Voya FinancialConsumerAffairs Unaccredited Brand
When taking a $1,000 loan from my 401k plan which was approved and the check sent to me I took it to two places and got a response of nonsufficient funds declined. Why?? I am trying to figure out if the check is good and so is the creditors.
Having 401K account at Voya I twice had difficulties to resolve simple issues: first, being retired, when I wanted to start withdrawing my money on monthly basis, it took for them no less than 2 weeks to process my request. Then later I decided to receive annual distributions each December INSTEAD of monthly ones, I called them in September 2017 about it, they OKd it, but have never send me any confirmation letter or email and to my big surprise in December 2017 they transferred annual distribution ON TOP of the previous 9 monthly distributions...
I contacted them, it took about a week to be connected to the manager who refused to admit their fault starting annual distribution in 2017 on top of previous monthly distributions instead of the next year. Clear poor management: dealing with customers' money and not having a system to confirm future transactions by at least email is just unacceptable practice for a financial institution.
This is the worst company I have ever done business with. State of Oregon decided to have this horrible company manage our Oregon Growth Plan. I withdrew money on 1/3/2018 spoke with an employee named Shekoa. She asked me if I wanted to have federal tax and state tax withheld, I told her, "No, only Federal tax," twice. Well when the money is deposited they deducted federal and state tax.
Since January 11, 2018, I have been given the run around about getting the money back. The supervisor Janice that I spoke with on 11/11/2018 said she would have to pull the tapes and listen to them before she could process the refund. When I called on 2/7/2018, I find out on 2/7/2018 when I make another call to find out where is my money that Janice only listened to the tapes on 2/2/2018, 22 days later. According to supervisor Michael ** whom I spoke with on 2/7/2018 that this was going to be expedited and Michael ** would call on Friday, February 9, 2018. Guess what, no phone call or message from Michael **. I called back today, 2/12/2018, to find out after speaking to supervisor Janice that the money will not be coming until 2/20/2018, forty days after the request. Horrible, horrible company to do business with. Consumer Affairs really needs to look into this company's practices. Employees lie to customers, shame on them.
My father died in September. It is now February and I am still dealing with this horrible company who transfers me 5 times every time I call and then won't give me information. I have filled out forms and more forms, and then they decide they want more forms and more documents. One time, faxing is ok, one time it is not. THE WORST!!
My employer recently switched from a well-known, reputable financial company to Voya to service our 403(b) retirement plans. The problems for me started right away because I had a loan already existing from the previous company, which Voya was supposed to just start serving. In all paperwork it says Voya will debit the monthly loan payment from my supplied checking account (which it took me weeks to successfully enter into their website/system). A couple weeks after Voya took over, I get a loan default notice from them. The loan I had was in good standing when we switched. After numerous calls and emails to them (their customer service is terrible and each person you talk to will tell you something different) they agreed there was an error and reinstated the loan (not without first making me pay $500.00).
Since that whole fiasco every month since they have not taken out my monthly payment “automatically” as they state and each month they then send a “loan default warning” letter. I have to then call their hapless customer service AND my plan admin and then they then fix it. Another huge issue besides the fact they never debit your monthly loan payment and it triggers all sorts of warnings and scary letters, you can’t go on their website to make a payment yourself! The only payment you can make online is for the whole loan balance. If you are thinking you might need a loan sometime from your 401k or 403b - go anywhere else besides Voya. Employees at my company fought HR once they announced our upcoming switch - now I know why. I’ve hated dealing with them.
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I have been forced by the state of Michigan (my employer) to use this company for my retirement management for years and it has been nothing short of a train wreck. I am a seasonal employee and am laid off for 3 months in the winter each year. I have taken 401k loans out 2x now and there is never a problem getting the money. The problems start when you try to repay the loans! I had payments set up to come out of my check. When I went into layoff, I discovered that they don't accept personal checks for payment, or wire transfers (unless you set up an automatic withdrawal - no way, I don't trust them!). The only payment they will take is a post office money order in the EXACT AMOUNT. If it is even a penny over they will send the check back to you and say you are late on your payment and in danger of default.
Even when I sent in two money orders to cover the current and now late I get another late warning letter, dated two weeks from the day it was received and stating that the payment is due yesterday. I call customer service and they say "sorry, the late notices are sent out automatically, they don't even know if you're paid up or not". WHAT?! So, the newest issue is this: I got a loan re-amortization notice in the mail today stating that I have a higher payment now. In the same mailbox in a separate envelope is my money order for this month's payment, returned, saying that it's the wrong amount (because of the re-amortization). How am I supposed to know that they changed my loan and the payment is different??? I never authorized this action. I called customer service and they say they decided to re-amortize because I am in "leave of absence status". I am laid off, not on leave of absence and that has only been for 4 weeks.
What is different this year, compared to the previous 3 years of this loan? I get laid off every year! What will it be next?! The representative on the phone then tried to get me to allow Voya to automatically withdraw funds monthly to pay the payments. No way! I'm not allowing Voya to dig into my bank account, too. Can't wait to change jobs and move my money out of Voya. I have a feeling they have no intention of ever making that easy. They act like it's their money.
Not only did they have the wrong address on file, going from correct to not, but they send everything weeks late. I did a process of drawing my retirement on the 3rd, and changing to paperless. There is no confirmation. No tracking number. Nothing. So they decide to send the check with UPS. I call multiple times over 2 weeks to ask what’s going on. I get “no idea” and “do you want to cancel and try again?” Which would take probably another 2 weeks in their “3 to 5 day timeline”.
I talk to multiple people, finally I get a someone who knows about this tracking number I haven’t been given at any point, though it was asked for, he looks it up and tells me it was delivered Monday to an address that doesn’t exist and that no one signed for it...so they left it...a check for thousands of dollars at an apartment complex. Of which my relative is the office manager, who also hasn’t seen it or heard of it. They did manage to tell me on the phone that no one cashed it. One good part.
Best part, the confirmations on paper, of both the withdrawal being approved and sent as well as the GOING PAPERLESS LETTER, all arrived Sunday and Friday. Yesterday...11 days after the “check arrived” and 15 days after they were supposed to arrive, 5 days after the grace period of 10 days after “sending”. I will be calling on Monday to lose my mind because it was not handled the way it was supposed to be on Friday. Voya is a crook. They want your money to never leave, and they’re “processing time” is a part of that. If I do have to cancel this check on Monday. It will be deposited into my account Monday. I promise you that.
These people SUUUCK. I never signed up for additional benefits on the plans my employer offers and these thieves sign me up anyway and start deducting my paycheck! I have to waste my time and call to cancel and when I ask for reimbursement on the money they stole (I have physical evidence that I didn't sign up for their plans and they just signed me up without my consent) they said they don't do it! I told my employer that they wont reimburse me. My employer said, "Yes they are supposed to". It took a supervisor calling them for them to admit they will reimburse me but it will take two months since they have to wait for the January bill to come through and then it takes a month after that. So end of Feb I'll get my money. You can bet your bottom dollar I won't forget VOYA and if you don't reimburse my money I'll be calling. Thieves. I had cancer and need every cent I earn and they just steal it like that. That is very unprofessional and just WRONG.
I filed my wellness claim Jan 2 and I have both critical and accident insurance. I received my benefit from my critical illness but not my accident. We are now on day 7 and all they can tell me is that they have expedited it and have managers involved and they will contact me within 24 hours. I have been told this several times now and I don't know what you all think expedite means but to me it means that is priority and should be done quickly.
Customer Service is terrible. You can tell by the tone and attitude in their voice that they are not in the mind frame to actually provide customer service to you - the consumer (how dare we call and bother them). I had a general question about my wellness claim. Before I could even finish my question the rep rudely cut me off and informed me that it takes up to 5 days to process my claim. She just dove right into the generic, pass the buck and good luck way of doing business. Had she listened to my question fully before cutting me off, she would have heard that it does not matter when I submitted my claim, my question had nothing to about the processing time. It seemed like she didn't even want to deal with or even touch my case, look up my information or answer my questions until after 5 days. WTG Voya for training your employees and making sure your customers are well cared for!
Letter in September gave the amount of increase in premium effective November. Allotment was increased effective October. Got a letter in November stating decrease of face amount due to non receipt of increase. Numerous phone calls and a Fax showing the increase in allotment later the matter was supposedly resolved. Received a letter stating that in early December. Today received a letter dated Dec. 21 stating decrease in face value due to non receipt of increase. This matter will be turned over to the insurance commissioner!
Updated on 02/06/2018: I posted in December about the problems we have with VOYA!! And the story continues - they are getting the correct premium EVERY month but continue to send a letter every month informing us about a decrease in face value - got another letter on Saturday!! Called today and it became obvious that they do not know what they are doing - had to submit proof of payment AGAIN!!! Since I can't cancel this policy - only VOYA can do that. I feel I am forced to cancel my allotment altogether. VOYA has been collecting my premiums since November 1992 but I will not see a penny of this money nor will my wife if I were to die today!!!
Applied for a over 59 1/2 withdrawal the Saturday after Thanksgiving. Still waiting for the funds on 12/15. Nothing but worthless lip service from Voya reps. They made a lower bid to manage my employee 401k fund and took over from Hewitt. Big mistake on the part of my employer.
My employer recently switched our profit sharing retirement accounts to Voya Financial. This morning a coworker of mine and I had difficulty registering to access our accounts on their site. After registering, I couldn't get into my account. Called the place numerous times with no success. Still can't access my account online. Had to do it online. I wouldn't choose them if I was given a choice!
On October 24 I requested a limited withdrawal from my retirement account from Voya Financial due to expenses related to Hurricane Maria. The first request was cancelled and no one can tell me why it was cancelled. The second request for withdrawal went in on November 2, when they rapidly withdrew the money from my account but it has been 5 days and the money has not been transferred to my bank account on file. I keep calling them and I just get the same explanation: "The money will be transferred when the funds are released." The money was released when they took it out of my retirement account. So, where is the money? These people are making money out of the misery of us who suffered through Hurricane Maria's wrath. Shame on you Voya Financial.
I have had a ReliStar policy for over 30 years. Policy has a 4% minimum rate return, that was honored for many years, but starting in 2009 Voya decided to reduce it to 3%. I have sent policy showing the 4% minimum, and I am still waiting for acknowledgment of their error. Poor customer service.
Submitted a hardship withdraw for home repair and all necessary documents. When you apply for a hardship it is an emergency but you have to call them constantly in order to check the status of your request. You get told different answers depending on who you talk to in customer service.
I have requested to withdraw my money from this company going on 4 months now. The company I worked for was bought out by another company so my retirement fund was transferred from Fidelity Investments to Voya, where all of my problems started. From the get-go I was told that withdrawing my money would be an easy process, I would just need to fax a copy of my social security card to verify my account since it was transferred. I did this immediately and waited the week long period in which it would take to appropriately verify my account as I was told by the customer representative. Once I called back, I was told that none of my information could be verified and that I would have to call the HR representative at my work because they must be transferring information over incorrectly so Voya does not currently see ANY account open under my name.
Keep in mind I have been receiving mail from them with all of my account information on it for a couple of weeks now, so I have no idea why they cannot see any of my account information. Also keep in mind I never worked for this company, I worked for the company that was bought out, so they no longer have any of my HR information. It took weeks of couple multiple people, multiple times to figure out that when I sent over my social security card months before, it appeared that the wrong social security number was entered, so I now had two accounts open, one under the correct SSN with none of my account information in it and one under the incorrect SSN with all of my account information in it. Once this was figured out, I verified with the customer service representative I was speaking with 3 TIMES what the correct SSN was so we could merge the two accounts and I could withdraw my money.
I waited the week like I was told before calling back to confirm the accounts were merged. AGAIN, all of my information was merged under the WRONG SSN. At this time I was assured that in a couple of days because this is now an ongoing account that it would only a couple days to correctly merge the accounts. It has now been another week and my accounts are still merged under the wrong account. I will never again put my money with Voya because they are obviously not responsible with the account information that is given to them nor concerned about the time it takes to perform simple tasks.
I have contacted Voya Financial regarding Hardship Withdrawal roughly 3 weeks ago, explaining the clear urgency of my situation which was covered under one of their options that will qualify for Withdrawal. It was denied, but none of them would even call or email me to advise what it is they would need to help expedite this process. I was told I had to redo the request package over. I did it again and this time I made sure there is every thing they say they need to be able to approve it. On July 14, 2017 I spoke to one of the managers and he said he would "elevate" it because EVICTION is a serious matter. We both assured that all the documents are in good order.
I called Voya everyday to get status update. No one told me anything other than it is still "under review." I kept calling once every day to get update, 10 days later I spoke to another manager, he said something is missing in my document (which no one ever told me in the last 10 days something was missing, even though I asked if there is anything they need from me to speed it up). The manager I spoke to (two different ones in two days in a row) said there is a note stating there is something missing, perhaps page two (but page two is not applicable to my case according to this manager), but the note didn't really specify what exactly.
There is ZERO communication between these people. The managers ensured me that they are unable to "CALL" their customer when they find a problem (even though the customer is in dire urgent need of help), the ONLY person that can call is the ONLY person (according to managers) who can make a phone call would be the person who review the documents to make sure they are good to go. But the managers said, "this person can only be reached at the moment by email and there is no reply from him/her yet" (10 days later). So there is this big mystery, of what it is they need from me and why can't they tell me what is missing so that I can fax it to them. And why no one is able to use phone to call customer to tell them what is the problem is beyond me.
One day the system is down, the next day I get on hold for a manager for over 50 minutes. There is always something with Voya. The customer service reps who answer the phone calls initially are all lovely, but no one can do anything to help you. Even the managers. They are all lost (except for one man, Mr. **, he said for them to take 10 days to process and review and still not come up with solution to work with me is unacceptable,) I agree with him - especially I am going to get evicted. I have children and I had just gone through a bad divorce where I lost everything even though my ex wife had the affairs! In summary: The communication between departments at Voya is terrible. They are unable to call you, or they will not to inform you of any issues in order to help you in your time of urgent need!
There was one small info that is missing in the request package - knowing full well that this is URGENT (it got elevated by manager) situation, but yet they choose to mail you a denial letter about why it is they are unable to process the request. They are very vague because no one seems to know anything, it is a big secret. And when I asked them if they could call that particular department and person to discuss what they need, they all said they CANNOT!!! Every time I call, I am left with nothing, no answer, no progress, and very frustrated. If it is urgent, call your customer! They have a lot of red tape (perhaps simply poor management), they are definitely not there to HELP anyone. They act as if you are begging for the money that isn't yours and your problems is not theirs.
In my whole life, I have NEVER before - on God's honor have this much difficulties, terrible service and problems dealing with any institution or company (including DMV, Veteran's affairs, and many other terrible places in America for service.) And I have NEVER wrote any complaint for anyone before either. After my divorce and 18 months of lawyer's fees and custody battles, I am robbed of everything that I own except my clothes. I simply asked them politely day after day after day that I need help and I will be on the streets and I will lose my kids.
But they never took it to heart. All they can say like bunch of robots is, "I am sorry" or "it's under review, " or "I am not sure" or "we cannot." Why is this institution still around? Why does Lockheed Martin still use them, is this what your employees deserve? Today is the 11th day. How can they not call each other in different department to assist the customer??? How are they not able to call each other on the phone to ask what the problem is, how can they sit on anything this urgent and tell their customer they don't know what is wrong because only ONE PERSON knows it and they cannot get a hold of this person by phone??? By their contract they must process no later than 7 business days.
The fact that they cannot do it in that time, they simply denied it and cook up a reason why they cannot grant the request. Because I don't know what else I can do to make this right. No one has given me any solution, and I have asked three different managers, at least 18 other customer service reps what do I need to do, and even offered some solutions to them, but nothing! It feels like I am trying to drill a tunnel into a face of a mountain with my bare fist. Yes... until these people get a proper leadership, and proper management - stay clear from them!!! I need this issue resolved. I will keep going, if I have to go to the television and my Congressman, I will.
This company is honestly the worse ever. I had shoulder surgery on May 30th 2017, I'm only suppose to be off work 10 weeks, they said they can't start payment until after 30 days, then on top of that they can only mail you the check once a week, no direct deposit. So every week on Friday I go check my mail to see if my check has arrived, smh, sometimes it’s there during the week sometimes it’s not. Today is Monday July 24th 2017, I didn't get my check from last week so hopefully this week they send both of them. People who are off work due to an injury are already on a set income, I use my short term disability check to buy groceries and put gas in my car which I haven't been able to do and feel like a straight bum, I’m for sure getting Aflac next time.
Nothing this company and their retirement offerings are standard. None of the funds have legitimate ticker symbols, so you can't follow them. You cannot get in-service withdrawals after 59.5. We have a stupid management and they stay with this jacksticks.
My father passed away last December. Voya is the plan administrator for his savings plan of which my brother and I are beneficiaries. It's been over 6 months and we are still trying to transfer the funds to a new plan. Consistently, we are told "The system is down," "You need to now fill out this form," "Once you fill out the form, it will be another 5-7 days and then you need to complete another form," "Call back tomorrow." In addition, I have spent hours on the phone only to be disconnected randomly. Each call back requires me to start over with why I am calling. The experience has been the same for my brother. My financial advisor stated, "We have never experienced anything as awful as Voya." Do not willingly choose to work with them.
I'm not sure why people have left so many bad reviews. I called customer service on Friday, June 2, 2017 around 4:30 pm to request a loan from my 403(b) retirement account. The customer service rep I spoke with was very courteous. The phone call only took about 10 minutes. I checked the website and my documents were available to print. I printed and faxed them into Voya. At 4:54 pm, I received a confirmation email that my documents had been received and would be and reviewed and/or processed.
Wednesday at 1:01 am, I received an email stating my loan was approved and I would receive payment in about 2-3 business days. At 10:00 am, on Wednesday the funds were deposited into my account. The whole process took 2 business days. Maybe it's not Voya, but the companies you work/ed for. They have to approve the loan and which fund the money can come from. My experience with Voya was wonderful. It just goes to show, you can't trust reviews and you should always go off your own judgment.
The worse retirement company ever! I left my job four years ago. I literally have been trying to get my money from my 401k for four years. I just gave up trying. So I started back last week trying to get my money. I called again, and was told I have to go through the employer to get the papers I need to withdraw my money. The employer has since been bought out. VOYA would not give me any information on my money. MY address has changed six times in the four years. I have no freaking idea what address they have on file. This company is a nightmare and should not be in business. The customer service sucks. Worst place by far to trust with your money. I see countless reviews all recent in regards to this company. I WANT MY MONEY AND I WANT IT NOW!!!! My brother is a lawyer and I will be discussing my options.
Totally useless customer support. The stall tactics and feigned mistakes and lack of communication are all part of their well rehearsed game.The CEOs and managers go to school to learn that stuff. They say "It's just business". Well be clear their business is to keep your money as long as possible until you just give up trying to get it. It's legalized robbery. Of course they should earn fees for investing your money but they do not seem to care that you have a contract, They do not honor it. They have not paid a dime to my mother-in-law who is 93 and in an expensive Alzheimer's facility since her husband's death over 2 years ago despite calls, emails, forms notaries, powers of attorney and 2 sets of lawyers (all using up the gains accrued by investing with Voya). Also our pain and suffering emotionally knowing that my father-in-law is turning over in his grave knowing what he worked so hard to provide for his wife's care has been stolen.
Shame on you. Very unethical practices. If you work for Voya you should quit so maybe you can sleep at night because you will have a clear conscience. If you are a client, file a complaint with your state insurance commissioner or join a class action lawsuit if you know of any. My fellow teachers beware. You may never see your retirement savings either. I have pleaded with California State Teacher's Retirement system to STOP endorsing and promoting them for annuities.
I applied for a hardship loan (401k Voya) on April 6, 2017 and still have not received my money. I have been given the runaround for almost three weeks. I just called and was told that I would have my money by Friday because it takes 2-3 business days after it is approved. Friday will be too late, I needed the Money by April 20, 2017. Their customer service and managers suck. I can't believe that companies invest our money in a company that provides bad customer service.
I spoke to a customer service representative about withdrawing a loan from my 403B. I told him it was a hardship loan yet he told me he would mail the forms for me to fill out. After 4 days of waiting for the forms I called back and they told me it could take up to 7 days. I asked them if they had a quicker process and then they decided to finally tell me I could go to the website, print the forms and fax them. I did that a week ago and the next day they withdrew the funds from my 403B account but still haven't deposited it in my bank account. I called them and they said it takes 7 days to process the withdraw. I have never had to wait so long for a loan from my 403B and I have invested with several other companies. They also have horrible customer service.
When I tried to get my mother's 401k out after she passed away they sent me a bunch of forms that had to be notarized. So I took my 90 year old father to the notary to get it all done and sent it all in. Eventually they sent me back a note that it was not done properly. It had to have a Silver Seal notary or some such. So I had to find one and take my father to the bank to get it notarized again. There was no possible reason to send the wrong paperwork in the first place other than to give us the run around. Very poor customer service.
Voya representatives act snotty and lack sympathy and common sense. They don't care for their clients. My client performed a trustee to trustee transfer of retirement money (leaving Voya). Voya even sent a check made out to "XYZ Trust FBO Client Name" and then issues a 1099-R. Obviously this is trustee to trustee transfer, and an erroneous 1099-R. It's an easy fix but they won't do it.
Voya is the company for which I have my 401k account through my employer. I had a situation come up where I needed to pay off a loan I had taken out previously so I could take out another one. Called Voya for the address where I could mail a check & pay off the balance, I was given ONE address & proceeded to overnight a check to the address given. I followed up with Voya calling multiple times throughout the week & was told to give it a few more days. I proceeded to call again on Monday & was then told I had mailed the check to the wrong address & there was a special address to overnight checks. I knew nothing of this separate address because I was only given the one. There was a claim opened to try & find the check that was delivered Tuesday, March 21 at 2:20 pm.
I proceeded to continue to call Voya multiple times every day this week, March 27, 28, & 29 being told that they are looking for the check & I will hear from someone when it's found. I've talked to multiple Supervisors who have told me I will receive a call back from them & I have heard nothing. This is an emergency situation that I need the loan for & the fact that Voya can't find the cashiers check from a bank that was delivered to them 8 days ago is troubling. Even more troubling to me is the fact that there seems to be no communication going on about the matter between departments & then giving me any information as to what is going on. The last time I called I was told they are open until 9 pm & I should hear something by then. I will continue to call & hope the 2500.00 check is found. Something really needs to be done about the lack of communication & customer service in this matter.
Not only did it takes weeks after weeks as they kept changing my address now I haven't received my tax information for filing my taxes for 2016 and they say they don't know if they sent the required info but want me change my address again. This is the worst company I have ever dealt with and urge you to NOT invest in it. I finally got my disbursement because a postal worker went PO Box to PO Box and found the wrong number had been put on it. Incredible. California teachers don't invest your 403Bs in this company.
Voya Financial Company Information
- Company Name:
- Voya Financial
- Formerly Named:
- ING Direct