Business Profile

Investment Management

Voya Financial Inc.

This business is NOT BBB Accredited.

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Complaints

This profile includes complaints for Voya Financial Inc.'s headquarters and its corporate-owned locations. To view all corporate locations, see

Customer Complaints Summary

317 total complaints in the last 3 years.
134 complaints 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.

Initial Complaint
Date:12/03/2024
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.
I am writing to formally complain about the ongoing issue with my Voya online account being locked. I first reported this problem on November 20, 2024, and despite numerous follow-up calls since then, the issue remains unresolved.Each time Ive contacted **** customer service team, I have been assured that the matter is being addressed, but no progress has been made. This lack of resolution is causing significant inconvenience and frustration, as I rely on access to my account for managing my financial matters.I request that this matter be addressed immediately and that I am provided with a detailed explanation for the delay. Additionally, I expect a clear timeline for resolution.
Business Response
Date: 12/18/2024
The customer was provided a response on 12/18/2024.
Due to customer privacy, the Company is unable to provide a detailed response to the BBB regarding the customers complaint. Thank you.
Initial Complaint
Date:11/19/2024
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.
I put in a request on 11/5/2024 for the termination of my 401k. I was told 3-5 business days and it been 8 and they have not even processed it yet. It is still waiting to be reviewed. The customer service has lied to me multiple times saying it was in the process of being reviewed and it has not even begun yet. **** was my customer service representative and she told me multiple different things and none of them matched up.
Business Response
Date: 11/21/2024
The customer was provided a response on 11/20/24.
Due to customer privacy, the Company is unable to provide a detailed response to the BBB regarding the customers complaint. Thank you.
Initial Complaint
Date:11/13/2024
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 signed up for a 401k with Voya Retirement but when I got termed from my job and told Voya to just disburse the balance they told me any withdrawal would be a free of $135. I never signed up for this and was unaware that the fee would be charged or I would've never signed up. Most of the other retirement companies don't charge any fee for a term disbursement. An early withdrawal fee is understandable but not a termed disbursement.
Business Response
Date: 11/13/2024
The customer was provided a response on 11/13/2024.
Due to customer privacy, the Company is unable to provide a detailed response to the BBB regarding the customers complaint. Thank you.
Initial Complaint
Date:11/11/2024
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.
*** ******* LavalleeSept 2, 2024 CEO, Voya Financial **************************** Dear *** ********:I am contacting you about two life insurance policies. My husband and I have owned our Voya life policies since 1986, when I bought them through Reliastar. We have paid our premiums for many years including the frequent catch-up premiums we were assessed over the last several years to cover Voyas shortfalls in retaining the values our policies.We are extremely unhappy with how our policies have not been honored by Voya.I phoned your customer service on March 21, 2024 and asked to confirm the surrender values of our policies. We had received notices that our policies would be valued at $467.75 (*****) and mine at $356.46 through Sept 2024. I was told the cash surrender value was $92.81 for ***** and $82.83 for me. When asked why these values were not what had been ***orted, the *** claimed that we hadnt paid our full premiums on the most recent (Jan. 2024) quarterly bills. I explained that we had paid exactly what we had been billed. She said the amounts on the statements were wrong and, when I pressed her, she said Voya was having IT problems.I was unable to get satisfaction from customer service in further phone calls and decided to send in surrender requests for both policies.I ran into a lot of problems with even the surrender requests. When I phoned on May 17, I was told that my policy had 0 surrender value. I have yet to receive any confirmation or return call from Voya and have not received even the vastly reduced surrender values. I was told to expect a confirmation letter and check in 7-10 days.I would like to hear from Voya about what you intend to do regarding our surrender value payouts by the end of September. At that point I will file ************* inquiry concerns life insurance policy number ********* on ***** * ****** and the policy on myself, policy number *********. I am the owner of both policies.
Business Response
Date: 11/22/2024
The customer was provided a response on11/18/2024
Due to customer privacy, the Company is unable to provide a detailed response to the BBB regarding the customers complaint. Thank you.
Customer Answer
Date: 11/23/2024
Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:

[Your Answer Here]
I am dissatisfied with Voya's response. At their convenience, they disclaim their own bills and statements of surrender value that they've sent to us. And the **** ******, has claimed that their phone staff have given me incorrect information.

The *** I spoke with on November 18, ******, claims that surrender value changes daily and any values (even the greatly reduced values quoted over the phone) are only good on that actual day. The Voya *** claims that the written surrender values that I received from them by mail in October 2023, see 2 of my BBB documents, are not correct, even though they claim to be good through September 2024 (the end of the plan year), as long as the premiums are paid. And **** claims that we did not pay the correct premium, even though we paid what they billed us. When I challenged this, I was told by another *** that our last quarterly bills were incorrect due to IT problems.

****** claimed that the actual surrender value would be after Voya completed processing the surrender claims. And we were supposed to continue to pay premiums after I notified them of our discontinuance of coverage and until they finally completed the surrender paperwork.

In order for the BBB to appropriately process your response, you MUST answer the question above.

Sincerely,

**** ******

Business Response
Date: 01/09/2025
We received the complaint follow up information for the above referenced case. In order to maintain customer privacy, we are responding directly to *** ******. She can expect to receive our letter in the next two to three business days.
Customer Answer
Date: 01/11/2025
Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and find that there is nothing more that can be done..

Sincerely,

**** ******
Initial Complaint
Date:11/11/2024
Type:Sales and Advertising Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
I was opted into an optional retirement plan without my consent. This has happened twice now. I opted out last year after they took my money and they put me back in the program this year. They have taken my social security number and money from two paychecks now. They also refuse to close my account when I call and do not communicate via email or chat.
Business Response
Date: 11/20/2024
Voya made numerous attempts to contact the customer. The customer has been non-responsive. At this time **** is closing this matter.
Due to customer privacy, the Company is unable to provide a detailed response to the BBB regarding the customers complaint. Thank you.

Customer Answer
Date: 12/04/2024
Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:

"Voya made numerous attempts to contact the customer. The customer has been non-responsive. At this time **** is closing this matter.
Due to customer privacy, the Company is unable to provide a detailed response to the BBB regarding the customers complaint. Thank you."

I do not have any voicemails, emails, or physical letters from the company. I reached out to the company with a coworker experiencing similar problems. We were told we could not cancel the accounts because they are managed by our school district (we are teachers). Our school district said that this was not true, that it was our job to close the accounts. The online chat portal does not ever seem to work. The people answering the phones are not helpful. And, I never received a refund for the amount of money taken from my paycheck by Voya. I was elected into their program due to a failure to un-elect. They claim that I was contacted to un-elect via mail, but they have the wrong address on file and I am unable to change this information. They have taken my money and my social security number, which they have on file, against my will, and refuse to close the account.

Sincerely,

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

Customer Answer
Date: 12/23/2024
Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:

[Your Answer Here]
To keep track of contact I would like the business to please email me correspondence. As previously stated, they do not have the correct address on file. If they have sent a refund, I have not received it.

In order for the BBB to appropriately process your response, you MUST answer the question above.

Sincerely,

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

Business Response
Date: 01/17/2025
Voya made numerous attempts to contact the customer on the following dates: 11/11/24, 11/14/24, 11/18/24, 12/15/24, 12/13/24, 12/27/24. A letter has also been mailed and notice has been sent by email to the customer. At this time Voya is closing this matter.
Due to customer privacy, the Company is unable to provide a detailed response to the BBB regarding the customers complaint. Thank you.
Business Response
Date: 01/17/2025
Voya made numerous attempts to contact the customer on the following dates: 11/11/24, 11/14/24, 11/18/24, 12/15/24, 12/13/24, 12/27/24. A letter has also been mailed and notice has been sent by email to the customer. At this time Voya is closing this matter.
Due to customer privacy, the Company is unable to provide a detailed response to the BBB regarding the customer’s complaint. Thank you.
Initial Complaint
Date:11/06/2024
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 general loan request on my account on 10/28. Online and in your phone system it shows processed and says Id receive payment by 11/1. Called when I did not receive anything only to discover they were experiencing some system error and my check was never sent. They claim they sent a ticket to IT to get it fixed. It is now 11/4 I still dont have my money but they have the loan posted as if I have been paid which means that they will start deducting money from my paycheck for a loan that I have not taken out yet technically and will make the first deduction on Friday 11/8. This money is needed by the end of this week its very important that I receive it which is why I was requesting it to begin with. I need my money ASAP!
Business Response
Date: 11/14/2024
Voya made numerous attempts to contact the customer. The customer has been non-responsive. At this time **** is closing this matter.
Due to customer privacy, the Company is unable to provide a detailed response to the BBB regarding the customers complaint. Thank you.
Initial Complaint
Date:10/28/2024
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 would like to file a complaint against Voya Financial, the administrator of my 401K retirement account, due to overcharging and unprofessional customer ********** September, I noticed that Voya Financial was charging fees more than 10 times higher than those disclosed in the Participant Fee Disclosure document. I contacted their customer service on October 8th to address this issue and inquire about the fee calculations. The representative was unable to explain the fees and said they needed to consult with their back-end team, promising to call me back within three days. However, I did not receive a callback.I followed up on October 14th and received the same response. The customer service team seemed uninformed about their retirement products and placed me on hold frequently. Their answers appeared scripted, and they again promised a callback, which I have yet to receive after ten days.
Customer Answer
Date: 11/22/2024
Better Business Bureau:

At this time, I have not been contacted by Voya Financial Inc. regarding complaint ID ********.

Sincerely,

*** **
Business Response
Date: 12/23/2024
A letter was sent to the customer on 12/16/24. Due to customer privacy, the Company is unable to provide a detailed response to the BBB regarding the customers complaint.
Customer Answer
Date: 12/24/2024
Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:
The response didnt address the issue that the fees in the statement are much higher the fee estimate based on the fee disclosure document.

In order for the BBB to appropriately process your response, you MUST answer the question above.

Sincerely,

*** **

Business Response
Date: 02/12/2025
The customer was provided a response on 02/07/2025.
Due to customer privacy, the Company is unable to provide a detailed response to the BBB regarding the customers complaint. Thank you.
Initial Complaint
Date:10/25/2024
Type:Order 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.
On or about September 27, 2024 I filed a critical insurance claim with Voya. I have had multiple heart attacks and now have heart failure. My acute on ******* ***** ******* is in the advance stages in which I sent them all my medical records confirming the diagnosis. As my my med records show I am not eligible for a heart transplant due to ongoing health issues such as diagnoses of lung restriction, artery disease in my legs, recent sinus surgery and ongoing infections with several rounds of antibiotics. All this information is in my medical records and if they truly have physicians to assist with reviewing the claims they would know these additional health issues disqualify you for a heart transplant. However, they insist that my physician directly notes this although an evaluation is not done if you dont qualify. I see my physician soon and will discuss it further with him, but this is unfair as my policy is clear that if you dont qualify for a transplant you can still be paid. The company can also see that I am on a medication that is only used for severe rapid heart failure and is the last resort medication. I also sent them my BNP blood test and dates on records as to my diagnosis. There site says send medical records or signed document from doctor. It does not say they need both. Now they want both, my policy allows pay outs for different illnesses, yet it seems because they paid me for a heart attack they dont want to pay me under a different critical illness. I have been in and out of the hospital several times and am extremely sick yet I have to use more energy to deal with this. Although, I qualify for payment I will ask my doctor to note that I dont qualify for a heart transplant but I should not have to do this as my records are clear with my other health issues that are clearly noted by my cardiologist. I am out of work and have bills. I pay into this policy through my employer and should receive the money as they have enough information to pay me.
Business Response
Date: 10/29/2024
The customer was provided a response on 10/29/2024.
Due to customer privacy, the Company is unable to provide a detailed response to the BBB regarding the customers complaint. Thank you.
Customer Answer
Date: 10/30/2024
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 and the matter has been resolved.

Sincerely,

****** *****
Initial Complaint
Date:10/21/2024
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.
To Whom It May Concern,I am writing to file a formal complaint against Voya Financial due to delays, misinformation, and poor handling of my recent withdrawal request. On October 7, 2024, I initiated a withdrawal to cover a medical bill, submitting all necessary paperwork. I was told by the representative that the processing time would be 3-5 business days, meaning I should have received my funds by October 15 at the latest.On October 9, I reached out for an update and was informed that there was an issue with the tax portion of my paperwork. I was required to call in on a recorded line to specify my tax withholding preference, which I did promptly on the same day. Following that, on October 11, I was contacted again and told that my supporting documents needed to be resubmitted with clearer details to finalize the approval.Based on the initial information provided by Voya Financial, I made arrangements with the hospital, expecting that the funds would be available by October 15. However, even after submitting the corrected documents and having the transaction approved on October 11, I was later informed that the processing time had changed to 8-10 business days. This was a significant deviation from the 3-5 business days originally stated.On October 17, when I inquired about the status of my funds, the agent confirmed that the withdrawal was approved but still listed as pending. Meanwhile, my funds were not in my account, nor were they present in my Voya retirement account. As a result of this delay and lack of consistent information from Voya Financial, I have now incurred a late fee on my medical bill, significantly increasing my financial burden.I am requesting immediate action to expedite the release of my funds and reimbursement for the late fees that I incurred due to these delays. Additionally, I would like a detailed explanation of why there were discrepancies in processing times and why my funds were not delivered as promised.
Business Response
Date: 10/24/2024
Voya made numerous attempts to contact the customer (10/21/24, 10/22/24 &10/24/24). The customer has been non-responsive. At this time **** is closing this matter.
Due to customer privacy, the Company is unable to provide a detailed response to the BBB regarding the customers complaint. Thank you.
Initial Complaint
Date:10/03/2024
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 contacted Voya Financial at the beginning of August 2024 for a withdraw from my account. I was advised the check was mailed 2 years ago to an address I have not lived at in 10 years. My beneficiary form has the correct address. I was informed the check will be reissued and mailed to the correct address with 30 days. Within ****************************************************************** September 2024 I called and was told it takes 20 days to go through some process and would be mailed by September 10, 2024. I called for a third time on October 1, 2024 to be told the check was sent out on August 12, 2024.
Customer Answer
Date: 10/03/2024
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 and the matter has been resolved.

Sincerely,

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

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Voya Financial Inc. is NOT a BBB Accredited Business.