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 has 46 locations, listed below.

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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

  Indianapolis, IN 46268

• 

  Principal Financial Group

  1110 Montlimar Dr Ste 250 Mobile, AL 36609

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:03/17/2023

  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 2007 a Universal Life III Insurance policy account number ******* was purchased from **********************. On 3/16/2023 a call placed to PFG unveiled facts which indicated the policy was not a universal policy but a trumped up term life insurance policy with little to no growing cash value. Not only was there no cash value but the ability to obtain a loan on the policy was null and void also. Further review showed this was the case for policies purchased for myself and my spouse. PFG should be investigated for for selling universal life insurance policies as such. Facts provided about whole and universal life insurance were misleading including the benefits and performance of their product. A refund should be issued for the entire policy amount to the consumer.

  

  Business Response

  Date: 03/23/2023

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

• Initial Complaint

  Date:03/17/2023

  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.

  We spoke to a guy ther eand we was going to roll out esop into a money market account. And they said they did everything. And this was in Nov. 2022 and the money was suppose to be in our acct. Beginning of Feb. We called the third week of Feb 2023 and they said everything was okay. It was just going slow. Today they called and forgot to do something and they said they sent a a form which we never received. That was a dated form. You think they would of sent it cert. Mail. But no they did not. And today they called and said sorry you are out $180,000. Till next year. My husband is very ill and may not be around till then and the money will be cut in half if he is not alive. This is so wrong. They never sent us this letter and they did not carem even the manager said sorry.

  

  Business Response

  Date: 03/17/2023

  Thank you for forwarding this complaint. Is the account number under *********************** or another name? Is the account number available?  Thank you.

  

  Business Response

  Date: 03/17/2023

  Thank you for forwarding this complaint. Is the account number under *********************** or another name? Is the account number available?  Thank you.

• Initial Complaint

  Date:03/09/2023

  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've tried to rollover my 401K for Principal from my previous employer to my new employer's 403b plan. My Principal account number is ******. I've started the process on 12/28/2022. and I've also tried to submit the same request second time on 02/01/2023. Both TIAA and I tried to contact the Principal but did not get response. In the meantime, I also tried to call their customer service line on ************. But the representative are not able to provide me the update about the progress.

  

  Business Response

  Date: 03/09/2023

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

• Initial Complaint

  Date:03/08/2023

  Type:Sales and Advertising 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 filed for a hardship withdrawal from my 401K and supplied the necessary receipts and quotes from my orthopedic surgeon. They are refusing to disburse the full amount required ( in this case only the qouted amount and not what i had to pay with a credit card ). So with that being said i will not be able to move forward with my surgery until i can get the full amount as i will still have follow up work to be done as well as medication and no way to pay for it .

  

  Business Response

  Date: 03/08/2023

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

  Customer Answer

  Date: 03/08/2023

   
  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:03/01/2023

  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.

  Total disbursement is incorrect. Tried to speak with 5 different managers and supervisors and no resolution. I filed 5 complains in their web site and no response. I have Written several messages in their own ******** page and no response. I am unable to speak with someone or get a referral so I that can solve my dispute so far, even when insist they hang ** in **** am trying hard to get their attention , but I believe they are using discrimination and they are getting away with it.I just need a someone knowleable and respectful to attend to my request and fix this dispute. And would like for this company to be in the radar for bad business practices!!

  

  Business Response

  Date: 03/13/2023

  Thank you for forwarding. Did the consumer supply either the account number or the employer of the plan? Thank you.

  Customer Answer

  Date: 03/16/2023

   
  Complaint: 19510071
  
  I am rejecting this response because:

  The information has been sent thru their website, several complains, comunications with 5 managers, and many comments  to reach someone with power to resolve it. 
  
  Sincerely,
  
  *************************

  

  Business Response

  Date: 03/17/2023

  Thank you for forwarding. I am unable to identify the complainant without the account information. Thank you.

  Customer Answer

  Date: 03/18/2023

   
  Complaint: 19510071
  
  I am rejecting this response because:

  Principal bank is just giving everyone here a run around. here is my account # ***** under *************************

  I wonder how much more time to waste on their part to resolve this dispute!!
  
  Sincerely,
  
  *************************

  Customer Answer

  Date: 03/20/2023

  Complaint: 19510071
  
  I am rejecting this response because:
  
  Principal bank is just giving everyone here a run around. here is my account # ***** under *************************
  
  I wonder how much more time to waste on their part to resolve this dispute!!
  
  Sincerely,
  
  *************************

  

  Business Response

  Date: 03/29/2023

  Thank you for forwarding. We will respond directly to the consumer.  Thank you.

  Customer Answer

  Date: 03/30/2023

   
  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:02/23/2023

  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.

  The company I worked for merged with another company beginning in the summer of 2022. Starting in January of 2023, I was told that the Principal account I held with the original company was, in essence, being suspended and a new account was being opened with the new company. I asked about borrowing money from my 401K (which would have been added to the loan I already had out with Principal) and was told I couldn't borrow since this account was no longer active but, since I'm 59-1/2, I could take a dispersement which I did - approximately $16K. Principal withheld 20% in taxes and deposited the remainder, approx. $12K, in my bank account. I ended up not needing all of the money so I logged into my account to see if I could put pay some of the existing loan off with the money I had leftover. My loan showed zero balance so I called them and was told that they converted the loan to a dispersement and took another 20% from the remaining 401K balance for taxes. Believe it or not, this all made sense to me. Today I get a notice from Principal that they made a mistake and I needed to send the money back to them. I logged into my account and found that the loan balance is now back to what I had owed. However, there was no return of the 20% they took out for taxes. Ultimately, this is my money and I trust Principal to give me accurate information so I can make an informed decision. I did nothing deceitful or underhanded. I took the money out for a reason and no longer have the cash. I cannot send it back to them. I understand this has happened to other employees from my previous company as well. Now I am concerned they will start garnishing my wages because of their mistake.

  

  Business Response

  Date: 02/23/2023

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

  Customer Answer

  Date: 02/23/2023

   
  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:02/21/2023

  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 a retirement account with Principal Financial Group and made a request to take money out the account to make repairs in my house due to damages from the last 2 hurricanes. It has been several weeks and every time I call them they tell me it's being processed but nothing happens. They tell me, someone will call you and you should also receive an email to again, I did not get any calls or gotten any emails. Principal Financial Group does not value you as a human being but as a number only. Even have spoken to a Supervisor twice and my issue still not resolved. There is too much incompetence in the way they handle cases and no one cares.

  

  Business Response

  Date: 02/21/2023

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

  Customer Answer

  Date: 02/21/2023

   
  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:02/17/2023

  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 worked for a company call Anda Generics in 1998.I have been told that i was covered by a companywide disadility insurance in place at the time.I wrote to recently to ask for info regarding that coverage.To date they have not responded.This complaint is to hopefully get info regarding this issue.

  

  Business Response

  Date: 02/22/2023

  Principal Life Insurance Company will respond directly to the inquirer regarding their request for any **** coverage information. 

• Initial Complaint

  Date:02/16/2023

  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.

  Hello. I am in the process of buying a home and my mortgage Lender needs the terms and conditions of withdrawal. I have a life insurance and 401k account with Principal through my employer. I am not making a withdrawal, But I need the terms and conditions if I were going to. They can not get my mortgage loan through underwriting without this and I have been having a very hard time getting this from Principal and getting in touch with them in general. I've emailed multiple times and have talked to someone through chat on their website and they were no help to me. I have a very difficult work schedule and I'm not able to call Principal during the week. I need this information asap to give to my lender. Please send these terms and conditions to me asap by email.

  

  Business Response

  Date: 02/16/2023

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

• Initial Complaint

  Date:02/14/2023

  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.

  This complaint is concerning Principal financial. I contacted them regarding a loan on my 401k and was told once the loan that I currently had was paid in full that I would be eligible to make another loan 5 days after it was finalized. I used the money that was being saved to purchase airline tickets for my fiancs visit to ***************** because I was told this. After I paid off the loan and it was closed out I reach out to principal to get the loan to be told that I would not be eligible for the loan until June of this year so I ask to cash out my 401k for them to tell me that I could not close it out. This is money that I put into an account and should not be told that I can not clos the account and have the money dispersed . They are telling me as long as I work for the congrats I am with I cant cash it out. But I spoke to my human resource manager and she told me that I can close and cash out the account at anytime. This put me in a position that I dont know what to do because I have to purchase their tickets within the next couple of weeks.

  

  Business Response

  Date: 02/14/2023

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