About Voya Financial
A link has directed you to this review. Its location on this page may change next time you visit.
- 3,389,706 reviews on ConsumerAffairs are verified.
- We require contact information to ensure our reviewers are real.
- We use intelligent software that helps us maintain the integrity of reviews.
- Our moderators read all reviews to verify quality and helpfulness.
For more information about reviews on ConsumerAffairs.com please visit our FAQ.
Quick Call Outs:
- ACH/EFT Payments only, cannot use a debit card
- Online site does not track check payments/previous payment history
- Unreliable bill mailers
This is the second month in 2021 that my mother-in-law's life insurance bill has not arrived in the mail. When I called in to try and pay, I was told they can't take one-time payments over the phone and that she would be late on her payment if she mailed out a check that day. I went through the lengthy process of creating an online account for her, only to realize how incredibly limited their system is. I was able to submit her payment (they accept checking ACH details only...) to keep her current, and learned that in order to set her up for auto pay, we have to submit a voided check and fill out lengthy forms to send via fax or mail. It's just frustrating and shocking that a financial institution has yet to invest in simple system and process improvements that will vastly improve their customer experience.
In order to roll over funds they require you to FAX or mail in signed documentation (9 sheets total, only 1 requires any signatures). I have a feeling this is intended to slow down the process which is a very shady business practice. I've done about 2 transfers before and all were done entirely online via a form or email if a signature was required.
Thank you, you have successfully subscribed to our newsletter! Enjoy reading our tips and recommendations.
I will echo what others have stated in reviews of Voya... The company has deliberately made it agonizingly slow to retrieve your own money. Today I called my financial guy at Avantax for a 401K distribution to cover wife's catastrophic medical expenses. It took a 5 minute phone call and my funds will be in my bank in 4 days. Like an insurance company... Voya wants you to send them money... They do not want to send you money.
After withdrawing a small amount from my 401K, and having to wait 2 weeks and make phone calls and fax papers repeatedly - I decided to roll over my account. They supposedly cut the check and mailed it 8/2 - I requested another option than USPS First Class - and I was told no other options were available. When the check didn't make it after two weeks, I called Voya, and was told that if they issued a "stop" the check could take another 2 weeks. So I waited. Still no check, but now I insisted on express mail and tracking. All of a sudden - they agreed to it (after keeping me on hold for 20 minutes). I still don't have a tracking number.
Voya is by far the worst website in terms of performing any function within the website. First of all, the response time is extremely slow. Additionally, a lot of the functions don't work at all. I have tried calling the support and spent hours on the phone with them and they weren't able to help me. I have never had such a bad experience with a financial company before so I highly recommend that you look somewhere else such as Fidelity, Vanguard or Schwab for a retirement account.
Over 9 months of communication about the residential loan request process. When the time to submit the request came, it took 3 different phone calls over the course of a week to determine exactly what they needed as the initial list morphed. Despite submitting the requested info and customer service representatives "documenting" info, the loan request was denied. Each time they requested the same data/documentation submission and promised the loan reviewer would reach out if they needed any additional information.
They NEVER did and just rejected the request without reviewing all the documentation or reaching out. Over 2 weeks of back and forth and we are back to square one and have yet to speak with an actual loan reviewer or decision maker. There is NO logic or intelligence by the staff assigned to this process. TERRIBLE company. My husband got his loan (same residential type) within 24 hours with less documentation from Fidelity, the first time.
Please don't put your money here. Please dear God don't. They really don't care about you...you are a number. A statistic that gets them a bonus/raise. It's only about their stock price and not your retirement. Their website is incredibly horrid given so many resources that they could use to make it work. Their online and phone line people are clueless. And just try to get your money out... it is your money. Why can't you give you your money? All these forms and "approvals". And they only take FAX?? Move into the 21st century folks. I can email you my form. But VOYA says no. Or God forbid DOCUSIGN??? You only take fax? Why does it take weeks to get a withdrawal from a retirement account? Bad company. Bad staff. And bad choice for an institution that is supposed to support you in your last phase of life. Run from VOYA!
My former employer switched our retirement accounts from a different financial firm to Voya in mid-2020, and told us several times beforehand that this would be happening. I then got a statement from the previous account holder saying my account was down to zero because the transfer had happened. It was a bit unnerving to see everything down to $0. I was hoping to see one from Voya soon confirming the money was with them now.
From that point, until June of 2021 - nearly a year - I have received ZERO communication from Voya. Zero. No welcome letter. No confirmation - "hey, we have your money, here's where it is." No explanation of how to contact them or introduction to their process. Nothing. I called in at one point asking about this. I logged in to the account and switched my statement preferences from online to mail. Seven months later.... still ZERO. No statements. No communication. No emails. Nothing. It's like they don't even exist. If I were to die, no one would even know I had this money sitting there, because there is no written record of it at all, anywhere. What kind of a financial firm that holds hundreds of thousands or millions of dollars in retirement accounts sends ZERO communication? What a joke. I would never recommend this company to anyone, ever. You are better off with your money under a mattress. At least then you know where it is.
I am taking out a withdrawal of my own money for my first home. So far I have had to push back my closing date four times due to Voya's incompetence. Evy single day for the last month I've called in to Voya to be told the latest news on why my application was rejected. Most days I have spent at least 1 to 1.5 hours on the phone with the newest customer service rep - I am told something different daily. I've been given 3 different supervisor's direct numbers. They never call back when I call. I always leave messages, but no return calls. So I have to waste my time calling back in and explaining my account to someone new - no one is ever able to do anything, and no one is ever able to give me clear definitive answers on what is going on.
Currently I was told my account was approved on Thursday FINALLY and the funds were releasing that day. I called back Friday to reconfirm. It is now Monday and no indication of anything on my account that says this. I am on over an hour of a phone call and was just told that someone in processing made an error so they needed to re-push this through and I should be receiving my funds at some point soon. This is after I made it crystal clear that my closing date was on Friday of last week. So not only is Voya incompetent, but they cost me money.
I mean it when I say this is the very worst company I have ever dealt with in my life. All to take out a small piece of MY OWN MONEY. It is absurd. If you have the choice STEER CLEAR. If you did not and this is your company's unfortunate choice for a retirement program, be forewarned. You will never receive your money, and will be treated like garbage for even bothering to try to get it.
I have been trying for 4 months to get my retirement account distribution. I've spoken to customer service at Voya 5 times. I've also contacted the plan representative who initially signed me up. All without resolution. Every CS agent has a different excuse for the delay. All have given conflicting and misleading information. Their tactics appear to be to delay as long as possible. You only have a narrow window to complete overcomplicated paperwork. They require YOU to contact your former employer and obtain authorization to access YOUR money. Employer did not contribute to my account, but I need their permission to get the money. It's all a shuck and jive act. I would advise caution in dealing with Voya! I'm going to make a few charity organizations my beneficiaries when I pass. Voya will cheat me, but may not cheat them and some good may come from their deceptive, overly complicated, antiquated and obstructive practices.
Voya Financial Company Information
- Company Name:
- Voya Financial
- Formerly Named:
- ING Direct
You’re signed up
We’ll start sending you the news you need delivered straight to you. We value your privacy. Unsubscribe easily.