Business Profile
Investment Advisory Services
T. Rowe Price Associates, Inc.Complaints
This profile includes complaints for T. Rowe Price Associates, Inc.'s headquarters and its corporate-owned locations. To view all corporate locations, see
Customer Complaints Summary
- 41 total complaints in the last 3 years.
- 6 complaints closed in the last 12 months.
If you've experienced an issue
Submit a ComplaintThe 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:01/11/2024
Type: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.
On Dec 7, 2023 I received via email a Confirmation of Activity from T Rowe Price regarding a mutual fund I did not open.
Upon logging into my T Rowe Price account, I found a retirement mutual fund under my name and address, a different social security number from mine,
and beneficiaries who I never heard of with addresses in Florida.
I immediately brought this to the attention of T Rowe Price, spoke to Cassandra, who understood that my personal information is compromised
and that I would be hearing from T Rowe shortly. She opened a ticket number ********. She requested that I mail in a w9 verifying my social security number.
I mailed T Rowe a w9 and a letter explaining the situation and that I did not open this account.
Upon not hearing from T Rowe, I reached out to them again and spoke to another representative who said I would be hearing from them soon.
Again, no response from T Rowe.
Today, Jan 9, I spoke to Eric at T Rowe. Explained the issue all over again. He stated that other people have
been calling T Rowe on this account.
Again, this issue has been going on for over a month.
My personal information and identity has been compromised and T Rowe Price appears not to be taking this seroiusly.Business Response
Date: 01/11/2024
Ladies and Gentlemen,
Thank you for contacting T. Rowe Price.
For security and privacy reasons, we are unable to provide any client-specific information to your office. We will contact the client directly to address the concerns that were raised.
Sincerely,
T. Rowe Price Services, Inc.
Customer Answer
Date: 01/12/2024
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:12/20/2023
Type: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 was transferring one 401k plan to another. MSC industrial plan was to be consumed by the **** ventures retirement plan. The associate for T Rowe Price said there is no fees associated with it due to both being held by T. Rowe. However, once completed I noticed a $30 wire fee. I called back and spoke to 2 different associates and they would look into it. I received a phone call by the original associate on Dec. 6th. They left a voicemail and said that it was a misunderstanding and that I would see the money reimbursed in a couple days or up to a week. Today is the 19th and I still see nothing. I called into T. Rowe today and the new associate that I am talking with says she sees no notes of the conversation. I can send the voicemail to whomever wants to hear it. Also, my advisor was on the phone call and it was recorded.Business Response
Date: 12/27/2023
Ladies and Gentlemen,
Thank you for contacting T. Rowe Price.
For security and privacy reasons, we are unable to provide any client-specific information to your office. We (have contacted/will contact) the client directly to address the concerns that were raised.
Sincerely,
T. Rowe Price Services, Inc.Initial Complaint
Date:11/28/2023
Type: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 called at 8:45pm CST during the posted business hours of 7am-10pm ET (see screenshot), to tell them you want to make a direct rollover from your employer plan to your ******** ***, and asked what information they need. I was told that I could not be helped and that I would need to call back another day. I was unable to request to be called back or to open a ticket. I would like T Rowe Price Associates to finish the job and help me make a direct rollover from my employer plan to my ******** ***.Business Response
Date: 11/30/2023
Ladies and Gentlemen,
Thank you for contacting T. Rowe Price.
For security and privacy reasons, we are unable to provide any client-specific information to your office. We will contact the client directly to address the concerns that were raised.
Sincerely,
T. Rowe Price Services, Inc.Initial Complaint
Date:09/15/2023
Type: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 retirement account from a previous employer was transferred from ******** to T. Rowe Price (not by my choice, this previous employer is changing who handles their retirement program). Despite me having the information required to access the account with them, they mis-explained the security question (requiring the exact date of hire rather than month of hire - this was now over five years ago so I did not have the exact date) and then without my awareness, notification, consent or approval, locked my account, and are requiring me to appear before a notary and mail them a notarized form to access my own account, despite their agreeing I had satisfactorily answered the security questions and they had made a mistake in locking my account. Apparently even having acknowledged this, there is no option whatsoever to correct their mistake without requiring me to mail notarized forms.The notary and the certified mail will be money out of my pocket because of their mistake, and will prevent me from accessing my own fully vested 401K for however many weeks it takes them to process. Am appalled that a bank can essentially just disappear my own money from an existing account and then make me jump through hoops and spend money to correct their admitted mistakes and restore access to my money.Business Response
Date: 09/18/2023
Ladies and Gentlemen,
Thank you for contacting T. Rowe Price.For security and privacy reasons, we are unable to provide any client-specific information to your office. We (have contacted/will contact) the client directly to address the concerns that were raised.
Sincerely,
T. Rowe Price **************
Initial Complaint
Date:08/11/2023
Type: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 30 year old daughter unexpectedly died in tragic death. She had a modest 401k through TROWE Price. After I notified them of her death they told me to submit a death certificate. I did as instructed. Without telling me, they transferred the 401k account to an estate account. They now require me to submit a testamentary showing me as the executor. However, they have refused to provide me with the amount of the 401k which is required to file to file the necessary paperwork with the court. They also refused to send her quarterly statement to her address on file. Note: she lived with me. This is a very unethical company.Bureau Response
Date: 08/11/2023
Terry ******
T. Rowe Price Associates, Inc.
*** * ***** **
********* ** *****
Dear Terry ******:
Better Business Bureau (BBB) received a complaint about your business. BBB understands that there are two sides to every dispute, and we have not pre-judged the validity of this claim. This is your opportunity to address the concerns of your consumer and to rebuild the trust that first brought you together. BBB seeks to help businesses resolve their disputes, whether or not they are accredited with BBB. The complaint was submitted on 8/10/2023 and was assigned an ID of *********
How do I take care of this?
Your BBB is requesting a written response to this complaint within the next 7 calendar days. Your prompt and professional response greatly enhances the chance for a successful resolution and will further your reputation as a BBB Accredited Business. If you received this complaint via email, the fastest and easiest way to view and respond is to the simply click on the “Respond to this Complaint”, link located on the left. All responses will be copied to the complainant.If you received this complaint via Postal Mail, you may respond online using the link below or respond by mail using the address above.
To access/respond to this complaint online:
Go to: ****************
Enter the following code: **************What should I include in my response?
Please provide an explanation of the events from your perspective and/or a concrete plan for how to work toward a resolution. Remember that the more factual information we have about the case, the easier it is for all parties to develop a full understanding of the situation.
Please understand that the complaint content and your response may be publicly posted on the BBB web site (BBB reserves the right to not post in accordance with BBB policy). Please do not include any information that personally identifies your customer. By submitting your response, you are representing that it is a truthful account of your experience with this consumer. BBB may edit the complaint or your response to protect privacy rights and to remove inappropriate language.
What will happen if I do not submit a response and what can I expect to happen next?
If you do not respond promptly to this complaint, it may be closed as Unanswered. This may result in a substantially lower rating with BBB, which could adversely influence potential customers. Once we receive your response, we will forward it to your customer and ask them to tell us in writing whether your response resolves their concerns. If they continue to express dissatisfaction, the case will be reviewed by BBB staff to determine if the remaining concerns warrant an additional response. The overall standard applied in the review process is: Did the company act in good faith, and do everything that could be reasonably expected, or is responsible for, to resolve the issue?
We look forward to helping you and your customer work toward an amicable resolution.Sincerely,
Lisa ****
Dispute Resolution Team Leader
***********************
Phone: ###-###-####CUSTOMER EXPERIENCE INFORMATIONCustomer Information:Michael *********** ********* **
********** ** *****Daytime Phone: ###-###-####
E-mail: *******************************
The details of this matter are as follows:Customer’s Statement of the Problem:
My 30 year old daughter unexpectedly died in tragic death. She had a modest 401k through TROWE Price. After I notified them of her death they told me to submit a death certificate. I did as instructed. Without telling me, they transferred the 401k account to an estate account. They now require me to submit a testamentary showing me as the executor. However, they have refused to provide me with the amount of the 401k which is required to file to file the necessary paperwork with the court. They also refused to send her quarterly statement to her address on file. Note: she lived with me. This is a very unethical company.
Desired Settlement:
Other (requires explanation)
Provide me her father with the 401k account balance so that I can submit the required information to the court
Bureau Response
Date: 08/11/2023
Michael *******
**** ********* **
********** *** *****
Dear Michael *******:
Thank you for contacting the Better Business Bureau. This message is in regard to your complaint submitted on 8/10/2023 against T. Rowe Price Associates, Inc.. Your complaint was assigned ID *********
Now that I have filed, what is the next step?
We have forwarded your complaint to the business for their response. We have asked the business to reply promptly, but some disputes may take longer than others to conclude. Please be patient as we work to ensure that your concerns are addressed.
What if I do not agree with the response from the business?
It is important for both parties to maintain realistic expectations and respond in a professional, fair and courteous manner. Our goal is for you and the business to be able to work towards an amicable solution. Should this prove difficult, we may offer you and the business the opportunity to participate in binding arbitration. More information about these options can be found at www.bbb.org
What happens if a business does not respond?
BBB will make every effort to obtain a response from the business, but some businesses simply do not ever contact us. BBB is not an enforcement agency. We cannot force a business to respond. However, failure to do so may result in a negative impact on their BBB rating, which may drive away future customers. BBB can also refer you to other agencies that may be able to assist you, depending on the specific nature of your complaint.
Feedback from consumers is vital to BBB. We appreciate your willingness to report this information to us. We look forward to helping you and the business work toward a resolution. Please do not hesitate to contact us with any additional questions or concerns.
Sincerely,Lisa ****
Dispute Resolution Team Leader
***********************
Phone: ###-###-####Business Response
Date: 08/11/2023
Ladies and Gentlemen,
Thank you for contacting T. Rowe Price.
For security and privacy reasons, we are unable to provide any client-specific information to your office. We will contact the client directly to address the concerns that were raised.
Sincerely,
T. Rowe Price Services, Inc.Bureau Response
Date: 08/14/2023
Michael *******
**** ********* **
************ *****
Dear Michael *******:
This message is in regard to your complaint submitted on 8/10/2023 against T. Rowe Price Associates, Inc.. Your complaint was assigned ID *********BBB has received a formal response
from T. Rowe Price Associates, Inc.. We ask that you review the response and understand that BBB
is here to assist both parties in reaching a fair and reasonable resolution.Please review their response to your complaint and advise us of your position in the matter within 5 calendar days. If we do not hear back from you, BBB will assume you are satisfied and will close your complaint as answered.
Please be sure to indicate whether the business' response is satisfactory or not and how you would like to proceed in this matter.
If you received this complaint via Postal Mail, you may respond online using the link below or respond by mail using the address above.
To access/respond to this complaint online:
Go to: ****************
Enter the following code: **************Sincerely,
Lisa ****
Dispute Resolution Team Leader
***********************
Phone: ###-###-####
MESSAGE FROM BUSINESS:
Ladies and Gentlemen,
Thank you for contacting T. Rowe Price.
For security and privacy reasons, we are unable to provide any client-specific information to your office. We will contact the client directly to address the concerns that were raised.
Sincerely,
T. Rowe Price Services, Inc.Customer Answer
Date: 08/14/2023
Complaint: ********
I am rejecting this response because: TRowe Price continues to refuse to provide me with the required information necessary to submit a small estate affidavit to the judge. Very unethical
Sincerely,
Michael *******Bureau Response
Date: 08/15/2023
Terry ******
T. Rowe Price Associates, Inc.*** * ***** **
********* ** *****
Dear Terry ******:
This message is in regard to a complaint submitted to the BBB about your business on 8/10/2023 by Michael *******. This complaint was assigned ID *********
Why am I receiving another letter regarding this complaint?
We recently received additional correspondence from the consumer in the above-referenced case. The information has been reviewed by your consultant and we believe this information warrants some additional remarks from your company.
How do I see the new information?
If received via email the fastest and easiest way to view and respond to the complaint is to use the link on the left.If you received this complaint via Postal Mail, you may respond online using the link below or respond by mail using the address above.
To access/respond to this complaint online:
Go to: ****************
Enter the following code: **************
What should I include in my response to the consumers rebuttal?
Please respond to the additional information that has been provided by the consumer. If you have not already done so, please submit copies of supporting documents to your BBB using the contact information at the bottom of this correspondence. Please understand that the complaint content and your response will be publicly posted on the BBB web site (BBB reserves the right to not post in accordance with BBB policy). Please do not include any information that personally identifies your customer. By submitting your response, you are representing that it is a truthful account of your experience with this consumer. BBB may edit the complaint or your response to protect privacy rights and to remove inappropriate language.
In the interest of time and good customer relations, please respond within 5 calendar days.
How many more times will I have to respond to this complaint?
We appreciate the response you have already provided and our goal is to minimize back-and-forth communication. The new information provided by the consumer may have brought up new concerns that your BBB consultant felt needed some clarification. By providing this information, you are allowing BBB to develop a more complete picture of the situation and how to move forward.
Generally, resolving a complaint requires both parties to move from their current position to a middle ground. In your response, please state your position and if possible indicate what steps can be taken by both parties to resolve this matter. If necessary, the BBB will offer its mediation and/or arbitration services to bring a close to this matter.
We look forward to your prompt attention to this matter.Sincerely,
Lisa ****
Dispute Resolution Team Leader
***********************
Phone: ###-###-####
MESSAGE FROM CONSUMER:
Complaint: ********
I am rejecting this response because: TRowe Price continues to refuse to provide me with the required information necessary to submit a small estate affidavit to the judge. Very unethical
Sincerely,
Michael *******Business Response
Date: 08/16/2023
Ladies and Gentlemen,
Thank you for contacting T. Rowe Price.
For security and privacy reasons, we are unable to provide any client-specific information to your office. We (have contacted/will contact) the client directly to address the concerns that were raised.
Sincerely,
T. Rowe Price Services, Inc.Bureau Response
Date: 08/16/2023
Michael *******
**** ********* **
************ *****
Dear Michael *******:
This message is in regard to your complaint submitted on 8/10/2023 against T. Rowe Price Associates, Inc.. Your complaint was assigned ID *********BBB has received a formal response
from T. Rowe Price Associates, Inc.. We ask that you review the response and understand that BBB
is here to assist both parties in reaching a fair and reasonable resolution.Please review their response to your complaint and advise us of your position in the matter within 5 calendar days. If we do not hear back from you, BBB will assume you are satisfied and will close your complaint as answered.
Please be sure to indicate whether the business' response is satisfactory or not and how you would like to proceed in this matter.
If you received this complaint via Postal Mail, you may respond online using the link below or respond by mail using the address above.
To access/respond to this complaint online:
Go to: ****************
Enter the following code: **************Sincerely,
Lisa ****
Dispute Resolution Team Leader
***********************
Phone: ###-###-####
MESSAGE FROM BUSINESS:Ladies and Gentlemen,
Thank you for contacting T. Rowe Price.
For security and privacy reasons, we are unable to provide any client-specific information to your office. We (have contacted/will contact) the client directly to address the concerns that were raised.
Sincerely,
T. Rowe Price Services, Inc.Bureau Response
Date: 08/21/2023
Terry ******
T. Rowe Price Associates, Inc. *** * ***** **
********* ** *****
Re: ID * ******** * Michael *******
Dear Terry ******:
Thank you for your recent response to Michael *******. We have not yet heard from the consumer and are closing this case as answered.
Following our usual procedure, BBB notified the consumer of your response and requested notification of whether or not a satisfactory resolution had been reached. Unfortunately, the consumer has not notified our office if they are satisfied. BBB has determined that your company has addressed the issues within the complaint; therefore we have closed this case in our files. This matter will appear in your BBB Business Profile as: "Answered - The Business addressed the issues within the complaint, but the consumer did not accept the response, OR BBB has not heard back from the consumer as to their satisfaction."
The text of your response may be publicly posted on BBB's website. BBB reserves the right to not post in accordance with BBB policy, and we may edit your response to protect privacy rights and to remove inappropriate language.In the event the consumer contacts BBB again regarding this issue, we may reach out to you to review any new or additional information we've received from the consumer.
Sincerely,
Lisa ****
Dispute Resolution Team Leader
***********************
Phone: ###-###-####Bureau Response
Date: 08/21/2023
Michael *******
**** ********* **
********* ** *****
Re: ID * ********* T. Rowe Price Associates, Inc.
Dear Michael *******,
We have not received your response to confirm this complaint has been resolved. Therefore, this complaint has been closed and will appear in the company's BBB Business Profile as: “Answered- BBB has not heard back from the consumer as to their satisfaction with the business's response.”
Please know that BBB is always available to discuss your case and review additional information. Thank you for using BBB's Marketplace Services.
Sincerely,
Lisa ****
Dispute Resolution Team Leader
***********************
Phone: ###-###-####Initial Complaint
Date:08/02/2023
Type: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 plan is 401k id#****** as of May ****** I was no longer employed so i needed my 401k out. I was locked out of my account online by TROWE PRICE so i had to verify myself with a form they emailed me on 5/18/2023 faxed returned. This form was to unlock my account and delete my security questions, this form also showed updated phone number. On 5/26/2023 i faxed returned a form called distribution request form that they had emailed me. I have made many calls to customer service requesting them to update my phone number so i can log onto my account online, . I REFAXED the distribution request form again on 7/14/2023 . As of today 8/2/2023 I still have not received my money nor has my phone number been up dated so i can not log into my account. I have all my fax confirmations. I do not know how much money i have in the account due to me not being able to log into it.Customer Answer
Date: 08/07/2023
this is a retirement plan nothing to do with a health planBusiness Response
Date: 08/23/2023
Ladies and Gentlemen,
Thank you for contacting T. Rowe Price.
For security and privacy reasons, we are unable to provide any client-specific information to your office. We (have contacted/will contact) the client directly to address the concerns that were raised.
Sincerely,
T. Rowe Price **************Customer Answer
Date: 08/25/2023
Complaint: 20412338
I am rejecting this response because: I have talked to them many times already and have not got any where with them nor have i received my money after faxing the documents they requested in order to get my money.
Sincerely,
**** ******Business Response
Date: 08/28/2023
Ladies and Gentlemen,
Thank you for contacting T. Rowe Price.
For security and privacy reasons, we are unable to provide any client-specific information to your office. We are unable to identify the client based on the information filed in the complaint.
Sincerely,
T. Rowe Price *************Customer Answer
Date: 09/03/2023
Complaint: 20412338
I am rejecting this response because: This is so unbelievable . They have not called me like they said they would. I think im wasting my time and your time with these people. I am going to have to get an lawyer and sue them i guess. I have never heard of any one having problems with getting there 401k out.
Sincerely,
**** ******Initial Complaint
Date:07/31/2023
Type: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.
Hi, I am a customer with T Rowe Price and have an account with the College Savings Plan MD. I have regularly accessed my account online every year and have had calls with their customer service when I needed help with their account. On Jul 26, 2023 I logged into the account and noticed the following: (a) My automatic contributions that were set up were not working since Oct 2020. I immediately called customer service who explained to me that my case was now escalated. I explained to them that I will be taking a distribution for my sons tuition that needs to be paid by Monday. (b) On Friday morning I attempted to log in and my account was locked. I was told to call customer service. On calling customer service they said they cannot help me access my account and would be calling me back. I never received any call back. Overall I find a few things that I want to bring to attention - (1) The company failed to notify me via email or phone that my account was being locked (2) They refused to provide me access on Friday on grounds that they could not justify by telling me that I was not who I was when I called. They did not ask me to prove anything using any documentation but denied talking to me about this (3) I have received no attention on this matter from them. It seems that they are correcting/fixing something on my account and are not telling me or want to withhold me from my savings and earnings in the account. I am worried when I log in what I would see.Bureau Response
Date: 07/31/2023
Terry ******
T. Rowe Price Associates, Inc.
*** * ***** **
********* ** *****
Dear Terry ******:
Better Business Bureau (BBB) received a complaint about your business. BBB understands that there are two sides to every dispute, and we have not pre-judged the validity of this claim. This is your opportunity to address the concerns of your consumer and to rebuild the trust that first brought you together. BBB seeks to help businesses resolve their disputes, whether or not they are accredited with BBB. The complaint was submitted on 7/28/2023 and was assigned an ID of *********
How do I take care of this?
Your BBB is requesting a written response to this complaint within the next 7 calendar days. Your prompt and professional response greatly enhances the chance for a successful resolution and will further your reputation as a BBB Accredited Business. If you received this complaint via email, the fastest and easiest way to view and respond is to the simply click on the “Respond to this Complaint”, link located on the left. All responses will be copied to the complainant.If you received this complaint via Postal Mail, you may respond online using the link below or respond by mail using the address above.
To access/respond to this complaint online:
Go to: ****************
Enter the following code: **************What should I include in my response?
Please provide an explanation of the events from your perspective and/or a concrete plan for how to work toward a resolution. Remember that the more factual information we have about the case, the easier it is for all parties to develop a full understanding of the situation.
Please understand that the complaint content and your response may be publicly posted on the BBB web site (BBB reserves the right to not post in accordance with BBB policy). Please do not include any information that personally identifies your customer. By submitting your response, you are representing that it is a truthful account of your experience with this consumer. BBB may edit the complaint or your response to protect privacy rights and to remove inappropriate language.
What will happen if I do not submit a response and what can I expect to happen next?
If you do not respond promptly to this complaint, it may be closed as Unanswered. This may result in a substantially lower rating with BBB, which could adversely influence potential customers. Once we receive your response, we will forward it to your customer and ask them to tell us in writing whether your response resolves their concerns. If they continue to express dissatisfaction, the case will be reviewed by BBB staff to determine if the remaining concerns warrant an additional response. The overall standard applied in the review process is: Did the company act in good faith, and do everything that could be reasonably expected, or is responsible for, to resolve the issue?
We look forward to helping you and your customer work toward an amicable resolution.Sincerely,
Lisa ****
Dispute Resolution Team Leader
***********************
Phone: ###-###-####CUSTOMER EXPERIENCE INFORMATIONCustomer Information:Medhavi ******Potomac******** ** *****Daytime Phone: ###-###-####
E-mail: ******************
The details of this matter are as follows:Complaint Involves:
Customer Services IssuesCustomer’s Statement of the Problem:
Hi, I am a customer with T Rowe Price and have an account with the College Savings Plan MD. I have regularly accessed my account online every year and have had calls with their customer service when I needed help with their account. On Jul 26, 2023 I logged into the account and noticed the following: (a) My automatic contributions that were set up were not working since Oct 2020. I immediately called customer service who explained to me that my case was now escalated. I explained to them that I will be taking a distribution for my sons tuition that needs to be paid by Monday. (b) On Friday morning I attempted to log in and my account was locked. I was told to call customer service. On calling customer service they said they cannot help me access my account and would be calling me back. I never received any call back. Overall I find a few things that I want to bring to attention - (1) The company failed to notify me via email or phone that my account was being locked (2) They refused to provide me access on Friday on grounds that they could not justify by telling me that I was not who I was when I called. They did not ask me to prove anything using any documentation but denied talking to me about this (3) I have received no attention on this matter from them. It seems that they are correcting/fixing something on my account and are not telling me or want to withhold me from my savings and earnings in the account. I am worried when I log in what I would see.
Desired Settlement:
Other (requires explanation)
I need to get better customer service and my account access restored promptly so I can do a distribution or contribution as I wish. Plus I demand a full audit of their account changes that resulted in my losing access.
Bureau Response
Date: 07/31/2023
Medhavi ******
Potomac
******** *** *****
Dear Medhavi ******:
Thank you for contacting the Better Business Bureau. This message is in regard to your complaint submitted on 7/28/2023 against T. Rowe Price Associates, Inc.. Your complaint was assigned ID *********
Now that I have filed, what is the next step?
We have forwarded your complaint to the business for their response. We have asked the business to reply promptly, but some disputes may take longer than others to conclude. Please be patient as we work to ensure that your concerns are addressed.
What if I do not agree with the response from the business?
It is important for both parties to maintain realistic expectations and respond in a professional, fair and courteous manner. Our goal is for you and the business to be able to work towards an amicable solution. Should this prove difficult, we may offer you and the business the opportunity to participate in binding arbitration. More information about these options can be found at www.bbb.org
What happens if a business does not respond?
BBB will make every effort to obtain a response from the business, but some businesses simply do not ever contact us. BBB is not an enforcement agency. We cannot force a business to respond. However, failure to do so may result in a negative impact on their BBB rating, which may drive away future customers. BBB can also refer you to other agencies that may be able to assist you, depending on the specific nature of your complaint.
Feedback from consumers is vital to BBB. We appreciate your willingness to report this information to us. We look forward to helping you and the business work toward a resolution. Please do not hesitate to contact us with any additional questions or concerns.
Sincerely,Lisa ****
Dispute Resolution Team Leader
***********************
Phone: ###-###-####Business Response
Date: 08/01/2023
Ladies and Gentlemen,
Thank you for contacting T. Rowe Price.
For security and privacy reasons, we are unable to
provide any client-specific information to your office. We will contact the
client directly to address the concerns that were raised.
Sincerely,
T. Rowe Price Services, Inc.Bureau Response
Date: 08/01/2023
Medhavi ******
Potomac
********** *****
Dear Medhavi ******:
This message is in regard to your complaint submitted on 7/28/2023 against T. Rowe Price Associates, Inc.. Your complaint was assigned ID *********BBB has received a formal response
from T. Rowe Price Associates, Inc.. We ask that you review the response and understand that BBB
is here to assist both parties in reaching a fair and reasonable resolution.Please review their response to your complaint and advise us of your position in the matter within 5 calendar days. If we do not hear back from you, BBB will assume you are satisfied and will close your complaint as answered.
Please be sure to indicate whether the business' response is satisfactory or not and how you would like to proceed in this matter.
If you received this complaint via Postal Mail, you may respond online using the link below or respond by mail using the address above.
To access/respond to this complaint online:
Go to: ****************
Enter the following code: **************Sincerely,
Lisa ****
Dispute Resolution Team Leader
***********************
Phone: ###-###-####
MESSAGE FROM BUSINESS:
Ladies and Gentlemen,
Thank you for contacting T. Rowe Price.
For security and privacy reasons, we are unable to
provide any client-specific information to your office. We will contact the
client directly to address the concerns that were raised.
Sincerely,
T. Rowe Price Services, Inc.Bureau Response
Date: 08/06/2023
Terry ******
T. Rowe Price Associates, Inc.
*** * ***** **
********* ** *****
Re: ID * ******** - Medhavi ******
Dear Terry ******:
Thank you for your recent response to Medhavi ******. We have not yet heard from the consumer and are closing this case as answered.
Following our usual procedure, BBB notified the consumer of your response and requested notification of whether or not a satisfactory resolution had been reached. Unfortunately, the consumer has not notified our office if they are satisfied. BBB has determined that your company has addressed the issues within the complaint; therefore we have closed this case in our files. This matter will appear in your BBB Business Profile as: "Answered - The Business addressed the issues within the complaint, but the consumer did not accept the response, OR BBB has not heard back from the consumer as to their satisfaction."
The text of your response may be publicly posted on BBB's website. BBB reserves the right to not post in accordance with BBB policy, and we may edit your response to protect privacy rights and to remove inappropriate language.In the event the consumer contacts BBB again regarding this issue, we may reach out to you to review any new or additional information we've received from the consumer.
Sincerely,
Lisa ****
Dispute Resolution Team Leader
***********************
Phone: ###-###-####Bureau Response
Date: 08/06/2023
Medhavi ******
Potomac
******* ** *****
Re: ID * ********* T. Rowe Price Associates, Inc.
Dear Medhavi ******,
We have not received your response to confirm this complaint has been resolved. Therefore, this complaint has been closed and will appear in the company's BBB Business Profile as: “Answered- BBB has not heard back from the consumer as to their satisfaction with the business's response.”
Please know that BBB is always available to discuss your case and review additional information. Thank you for using BBB's Marketplace Services.
Sincerely,
Lisa ****
Dispute Resolution Team Leader
***********************
Phone: ###-###-####Initial Complaint
Date:07/20/2023
Type: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.
Hello! I had a retirement account with T. Rowe Price (Eastman Kodak Employees Savings and Investment Plan) with the amount of $46,558.04. On 7/20, I received a check in the amount of $37,314.76. I called T Rowe price to tell them that I had been issued a check that I did not request. I asked if this could be reversed and the money could be redeposited into my account in full and they said this was not possible as the $9,243.28 had already been sent to the IRS. I let them know that I had not received any notification letting me know this would be happening or any notification that I had to take any action to avoid this disbursement.
I am very on top of calls, emails, and letters and would have immediately taken action to avoid this check being sent. I did not receive any letters indicating that I needed to take action. At 31 years old, I really, really care about my retirement savings and would not want to receive any sort of disbursement and losing the $9k is a large hit to my future savings.
I really nice woman named Danielle from T Rowe is going to be following up with me on Wednesday who was going to see if the letters notifying me of this were sent on their end. I really appreciate her kindness and help. I can say with complete confidence that I did not receive them. What I see as the only fair and equitable resolution is the reversal of this situation and the $46,558.04 being deposited back into my account. If I need to take any action with them to move the full amount into a different type of account- I am happy to do this. I will not be cashing the check I received. Thank you in advance for your help with this!Business Response
Date: 07/25/2023
Ladies and Gentlemen,
Thank you for contacting T. Rowe Price.
For security and privacy reasons, we are unable to provide any client-specific information to your office. We (have contacted/will contact) the client directly to address the concerns that were raised.
Sincerely,
T. Rowe Price Services, Inc.
Bureau Response
Date: 07/25/2023
Margaret *******
** ******** **
******** *****
Dear Margaret *******:
This message is in regard to your complaint submitted on 7/20/2023 against T. Rowe Price Associates, Inc.. Your complaint was assigned ID *********BBB has received a formal response
from T. Rowe Price Associates, Inc.. We ask that you review the response and understand that BBB
is here to assist both parties in reaching a fair and reasonable resolution.Please review their response to your complaint and advise us of your position in the matter within 5 calendar days. If we do not hear back from you, BBB will assume you are satisfied and will close your complaint as answered.
Please be sure to indicate whether the business' response is satisfactory or not and how you would like to proceed in this matter.
If you received this complaint via Postal Mail, you may respond online using the link below or respond by mail using the address above.
To access/respond to this complaint online:
Go to: ****************
Enter the following code: **************Sincerely,
Lisa ****
Dispute Resolution Team Leader
***********************
Phone: ###-###-####
MESSAGE FROM BUSINESS:Ladies and Gentlemen,
Thank you for contacting T. Rowe Price.
For security and privacy reasons, we are unable to provide any client-specific information to your office. We (have contacted/will contact) the client directly to address the concerns that were raised.
Sincerely,
T. Rowe Price Services, Inc.
Customer Answer
Date: 07/26/2023
Complaint: ********
I am rejecting this response because:I did not receive any mailed letters from TRowe Price letting me know any action was needed to avoid my account being closed and issued a check. I would have taken action to avoid this as soon as I was aware!
I have not heard back from the business and was told they would follow up today- but would like my funds returned in full into my account. I am happy to take any action from there to move the funds if necessary.
Thank you!
Sincerely,
Margaret *******Bureau Response
Date: 07/26/2023
Terry ******
T. Rowe Price Associates, Inc.*** * ***** **
********* ** *****
Dear Terry ******:
This message is in regard to a complaint submitted to the BBB about your business on 7/20/2023 by Margaret *******. This complaint was assigned ID *********
Why am I receiving another letter regarding this complaint?
We recently received additional correspondence from the consumer in the above-referenced case. The information has been reviewed by your consultant and we believe this information warrants some additional remarks from your company.
How do I see the new information?
If received via email the fastest and easiest way to view and respond to the complaint is to use the link on the left.If you received this complaint via Postal Mail, you may respond online using the link below or respond by mail using the address above.
To access/respond to this complaint online:
Go to: ****************
Enter the following code: **************
What should I include in my response to the consumers rebuttal?
Please respond to the additional information that has been provided by the consumer. If you have not already done so, please submit copies of supporting documents to your BBB using the contact information at the bottom of this correspondence. Please understand that the complaint content and your response will be publicly posted on the BBB web site (BBB reserves the right to not post in accordance with BBB policy). Please do not include any information that personally identifies your customer. By submitting your response, you are representing that it is a truthful account of your experience with this consumer. BBB may edit the complaint or your response to protect privacy rights and to remove inappropriate language.
In the interest of time and good customer relations, please respond within 5 calendar days.
How many more times will I have to respond to this complaint?
We appreciate the response you have already provided and our goal is to minimize back-and-forth communication. The new information provided by the consumer may have brought up new concerns that your BBB consultant felt needed some clarification. By providing this information, you are allowing BBB to develop a more complete picture of the situation and how to move forward.
Generally, resolving a complaint requires both parties to move from their current position to a middle ground. In your response, please state your position and if possible indicate what steps can be taken by both parties to resolve this matter. If necessary, the BBB will offer its mediation and/or arbitration services to bring a close to this matter.
We look forward to your prompt attention to this matter.Sincerely,
Lisa ****
Dispute Resolution Team Leader
***********************
Phone: ###-###-####
MESSAGE FROM CONSUMER:
Complaint: ********
I am rejecting this response because:I did not receive any mailed letters from TRowe Price letting me know any action was needed to avoid my account being closed and issued a check. I would have taken action to avoid this as soon as I was aware!
I have not heard back from the business and was told they would follow up today- but would like my funds returned in full into my account. I am happy to take any action from there to move the funds if necessary.
Thank you!
Sincerely,
Margaret *******Business Response
Date: 07/26/2023
Ladies and Gentlemen,
Thank you for contacting T. Rowe Price.For security and privacy reasons, we are unable to provide any client-specific information to your office. We will contact the client directly to address the concerns that were raised.
Sincerely,
T. Rowe Price Services, Inc.Bureau Response
Date: 08/01/2023
Terry ******
T. Rowe Price Associates, Inc.
*** * ***** **
********* ** *****
Re: ID * ******** - Margaret *******
Dear Terry ******:
Thank you for your cooperation in responding to the above consumer's complaint.
We forwarded your response to Margaret *******. The consumer notified our office that they are not satisfied. BBB has determined your company has addressed the issues within the complaint; therefore we have closed this case in our files. This matter will appear in your BBB Business Profile as: “Answered - The Business addressed the issues within the complaint, but the consumer did not accept the response, OR BBB has not heard back from the consumer as to their satisfaction.”
The text of your response may be publicly posted on BBB’s website. BBB reserves the right to not post in accordance with BBB policy, and we may edit your response to protect privacy rights and to remove inappropriate language. In the event the consumer contacts BBB again regarding this issue, we may reach out to you to review any new or additional information we've received from the consumer.
We appreciate your cooperation in addressing this matter and hope we can be of service to you in the future.
Sincerely,
Lisa ****
Dispute Resolution Team Leader
***********************
Phone: ###-###-####Bureau Response
Date: 08/01/2023
Margaret *******
** ******** **
***** ** *****
Dear Margaret *******,
This message is regarding Complaint ID * ********- T. Rowe Price Associates, Inc.
Your complaint is closed for one of the following reasons:
We understand you are NOT satisfied with the business'sresponse, and have noted your dissatisfaction in our files. While we were unable to reach your desired resolution, the business has provided your Better Business Bureau (BBB) with its position. This matter is now closed in BBB files, and will appear in the company's BBB Business Profile as: "Answered - the business addressed the issues within the complaint, but the consumer remains dissatisfied."
If this is the case, please reply to this email and for the complaint to be reopened so you can submit a response to the business. After your request is processed, you will receive an email asking for your response with a link to the complaint.
Please note, the text of your response may be publicly posted on BBB's website. BBB reserves the right to not post in accordance with BBB policy, and we may edit your response to protect privacy rights and to remove inappropriate language.
We appreciate the opportunity to be of service, and sincerely hope you will contact us for future pre-purchase information.Sincerely,
Lisa ****
Dispute Resolution Team Leader
***********************
Phone: ###-###-####MESSAGE FROM BUSINESS:
Ladies and Gentlemen,
Thank you for contacting T. Rowe Price.For security and privacy reasons, we are unable to provide any client-specific information to your office. We will contact the client directly to address the concerns that were raised.
Sincerely,
T. Rowe Price Services, Inc.Initial Complaint
Date:05/15/2023
Type: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.
Complete complaint is detailed in attached PDF.Business Response
Date: 06/01/2023
To Whom It May Concern:
For security and privacy reasons, we are unable to provide any client-specific information to your office. We have responded to the client directly to address the concerns that were raised.
Sincerely,T. Rowe Price **************
Customer Answer
Date: 06/02/2023
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 sincerely **** T **** Price will provide their financial consultants with proper training so that they will be knowledgeable of company policies and will avoid providing incorrect and misleading advice to clients.
Sincerely,
***** St ****Initial Complaint
Date:03/13/2023
Type: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.
Hello,I was terminated from my job on February 23, 2023 and would like to withdraw my funds from my account. When I log into your system, it says the only option I have is to complete a total withdraw. I try to go through the withdraw process and when I reach a specific point in the process, it tells me that I must contact your company for assistance.I tried calling your company this morning (Monday, March 13, 2023 at 07:22 EST), however, the representative on the phone was not helpful at all, refused to allow me to speak to a manager and/or supervisor upon request, was very condescending and continued to patronize me while speaking to me stating that "even though this may be to complicated for you to understand, and you don't understand" etc. Her attitude was very rude, and unprofessional. Is this typical for how T. Rowe Price performs business? Also, I have tried emailing T **** Price several times through their "Contact us" email section and all I receive is an error message when I try to send an email. I have attached a screenshot of my error message to this communication for your reference.Again, is this typical for how T. Rowe Price performs business?Is it typical for your representatives to be disrespectful, and to speak down to customers? As well as refuse to accept email communications, and refuse to release funds that belong to your customers and are legally bound to allow access upon termination?I just want to transfer my funds from my 401K to my bank account because I am no longer working for my employer and I need access to my funds. Please assist. Regards,****** ********Business Response
Date: 03/31/2023
Retirement<***************************************************************>
Tue, Mar 28, 6:59 PM (3 days ago)tomeDear **** ****,
For security and privacy reasons, we are unable to provide any client-specific information to your office. We have contacted the client directly to address the concerns that were raised.
Sincerely,
T. Rowe Price ******************************
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