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Do not do business with these people. As many others have stated, as soon as you need to make any kind of withdrawal, they immediately come up with every excuse possible to not give you your money. My wife had an account there for 20 years. We had a financial emergency and decided to close an account. We filled out all the crazy paperwork which is ridiculous, we faxed it in, and boom everything grinded to a halt. You need a signature here, you need a date there, etc. Went on and on. When talking to customer service they obviously didn't care. We requested the money on 3/22. It's 3 weeks later and they still don't have a date when we can expect the check. It's my wife's money! Why are they allowed to make people jump through hoops for their money.
I have had to call customer service twice after trying to register online with Voya unsuccessfully. I have an Apple iPad and an Apple phone. Every time I try to register it says it does not recognize me and won’t let me register using my Social Security number and the pin number provided to me by Voya. After speaking with two different very nice people at the Voya customer service they cannot give me registered either. They gave me a temporary password while they stayed online with me and they still cannot give me logged in.
So at this point I can’t even review my retirement account with those folks. They suggested I try using another computer/device. So I drove 20 miles to my sister's house who actually has a computer I couldn’t register on there either. And their final answer is, "Well we don’t know what to tell you." Thinking maybe it was my error after all these numerous attempts even though the customer service people I spoke with couldn’t get me registered either, I had a friend of mine who is a computer tech support guy try and he couldn’t get me on either. So finally I just gave up. You would think a company that wants you to do everything online would have a better online system.
Voya Financial's website is not compatible with the Chrome browser, which is unforgivable given that Chrome's market share has been more than 50% for more than four years. This is a Voya problem that they have disavowed to me repeatedly. It is not acceptable that they force me to use a less secure browser to access my account information.
My employer was bought out by a larger holdings company in early 2018. Starting in May, all of our insurance coverage was switched to the holdings company provider, but it didn't include short/long term disability so I enrolled with the voluntary disability coverage they offered at a decent price. This February, I had a problem with my wrist that required 6 weeks of therapy. As an over-the-road truck driver, that meant not working in order make the 2-3 therapy/week sessions because we don't have any local facilities near home. Because I enrolled in May of 2018, my claim was filed 9 months after enrollment. So, they have to do a "pre-existing injury" investigation.
I have filled out numerous authorization forms giving them access to my medical records for the previous 12+ months (I hadn't seen a doctor since late summer of 2017, so there aren't any) and they still are "investigating" and delaying 4 weeks of compensation because they claim that all my previous physicians are failing to send them any records. They simply don't believe that I didn't have this condition prior to starting coverage with them and that I haven't seen a doctor since 2017. It almost makes me feel like they are backhandedly calling me a liar. DO NOT WASTE YOUR MONEY ON THESE GREEDY PEOPLE.
About a year ago, I set up a periodical withdrawal for this year. The first withdrawal did not occur, despite a confirmation letter I received when I set it all up. I'm still waiting. Also, tax withholding was specified for a withdrawal last year, but rather than the 10% federal withholding, which is the minimum, none was withheld. To be fair, at least Voya got the state withholding correct.
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Voya is pretty much a scam. They will charge you lots of hidden fees and high fees. Almost any other brokerage will have lower fees. Had a 401k with them. They apparently charge a 2% fee, which is much higher than everyone else. When I tried to transfer my money out, they tried to delay my transfer as much as possible, then they charged $150 for leaving. Overall, I lost $250 even though the stock market went up. There's absolutely no point to using Voya since you're just going to lose money.
I worked for a else elementary school for a year and a half. Handed in my resignation in September of 2018. I called Voya to cash out my accounts and they told me, "Oh we still have you as an employee." Um no at this point. It's November so I have to call the administration for the school and they send it over then I call for almost three weeks to Voya. Nope haven't gotten anything yet. That was February 13th. Then I call back February 15th and she said, "Yeah they have it." I was supposed to get 720.34 from two accounts combined.
She proceeded to tell me that my 491k has to go back to the state of Michigan because I didn't work there long enough and then added on state federal fees and they charged me $75 to get my money out. So now I'm getting 2 hundred back out of 720. The lady never told me how long you have to work to keep your 491k. I worked there for a year and a half and earned that money and it's not fair to people who work their ** off for them just to take all the money you have made is. All they say is sorry. I would never recommend going to them and never will. I didn't. My employer did. I don't even give them a one star.
Since moving to PA Voya has been deducting income taxes earmarked for PA from 2003 to 2018 from my federally mandated annual distribution. PA. will only refund years 2015 to 2018 and I must file an appeal to get a refund for 2014. Voya is responsible for the PA taxes deducted for years 2003 to 2013 but they refuse to acknowledge that fact. What course do I have to make them refund years 2003 to 2013. I no longer have the 1099R's for those years and PA Department of revenue indicate they can't refund those years either. It's VOYA'S error!!!! The 1099R's always shows a Number 7 in Box 7 which indicates the funds are not taxable related to PA. Federal tax is not in question! FEDERAL TAXES HAVE BEEN PAID ON ALL YEARS WHICH IS CORRECT!! BUT PA STATE INCOME TAX HAS BEEN IN ERROR YEARS 2003 TO 2018.
Almost 2 years ago I enrolled with Voya after starting new employment. Ever since opening the account, I have been attempting to roll over other 401k's into the account. I have played phone and email tag with our reps consistently to no avail. I keep getting different sets of instructions, only to find after doing them, that what I did was wrong. If it was not for my company's match I would leave this company entirely. I would not recommend giving this company your business.
I was with my former employer and got enrolled "automatically" with them for 401K. Since I was not aware of the enrollment (I had no intention to partner with them), my paycheck was deducted for a 3% contribution. I called at least 7 times to get a check back, finally they did, but they took $40 dollars out of my refund and claimed it is a withdraw. This is not a withdraw, this is a return of contribution, it is different. If I was accidentally enrolled, I should have got the total amount net of federal/state holdings, and your mailing fee, sure... But they took the concept wrong, and treated as a distribution. Folks, how can you trust them? They have no idea of what they are doing. When I spoke with the associates, even they said there are miscommunications between them and ADP... Do not invest with them. Try all you can to avoid! Plus, my issue was still not resolved. This lasts from 2 months ago.
Voya Financial Company Information
- Company Name:
- Voya Financial
- Formerly Named:
- ING Direct