 06/22/2023

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

  Customer Answer

  Date: 06/22/2023

   
  Complaint: 20217016
  
  I am rejecting this response because:

  I am requesting transparency, accountability and response to potential new customers and current.

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

• Initial Complaint

  Date:06/21/2023

  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.

  My father had a retirement account with ******************************************* (***************). I am the exectuor of his estate. I submitted proof of his death (death certiifcate) over a year ago. Principal did not initially provide informatrion about all of his accounts. Specifically, he had an account with over 400k, that they did not disclose to me as exectuor. I only learned of it when I recieved a statement from ******* ****** who managed the account. Had I not recieved that statement, I'm not sure I would have ever been alerted to the account. They have not provided any communication about the account even after it brought was to their attention. I have repeatedly asked to recieve a call from someone who can explain the situation, and I have been told a callback is not possible.

  

  Business Response

  Date: 06/22/2023

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

• Initial Complaint

  Date:06/08/2023

  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.

  I received a disability payment from Principal in December 2022. The payment was a bulk amount. I wound up returning to work a week early. I need to repay a portion of the original disbursement. However, they are requiring physical payment only in the form of a check or money order. That is a huge inconvenience to me. I requested an alternate payment form because I am more than happy to pay via ACH, online billing, or over the phone. They are refusing to accept any of these forms of payment. This is unacceptable that they do not accept other forms of payment.

  

  Business Response

  Date: 07/05/2023

  Principal Life Insurance Company takes our responsibility to protect our customers confidentiality very seriously. Therefore, we responded to the claimant directly. We reached out to her telephonically several times to discuss alternate payment options and followed up with a certified letter on 06/29/23. Please let me know if you have any further questions.

• Initial Complaint

  Date:06/07/2023

  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 left my place of employment ********************** in August of 2022. I cashed out my 401k with Principal, receiving some of my money, and was told I would have to wait until they processed the **** Property Separate Account I had with them.Here it is almost 10 months later and they have still not closed it out. I have reached out several times and they always tell me that it has not been completed yet.This is my money which I am trying to move over to my ************** program. It seems like there are a lot of complaints about them with this same issue.

  

  Business Response

  Date: 06/07/2023

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

• Initial Complaint

  Date:06/05/2023

  Type:Order 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 temporarily disabled on April 6 2023. I have since been trying to get my short term disability claim processed through principal. They have even back dated my claim to when I had Covid in Jan 0f 2023. They have kept giving me reason after reason and promise after promise. I paid for the insurance to help in the event I had an issue with my health. Worse business ever. I am at risk of losing my home.

  

  Business Response

  Date: 06/07/2023

  Good afternoon:

  This is a response to complaint #********. Principal Life Insurance Company takes our responsibility to protect our customer's confidentiality very seriously. Therefore, we will respond to the claimant directly. Based on my initial review of the claim in response to her complaint, it appears all decisions/reviews of her claim to-date, have been in accordance with ERISA and state timing guidelines. Please let me know if you have any further questions.

  Sincerely,

  ************************ |  Senior Claim ************************************** IDI Claims
  Principal | **********, ****  *****
  Phone: ************
  Connect with ** on ******* | ******** | www.principal.com

• Initial Complaint

  Date:06/05/2023

  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.

  Requested a 403b roll over check from an employer sponsored account managed by ********************** approximately May 8, 2023. Principal Financial Group provided emailed status reports and said the check was was processed May 10th. Today is June 4th and I still have not received this original check. On May 26th, I contacted Principal to inform them that I had not received the original check and they agreed to send out a replacement check. I have not received the replacement check nor has it showed up on **** informed delivery. I am not confident at this point that the answers that I am getting from Principal Financial Group have integrity.

  

  Business Response

  Date: 06/05/2023

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

  Customer Answer

  Date: 06/07/2023

   
  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:06/02/2023

  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 am close to retirement and started looking at where my pensions are. I reached out to WF because they were the last ones I knew that had my pension from ***** Paper but they did not respond. I then spoke to one of my old co-workers and they said Principal took over the account. So I reached out to Principal beginning in December and again several times after that, with little response from the business. So if I understand what should have happened, **************** should have sent me a letter stating the change to Principal and then Principal should have sent me a letter stating they were the new provider of the pension. Neither happened so now I can't get anyone to send me the information that is rightfully mine for what they owe me. If Principal is the Guarantor of my Defined Benefit Plan, why haven't they provided me with the information for me to set up my payout, like Vanguard did initially?This should not be difficult and they don't have the right to withhold my money.

  

  Business Response

  Date: 06/05/2023

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

  Customer Answer

  Date: 06/05/2023

   
  Complaint: 20136344
  
  I am rejecting this response because: 

  The company sent me a link to set up an account.  Clearly, they have not taken this seriously to take the time to research and get my pertinent information so they can create a unique ID for me to create an online profile.  Once again, they and ***** Fargo don't want to follow through on good business practices to ensure the account is secure and they are doing right by the customer.  You sent other people letters to their home; why are they discriminating against me?
  
  Sincerely,
  
  *************************

  

  Business Response

  Date: 06/07/2023

  Thank you for forwarding. Principal has responded directly to the complainant by phone call,leaving voice messages with a customer service point of contact and their direct phone line, to assist the complainant with their inquiry.