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Business Profile

Investment Security

American Funds

This business is NOT BBB Accredited.

Find BBB Accredited Businesses in Investment Security.

Complaints

Customer Complaints Summary

  • 7 total complaints in the last 3 years.
  • 1 complaint closed in the last 12 months.

If you've experienced an issue

Submit a Complaint

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.

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Complaint status

Complaint type

  • Initial Complaint

    Date:08/06/2024

    Type:Service or Repair Issues
    Status:
    Unanswered
    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 brother passed away recently. This company made it impossible to close is account and collect any money that was in his a account for his estate purposes. This company made me as the Executor of his estate open an account in my name to transfer all of his funds to my name. Once that was done I told them to contact me so I could close the account. We lost money on his estate becuase it was "reinvested" (not what we wanted) under my name and the stock market took a dump. Idk why they couldn't just close his account and cash it out I sent them all the documents they asked for including a death cert.

  • Initial Complaint

    Date:11/17/2023

    Type:Product Issues
    Status:
    Unanswered
    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 recently switched employers, and in doing so, rolled over my 401k to my new 401k servicer, American Funds. Voya (old servicer) processed the rollver request on 9/29/2023. Since that time frame, American Funds states they do not have record of the check, even though Voya has provided a check number and shows it as cashed. When all of this information was provided to American Funds, over 3 times now, they keep saying the check was mailed to the wrong address and that they cannot locate it. After last night's call to American Funds, I have no resolution as to where my 401k rollover check is, other than that it has been cashed. I need assistance in getting American Funds to research this further on their end to get this check deposited into my new 401k account.

  • Initial Complaint

    Date:11/07/2023

    Type:Product Issues
    Status:
    Unanswered
    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.
    American funds is illegally holding my funds. I deposited $38,880.00 into my account ************ . I gained additional $1000 in stocks and they are closing my account and holding my funds for no reason. I mailed in a medallion signature stamp to withdraw funds but they are still refusing to refund my money .

  • Initial Complaint

    Date:08/11/2023

    Type:Billing Issues
    Status:
    Unanswered
    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.
    Been trying to vlose out a retirement account for over 5 months. Submitted paperwork for a rollover and still waiting for a check. All fees and paperwork have been submitted as well as other employees already receiving a payout.

  • Initial Complaint

    Date:03/20/2023

    Type:Billing Issues
    Status:
    Unanswered
    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 an account with this business. I am on extended travel and do not know my account number. I would like to access my **********************. Because I do not know the account number, this business will not give me access to my funds. I have verified my identity with full social security number, date of birth, phone, email address, mailing address- but was told that none of that verifies my identity. I needed to answer security questions . I was unable to exactly answer the questions - which consisted of the day I opened the account, and what my last transaction was. I then asked what I could do to access my funds- how else can I prove my identity to you? And again was told- you need your account number. Again I said- not mothers maiden name? Former addresses? Employer? (Typical verification questions) and again was told no, without my account number I cannot access my **********************.

  • Initial Complaint

    Date:02/21/2023

    Type:Product Issues
    Status:
    Unanswered
    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.
    February 21, 2023 I have been trying for over two weeks to get ahold of someone to help me withdraw money from my simple **** No one returns my phone calls and I keep getting sent to voicemail. I have let them know many times that I'm very unhappy and need this taken care of now, but still nothing gets done. I need this money for my downpayment on my house. I don't even know what to do from here. I want my money deposited into my checking account and I want to close my account with American Funds.

  • Initial Complaint

    Date:02/20/2023

    Type:Service or Repair Issues
    Status:
    Unanswered
    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 name is *************************. American Funds is the company that *********** Skin and ************* (****) uses for there retirement planning and who this complaint is being filed against. This is where my late mother worked. I am her only child and was listed as the sole beneficiary for her retirement account. I have been trying for months now to have my mother's account transferred over into my name. I have had repeated phone calls with American Funds in regard to this. I have had my own personal financial representative be a part of several of these phone calls. Every time we contacted them, we were given different information and then told we were given the wrong information the time before. As it turned out, I needed to be working with the office manager, *******************, at ****. She has also made multiple phone calls with American Funds on my behalf to have my mother's account transferred over to me. Myself and *** have filled out multiple forms that we have been told to fill out BY AMERICAN FUNDS, only to now be told that, once again, that was not the correct form. (Side note: every time we call, we get transferred at least twice because no one is capable or competent enough of being able to helping us.) ***, the **** office manager, has asked to speak with managers multiple times herself to make sure that what we are doing is correct and that nothing else on our end is needed. Twice now she has been assured that we are good on our end and that everything will be processed soon. I am filing this complaint today because, as if I have not reiterated it enough yet, WE WERE GIVEN THE WRONG FORM! It is as if they are trying to criminally give us the run around to avoid dispersing my mother's Funds to me. That or they are all so incompetent that know one there actually knows how to do their job.

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