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Business Profile

Financial Technology

Capitalize

This business is NOT BBB Accredited.

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Complaints

Customer Complaints Summary

  • 2 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:04/15/2025

    Type:Billing Issues
    Status:
    Resolved
    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 leaving my previous employer, I started several 401k rollover from Vanguard 401k account to ********* *** account. Because my previous employer did not cleanup the 401k contribution percentage after I left, there were 2 trailing contributions deducted from my last 2 paychecks to Vanguard 401k plan. They are both aftertax(not ****) 401k contributions. The last paycheck was last year's annual bonus, and only aftertax money was *********** in total I initiated 3 rollovers, first one for the remaining balance, second one for the first trailing contribution, and the last one for the second trailing contribution.********* by default redirects to Hi Capitalize(the product provided by Capitalize Money ***** for the rollover. For the first two rollovers, they went smoothly, pretax to pretax, **** and aftertax to ****.For the last rollover, the amount is ~$3.2k(dropped from $3.4k when the contribution happened). I initiated the exact same process with the first two, but Capitalize Money **** rolled that aftertax money to my Traditional **** That basically means I am being double taxed. When I contacted for this mistake, they tried to fool me by providing misleading information, including - "No your money is in your pretax account", corrected my me providing my last paycheck deduction, clearly stated "401k aftertax $3,400".- "Your Fidelity rollover", corrected by me saying it is actually Vanguard - "Even if it is aftertax, you are supposed to rollover your aftertax money to your Traditional *** and then do the conversion", corrected by me sending them the official IRS website.And then responded to my questions slower and slower, and totally stopped responding today.We are all suffering from recent market plummet, and I felt more hurt by them that I have to suffer both retirement fund loss from the market and being double taxed.Thank you for taking care of this.

    Customer Answer

    Date: 04/17/2025

    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 and the matter has been resolved.

    Sincerely,

    ***** **



     

  • Initial Complaint

    Date:01/23/2024

    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.
    Dear Better Business Bureau,I am writing to file a formal complaint against the company Capitalize regarding an ongoing issue with my rollover from Mission Square to Robinhood. I utilized Capitalize for this process, and unfortunately, I am facing significant delays and poor customer service.On 12/19/2023, I initiated a rollover of funds from my Mission Square 401k to Robinhood using Capitalize. The transaction was expected to take no more than two weeks, but it has been nearly a month, and my Mission Square account shows a $0 balance. Despite initially positive customer service experiences, the communication has deteriorated since my money has gone missing.I am concerned about the lack of resolution and the impact on my ability to grow my money in my *************** account. Multiple attempts to contact Capitalize have yielded minimal response, and the information provided has been insufficient.I am formally requesting that Capitalize address and resolve this issue promptly. If I do not receive a satisfactory response from Capitalize customer service I intend to explore legal options, including small claims court.I appreciate your attention to this matter and trust that the BBB will assist in facilitating a resolution.

Capitalize is NOT a BBB Accredited Business.

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