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

  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:02/13/2023

  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 called customer service to gain access to my account and when I finally gained access I was walked through the process of withdrawing the money from my account. I selected wire transfer because it said I would receive my funds the same day. I then received an email stating that the transaction failed and I needed to provide more information. I called again provided the information and was told Id receive a confirmation email when it was processed. I didnt receive a confirmation email so I called back. This time I get told that ** being sent a CHECK and it takes **** business days for the request for the check could be processed and then sent. I NEVER authorized a check to be sent to me because it was the slowest and I needed my funds ASAP. The representative then comes back and says today or tomorrow I asked how I would receive those funds and they said direct deposit. I still have yet to receive anything from them and every time I ask to speak to a supervisor ** told No. I need my money and not the run around.

  

  Business Response

  Date: 02/21/2023

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

• Initial Complaint

  Date:01/30/2023

  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.

  January 29, 2023 ************************** *************************************************************************************************** ************** Re: Principal Bank Account#: ************ Hello:My name is **************************. I am writing with a serious complaint of fraud against Principal Bank out of **********, ****.Most recently, I separated my employment from an employer. I then started to receive mail communication from a Bank called Principal Bank. I never heard of them before.Principal Bank has been debiting $15.00 per month from my available balance without my knowledge or consent I never authorized Principal Bank to establish an account or remain the trust keeper of my remaining available retirement funds. Principal Bank never contacted me and advised of options that were available to transfer these funds to a trusted keeper of my funds.This is outright fraud and deception. I am demanding Principal Bank return any and all Account Fees/Expenses that they have siphoned from my balance without my knowledge immediately!I have been a member in exceptional standing with Fidelity for over 20 years. I have never paid a fee to Fidelity to manage my financial assets.I do not wish for Principal Bank to stand guard over any balances under my name and I do not wish to pay any fees to close my account with this company, since I never authorized them to manage any funds in my name!I can be reached at: **************, or at the mailing address printed above.Over and out!-**************************

  

  Business Response

  Date: 02/07/2023

  Thank you for forwarding the complaint.  We will be contacting **************** directly.  Thank you.

• Initial Complaint

  Date:01/16/2023

  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.

  Employer offered a 401k through Principals investments . Employer said all new hire had to sign and if wanted to opt out had to call Principal with in 30 days . Called Principal several times to opt out .( have phone records) They informed me I was opted out yet continued to take my money . I emailed employer for help months later after having no progress with principal .Principal given me many stories I finally spoke to supervisor and she insured me my money was on it way with in 48 hrs . 8 months later ** told I was denied for getting my money back via employer . I work for a union and when Im done with employer lay off , quit or fired . Im done unless I decide to go back . If Im lay off Im done and off to another job as I have a family to feed and bills to pay . I told them they had until 1-20-23 to give my $1137 back or Im filing a claim .it dont take 8 month to give money back from something that was opted out of !! I had better not be charged for early penalties as I opted out of this in the time frame of 30 days .I want all monies back in full or Ill file a claim

  

  Business Response

  Date: 01/17/2023

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

• Initial Complaint

  Date:01/10/2023

  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 terminated my employment with my company Merit Health on November 23, 2022. I applied for my cash distribution withdrawal from Principal around November 28, 2023 and was told that the amount was approximately $7,500.00, but that after tax deductions it would be around $5,900.00. I said thats fine, and then I gave them my financial institutions account information, and said send it. They said it would take seven (7) days because of government tax regulations. After 7 days and the money had not been deposited, I called them and was told that the funds were been withheld because they were waiting to hear back from my employer because they said I had filed for disability, I said this was not true and called my ************************* at Merit and spoke to (**** the HR representative at ************ ) fax number is ************. He stated that they showed me out of the system on November 23, 2022 as my effective date of termination from the company and that there was no disability paperwork showing from them. I called Principal back and was told a work order would be submitted and then I could get my money. After a week or so and no money deposited, I again called back and was told a representative didnt complete the work order paperwork, but that he would take care of it. A week later on this date and time December 10, 2023 I called back and was told that it was held up because of a mixup with my son who use to work for the company. I told them my son quit his employment there in 2014 and then passed away in 2017 and that they were giving me the runaround on giving me my money. I informed them I would get a lawyer and *** them if they didnt give me my money. They gave me their address and said have him mail them a letter. Its crazy that I have to spend money ( lose money) on a lawyer to get my money that they took out of my check. Im totally frustrated with this company and stressed completely out, and it takes a lot to frustrate me.

  

  Business Response

  Date: 01/11/2023

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

  Customer Answer

  Date: 01/12/2023

   
  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:01/04/2023

  Type:Sales and Advertising 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 worked with Principal Mortgage from October 28, 2022 to November 11, 2022 to finalize my Primary Residence Loan. My mortgage company informed me to start the loan process on October 28th. When I started the process via phone, I informed the Representative that my closing was on October 31st. At that time he said I had other options, but I could still meet the deadline by submitting all documentation. Documentation was submitted several times. I called several times to follow up with no updates. November 3rd, loan was denied but no updates from Principal on why the loan was denied. I found out by calling for a follow up. I called and no answers could be provided from Principals support. I resubmitted the application again, three days later loan was denied with no communication from Principal. November 7th ish I spoke to a Representative who did some research on my case. After completing research, he was able to confirm the Principal never communicated with me on any process of my loan. I never had a chance to troubleshoot any documentation concerns because no one ever emailed or called me. The Representative also informed me that the loan would have never been approved because it took Principal three days to review my file, which was three days past by closing date. I am disappointed that I was not able to use my money to close on my newly purchased home. I am disappointed that I never had a chance to even receive the funds due to Principals current process. I am frustrated that its not a current process to communicate to customers on the status of their loans. I am hurt that I had to be placed in a financial hardship because I could not depend on Principal to support me. I would like the Primary Residence loan to be opened up to me so I could use the money to get me out of the hole from funding my closing with all the cash I had on hand. I have yet to get out of the hole.

  

  Business Response

  Date: 01/05/2023

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

• Initial Complaint

  Date:12/30/2022

  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.

  1. I'm one of several heirs (7 total) to my recently deceased sister's estate.2. My sister died without a will (intestate) in **** County, ********* during March ******. My sister had worked for Rainbow Apparel for over 15 years.4. My sister was a participant in Rainbow Apparel's 401K savings plan,...that was apparently managed by [Principal Retirement and Income Solutions],.... according to my paperwork that I have on hand.5. Principal Retirement and Income Solutions,.... [arbitrarily] took half (50%) of my deceased sister's 401k money (approximately $89,000) without filing [legally] proper and required paperwork via Probate court,... according to [Intestate] [Rules] for the ****************** and according to the **** ********************** that I consulted. This clerical behavioral fact is the RED-FLAG. 6. Additionally,...Principal Retirement and Income Solutions [did] [not] provide any proof that my deceased sister was not [Vested] in her 401k savings plan.7. The above listed information,... combined with a horrible grieving process,.... that has included emotionally disturbing Family squabbles during the grieving process,....has been a major factor in slowing or preventing further action towards this unsettling matter until now (21 months after the fact).I trust that some assistance with this matter is available,***********************. (Brother of the deceased)*************

  

  Business Response

  Date: 12/31/2022

  Thank you for forwarding. What is the name of the plan participant and do you have the account number? Thank you.

  Customer Answer

  Date: 01/04/2023

   
  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.

  I have complied with the business's request for the name of the 401k Plan Participants Full Name and Account Number that is contained in the cover letter attachment to be forwarded to the business.

  Participant: *************************

  Rainbow Apparel 401k Savings Plan # ******
  
  Sincerely,
  
  ********************** (Brother of Deceased / Beneficiary participant)

• Initial Complaint

  Date:12/20/2022

  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.

  After resignation from my employer I tried to cash out of my 401(k) at Principal but I accidentally provided the wrong checking account number for direct deposit. On 12/12/*********************** sent me a message that on 12/08/22 my bank returned the funds undelivered, and also that Principal was "in the process" of getting me a check in the mail but they did not say when a check would be in the mail. 10 days have passed since the 8th so I would expect the check to be in the mail by now. It bothers me that they would not give me a time frame for the check delivery, and I don't know how long they intend to keep my money. Their customer portal also says that my disbursement is completed, which is simply false.My account number with ******************** is ******

  

  Business Response

  Date: 12/20/2022

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

  Customer Answer

  Date: 12/20/2022

   
  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:12/19/2022

  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 receiving annual distributions from an account I had with a previous employer through Principal. I can normally request this in September but it was delayed to Oct 28th this year and couldn't find out why. The window for this closed on Nov 28th and I was told at that time it could be 2-3weeks for payout, no reason for this delay either. Now, 3 weeks later I am being told that is an estimate and could be substantially longer. I can get no explanation for these delays, nor can I get a projected date for payout. Every time I call, it just gets pushed out further and no one seems to know why or at least doesn't want to say. This is causing undo hardship for my household and really seems unacceptable.

  

  Business Response

  Date: 12/19/2022

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

  Customer Answer

  Date: 12/21/2022

   
  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:12/19/2022

  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.

  We are a law firm working on behalf of an estate. We were hired to transfer the finances from a 401k which Principal holds that should have been transferred to the estate almost 2 years ago. We provided Principal with the necessary power of attorney documents as they requested. Both I and the lead attorney of the firm have repeatedly called Principal to start the process, but every time, Principal says we should call back next week as they cannot reveal any information until the ***** of ******** document has been reviewed. They refuse to give a timeline and refuse to provide any information regarding this review process.

  

  Business Response

  Date: 12/19/2022

  Thank you for forwarding the complaint.  May we have the name of the participant and the account number?  Thank  you.

  Customer Answer

  Date: 12/20/2022

   
  Complaint: 18600358
  
  I am rejecting this response because: it is not resolved.

  The account name is "Estate of ************************ E" and the Plan id is ******.

  It would be most helpful if someone could contact our office directly at ************.

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

  

  Business Response

  Date: 12/20/2022

  Thank you for the account information.  We will be in touch with you directly.

• Initial Complaint

  Date:12/15/2022

  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.

  My company Great **************** *** had a 4-1K plan with Principal for about **** years. The company was sold effective July 1, 2022. On July 5th I sent them a letter saying I wanted to terminate the 401K program effective 8/1/2022. Both I and my bookkeeper received no response from multiple phone calls. I eventually got someone on the phone the end of October and they said the request had to be presented in a different manner on company letterhead. I did that and faxed it to the number they gave me. I called back 2 days latter and they said it had been turned over to their termination group but refused to give me a contact person or direct phone number. They said I would have to wait for them to call back. Every time I called I was told it was "in processes".Even worse than the fact I cant get the program terminated they will not let my former employees roll their investments over to the new company. I informed Principal the employees were terminated on 7/1/22 when they all went to work for the new company but they refuse to list them as terminated. So their money is stuck in the old program. My agent finally reached someone and was told I would have to reapply for termination 2023. It is just run around after run around with my former employees money being held hostage. I don't care how long it takes to close the program but my people have been waiting 5 months to move their retirement funds.

  

  Business Response

  Date: 12/15/2022

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

  Customer Answer

  Date: 12/28/2022

   
  Complaint: 18576243
  
  I am rejecting this response because:

   

  This is not an appropriate answer. If they had been responding to me I would not be complaining. I am now 150 days beyond when I asked for the 401K plan to be terminated and they are still refusing to let my former employees 

  move their money.

   

  They are now asking me to wait until January and reapply for termination. I believe this is just another stall.

   

  Sincerely

   

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

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

  

  Business Response

  Date: 12/28/2022

  We are responding to him via phone call/phone message to discuss next steps and expected timeline to resolve complainant's concerns.  We will call out again this afternoon to assist the complainant with a resolution.