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:08/19/2022

  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.

  My 401K is set up by my company, Orange ******************** with Principal Financial. For the past 3 wks. I have been trying to withdraw from my 401K in order to purchase a primary home. I have spoken to approximately 10 reps and never do I get the same answer, they never return my phone calls, they continue to ask me for different paperwork but I still have no idea if I am getting my money, much less when. My wife and I are suppose to be closing on this house next week, but I'm pretty sure we are unable to go forward with the purchase because Principal Financial is giving me the round around and MY money is not being released. I since then have also checked reviews and they have ************* of complaints! They need to be out of business!

  

  Business Response

  Date: 08/19/2022

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

• Initial Complaint

  Date:08/18/2022

  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.

  I submitted a 401k Loan request for new home purchase. I am a veteran attempting to use my VA loan and indicated as such in my request. I submitted all requested documentation, but had my request updated with "need additional documentation". Four times!Through my own effort, I spent several hours with them trying to understand what additional documentation was needed. There wasn't any. My requests for additional communication were denied and I was never given a call back until the day they discovered they made a mistake. All of my documentation was submitted in the initial request.Once their error was made apparent, the request was processed and approved. Their delay caused me to miss a deposit deadline, however, and forfeit several thousand dollars I had already paid. When I requested they make things right, they could only apologize. They wouldn't even overnight the check.As a veteran, I am used to fighting for things but not fighting for my own money to purchase my home. This company, like most, DOES NOT CARE about their customers nor do they care about veterans. I would recommend you take your business LITERALLY ANYWHERE ELSE!

  

  Business Response

  Date: 08/18/2022

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

  Customer Answer

  Date: 08/19/2022

   
  Complaint: 17735406
  
  I am rejecting this response because: *********** has proven to me that they do not honor requests for communication. I do not trust that they will satisfy my complaint absent an intermediary.
  
  Sincerely,
  
  ***************************

  

  Business Response

  Date: 08/26/2022

  We will respond directly to the consumer.  Thank you.

• Initial Complaint

  Date:08/17/2022

  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.

  I submitted a medical hardship withdrawal on the 2nd of August. The website tells you its going to take 14 days. However upon submission an automic email response lets you know itll be submitted in a week. First of all, this is a medical emergency and now I havent been able to get treatment in the last week and I am in agonizing paying. I called 8/16/22 they told me it should be processed by end of day. I called 8/17(15 calendar days from the submission. Now there saying it can take up to a month. I am absolutely mortified. This is horrible service and they should be ashamed having people wait this long. Processing of a company of this magnitude should not take over a month. Everything is electronic. I feel so taken advantage of and my condition is only getting worse

  

  Business Response

  Date: 08/17/2022

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

• Initial Complaint

  Date:08/16/2022

  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 turn ****************************** FEBRUARY trying to get info on my pension amount at 62 thru 65. I do not work for the company. I am divorced and the pension is thru a Quadro from 2011. (I was told I would get **** a month back in 2011.) So far each time I contact Principal I have received different ****************** & it takes at least 2 months to get a response at all. They even verify that it will take 2 months to get the answer. I asked for these numbers back in Feb. What I got was one single number for age 62 only. I called back, got another answer & was told they would open a ticket to get the other figures for 63, 64 and 65. I was also told the percentages of what it would be at each of those ages. *****% at age 62, *****% at 63 and *****% at 64 and 100% at 65. They were in error giving me only the 62 figure so I asked again for the others. I was told they would & to wait another 2 months but would call back to confirm. No call back . 2 months went by & nothing. I called again. Got another employee who looked it up and said they cancelled that request because you cannot request 2 in a 6 month period. But no one ever told me they cancelled this. They just let me sit here waiting. So I asked to talk to a manager and was assured they would get me a quote for the other ages *****. But again this would take another 2 months. I was also promised a call back & never got one. Also given contradictory info from the 1st employee call. 2 months go by and I get the quotes. Figures given are different than percentages previously given. They are actually much lower quotes by alot. The 100% at 65 was LESS than the $**** I was told back in 2011. 11 years of interest and 11 years COLA increase should make it larger! I call back again & asked for a MGR & explained it all. He proceeds to give me info that contradicts all previous folks. I express my anger at length of time, was assured Mgr would call me back after checking info. No call back!!!!

  

  Business Response

  Date: 08/16/2022

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

  Customer Answer

  Date: 08/17/2022

   
  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:08/16/2022

  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.

  I requested hardship withdrawal on July 19 for my ***************** tuition and I submitted all the required documents.Ive been calling almost every other day and been told different answers and some of the agents are arrogant and rude especially the guy named *****.It is almost a month now since that request and they havent reviewed it yet just keep telling me check my email.I am frustrated now and afraid that my daughter can not make it on time for enrollment

  

  Business Response

  Date: 08/16/2022

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

  Customer Answer

  Date: 08/16/2022

   
  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,
  
  Salve ********

  Customer Answer

  Date: 08/18/2022

  After I filed a complaint yesterday to Principal Financial Group one of the agent called me and left a message that my request was approved and will take 1-2 days to processed and 1-2 days to get my money in the bank but until now I never got any mail notifications from them when they will going to put the money as i am extremely disappointed and frustrated to this company.I hope our company will give us a choice where we can invest our 401k as this people are not serious handling our request.My daughter college class will start on Tuesday and She is not enrolled yet but I request a withdrawal last July 19 and I am afraid my daughter can not make it on time.

  

  Business Response

  Date: 08/18/2022

  Thank you for forwarding. Principal has responded directly to the complainant with the status and timing of when to expect the funds to arrive in their account.  

• Initial Complaint

  Date:08/16/2022

  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.

  Ive requested a hardship withdrawal and submitted all my necessary documentation. *** called several times and am told the same thing each time: we see your documents, everything looks good. Were just waiting on someone to review it. Its been over their 14 day period and this is ridiculous!! People request hardship withdrawals usually when they need help fairly quickly, and its sad that I cant access my funds. On their website it STILL says, we are working on your request. NO YOU ARE NOT!! Its had this message almost a month now!!!!! This is not acceptable, and I now am looking into closing my accounts and other options!!!

  

  Business Response

  Date: 08/16/2022

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

  Customer Answer

  Date: 08/17/2022

   
  Complaint: 17719244
  
  I am rejecting this generic response because:

  My hardship withdrawal status has not changed! It till says, we are working on your request. I am also rejecting this generic response from Principal  because they still have not contacted me! So now I will contact my Lawyer!
  
  Sincerely,
  
  **************************************

  

  Business Response

  Date: 08/25/2022

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

  Customer Answer

  Date: 08/26/2022

   
  Complaint: 17719244
  
  I am rejecting this response because:

  I still, as of today, August 26, 2022, still have not received my money.! On August 18, 2022, *********************** emailed me stating my withdrawal was approved finally, and to allow 1-2 business days to get processed, and one extra day for it to be direct deposited into my account!!! Still, nothing!!! Not playing this game! It never comes!! I am done waiting!! I do not want this company to contact me. I will instead be filing a lawsuit.
  
  Sincerely,
  
  **************************************

  

  Business Response

  Date: 08/26/2022

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

• Initial Complaint

  Date:08/04/2022

  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.

  I am trying to withdraw funds and not only is it taking past the time their website states but I have also called 3 times and have been told three different answers as to when my request may be processed. Absolutely ridiculous and I wish my employer would let me choose who I invest with.

  

  Business Response

  Date: 08/04/2022

  Thank you for forwarding.   It appears that **************** communicated with our staff today and forwarded to us the last piece of documentation that was needed for her withdrawal.  The withdrawal has now been approved and will be processed within the next few days.

  Customer Answer

  Date: 08/04/2022

   
  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:08/02/2022

  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.

  I am writing to inform of dishonest business practices by Principal Financial Group (Principal). Principal is withholding my money without justification and refuses to clear up my complaint.On 7/7/2022 I emailed *********************** at Principal requesting to move my Retirement Account from my previous employer to my current employer. No response to my request. On 7/14 I called *********************** about moving my account. In the 7/14 conversation, ******** guaranteed that the money move would be a non-taxed event and only a $40 distribution fee would be deducted from the move. I agreed to this contract, and a check for $11,760.76 would be sent. My account balance, per a statement mailed to me from Principal, was $11,800.76 on 6/6/2022. I should have therefore received a check for $11,760.76 ($11,800.76 40.00 = $11,760.76). Instead, I receive a check for the incorrect amount of $11,640.50 on Friday 7/29/2022. I called ******** on 8/1 and ******** did not answer my call. I called customer service, and after multiple transfers I spoke to ****** who stated they could not assist me due to errors Principal was experiencing. I called back on 8/1 and spoke to Louies. I explained the check issued for the incorrect amount, and was told the shortage was due to market fluctuation distribution. I stated I was not told about market fluctuations affecting my check amount, I was not given proper documentation about alleged market fluctuations, and I did not agree to such alleged forfeitures. I stated to ******, the contract with ******** was for the distribution of $11,760.76. ****** was unable to resolve the issue.Because Principal failed to resolve my issue, I have contacted BBB for investigation into the illegitimate withholding of my retirement account funds. I want Principal to resolve the matter by 1.) sending me a check for the shorted $160.26 or 2.) send me a check for the correct full amount of $11,760.76.Thank you for the assistance in this matter.Appreciations,********************

  

  Business Response

  Date: 08/03/2022

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

  Customer Answer

  Date: 08/03/2022

   
  Complaint: 17656506
  
  I am rejecting this response because: Principal Financial has failed to follow up with me directly and resolve the issue of withholding my money without legal grounds.
  
  Sincerely,
  
  *************************

  

  Business Response

  Date: 08/17/2022

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

• Initial Complaint

  Date:07/26/2022

  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.

  My company uses Principal Funds to manage our 401K retirement benefits. Since I turn 59 1/2 this year I have been trying to transfer my funds from my from my Principal account and roll it over to an ***. I started on 4/5/2022 by submitting the paperwork they suggested. They have indicated on two separate occasions that they could not process the request because they gave me the wrong forms. I responded within a day to resend the forms the requested. It is now 7/26/2022 and the funds still are not transferred and remain in my original account. It is ridiculous that Principle is so under staffed that they should take more then 3 and half month to to perform a simple transaction like a roll over.Every time I call it takes 45 minutes on hold to reach a person who then takes ***** minutes to figure out what is going on because they are just the next available operator. Then they promise it will be done in several days and they have placed it on rush status but it does not get done.No one person at Principal is accountable to the customer so the customer is unserved.https://******************************/

  

  Business Response

  Date: 07/27/2022

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

• Initial Complaint

  Date:07/26/2022

  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.

  On July 5th I received a notice from my complex advising I had to pay rent by the 10th to avoid eviction. I sent Principal notice on the 6th requesting a hardship withdrawal to prevent eviction. They did not repmapond until 13 days later (7/19). Their response was requesting an updated eviction notice due to date now being past due. They did not accept document sent from my complex. I had to sell items from my apartment and borrow money from family and friends in order to make payment to avoid eviction. To make matters worst the representative ****** told me I would now need a new eviction notice in order for request to be processed. She was encouraging me to obtain another notice for my August rent now in order to withdraw funds. This is the opposite of what I'm trying to do and Principal is encouraging me to do this. I am trying to prevent eviction during these hardships. And I'm also trying to avoid these from showing up on my rental history. It is now 7/25 and they are still telling me to obtain eviction notice for August now.

  

  Business Response

  Date: 07/27/2022

  Thank you for forwarding.   We will respond directly with *****************************.