Voya Financial

Voya Financial Reviews

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About Voya Financial

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Voya Financial is a leading provider of retirement savings, investment and insurance products. The company has over $316 billion in assets under management and serves nearly 15 million customers. While it doesn’t offer checking and savings accounts, Voya Financial provides retirement, investment and insurance products to individuals, businesses and financial professionals nationwide.

Pros & Cons

Pros
  • Over $316 billion in assets under management
  • Helps customers achieve financial wellness and security
  • Offers a cash management account with 2.47% interest
Cons
  • No traditional banking services like checking and savings accounts
  • Fees may apply for some products and services

Featured Reviews

Verified
Middlesex, NJ

I was worried when I had to file a claim with Voya for critical illness having read the reviews on this site as well as the BBB. To my please surprise, I put in my claim on March ...

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Verified
Savannah, GA

I've read majority of the reviews on here and I have not experienced any issues with Voya. I called to request funds and I was told 5 to 7 business days I would receive my check. ...

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What is Voya Financial?

Voya Financial provides retirement, investment and insurance solutions to individuals, businesses and institutions in the U.S. Until 2014, it was known as ING U.S.

Voya Financial has over 7,200 employees and offers a wide range of products and services, including:

  • Retirement plans, such as 401(k)s and individual retirement accounts (IRAs)
  • Investment management for individuals and institutions
  • Insurance products, such as group life insurance and disability insurance

How does Voya Financial work?

Voya Financial does not offer traditional checking and savings accounts. Instead, the company specializes in employee benefits, including retirement, investment and insurance solutions. It also offers self-directed IRAs for individuals.

As a result, Voya Financial may be best suited for individuals and businesses looking to plan for their long-term financial future rather than those needing immediate access to cash or checking account services.

Voya Financial products and services

Voya Financial’s products and services include:

Retirement planning and investment services
Voya provides retirement planning services and products, including 401(k)s and other workplace-sponsored plans, annuities and IRAs. It also offers 529 college savings plans as well as investment management services.
Insurance products
Voya Financial offers a variety of insurance products, including supplemental health insurance, group term and whole life insurance and disability insurance.
Financial planning services
Voya’s financial planning services include retirement planning, investment planning and insurance planning.
Employee benefits
Voya provides employee benefits solutions to businesses of all sizes, including group insurance plans, workplace retirement plans, health account solutions and more.
Cash management accounts
Voya Financial's Insured Bank Deposit Account earns 2.47% interest and is insured by the Federal Deposit Insurance Corporation (FDIC) for up to $2.5 million. It’s the default cash sweep option for anyone who has an investment account through Pershing, LLC, which is the clearing broker-dealer for Voya Financial Advisors.

Voya Financial fees

Voya Financial's fees vary depending on the product or service you choose but may include administration fees, investment management fees and loan application fees.

Voya Financial FAQ

Who owns Voya Financial?

Voya Financial is a publicly traded company, so it’s owned by its shareholders. Its stock is listed on the New York Stock Exchange under the symbol VOYA.

What is Voya Financial's customer service like?

Voya Financial has a team of customer service representatives available to answer your questions and help with your needs. You can reach customer service by phone or email.

Does Voya Financial offer traditional banking services like checking and savings accounts?

No, the company primarily provides workplace benefits, such as retirement plans and group insurance. If you’re an individual, you can open a self-directed IRA or taxable brokerage account through the company.

How do I get started with Voya Financial?

You can open some accounts online, including self-directed IRAs. For other products, contact customer service to speak with an agent or enroll in your company’s benefit plan.

Is Voya Financial legit?

Voya Financial serves nearly 15 million customers and provides employee benefits solutions, life insurance products and retirement accounts to businesses and individuals nationwide. While Voya Financial may be ideal for employees who have access to Voya products through their workplace or individuals looking for an IRA, it’s not a good fit for those who need traditional banking services like checking and savings accounts.

Voya Financial Reviews

Stars Rating

  • 5%
  • 7%
  • 4%
  • 3%
  • 81%

Popular Mentions

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    How do I know I can trust these reviews about Voya Financial?
    • 4,460,553 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.
    Page 1 Reviews 0 - 10

    Reviewed June 8, 2024

    Why would a disability claimant be asked to obtain all of their medical records for specified dates when an Authorization for Release of Health Information was signed during the most difficult time in one's life? This makes zero sense. They also put it on the claimant to get paperwork that they received from the doctor corrected. Isn't the purpose to provide this as a part of their service? Why would they want the claimant obtaining this information anyways? If I managed this company, I would never allow this. As a claimant, this causes further stress and potentially longer claims.

    Customer ServiceProcess

    Reviewed June 1, 2024

    I just took out a loan from 401K but Voya didn't even confirm if I received the cheque. I called on 5th business day to tell them that the cheque is not received and they asked me to hold for another week before they can re-issue a cheque. This is pathetic service since I have not received it until today even though online it says that it was processed on May 17. But the installment was withdrawn from my salary without even actual loan disbursed to me.

    I am really not happy with the overall process that has been followed by Voya. They sent a cheque via USPS which I am confident that it's misplaced. For such critical financial cheques, Voya should use UPS or FEDEX which has tracking numbers and are delivered at door step with proper verification but Voya choose to send via USPS.

    The reason for loan was some personal emergency but now I have to go through a process of requesting for another cheque which I am pretty confident that it will take more than 7 days to disburse. Not a efficient way at all. Hope senior management takes a serious note about this feedback and take appropriate action to disburse the loan to my bank account directly rather than this cheque business.

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      Customer Service

      Reviewed May 31, 2024

      I filed a 401k funds withdrawal a month ago. They said it would take 7-14 business days. It’s been exactly 29 days and still haven’t received anything. I called to track the check and they say they haven’t even sent it yet so I asked if I can get direct deposit instead. 2 weeks later I still haven’t gotten my money.

      Customer ServicePrice

      Reviewed May 30, 2024

      When Voya set up our company plan they came on site. I ask the question several times: what fee do you charge? They kept diverting saying that I need to check the individual investments. I kept asking and they kept diverting. It's a pretty simple answer. They charge 2% annual management fee on top of the individual investment fees. That's absurd!

      Process

      Reviewed May 20, 2024

      Advise to the employer: choose another company, because it makes you look bad. The company is incompetent and has terrible process. It's a shame that the employer would choose to work with this company. The returns on their funds are below market.

      Reviewed May 18, 2024

      If your company has your 401k through Voya, get out of it as soon as possible, this place has sham written all over it, I have been getting the runaround to get my distribution for at least 2 months.

      Customer ServiceStaff

      Reviewed April 30, 2024

      They are incompetent at their jobs. Wife called 3 times. Every time they told her she was missing a HIPAA release, she told them what page it was and they would find it. Happened 3 times. They are useless.

      Staff

      Reviewed April 21, 2024

      Do yourself a favor and get an attorney before you retire to move funds. That way you won't be in a hardship. 5 to 7 days is lip service. You will never get a real check on your own. Lost mail. Excuses but tell your employer they are at fault for using Voya

      Customer ServiceStaff

      Reviewed April 18, 2024

      Horrible customer service!!!! I never received my money. They told me to call back in 10 business days and I still never received my money. I called and the customer service rep going to tell me sometimes they carry miss their mail. That doesn’t even make sense. Then when you request to speak to a supervisor they always claim one is not available. They also started taking payments from me. Stay away. Save yourself the headache.

      Reviewed April 17, 2024

      I am a 63 yr old man who requested my retirement money, that I can't seem to get. They say under review for weeks. The company I worked for is out of business. I guess I need to get a lawyer to get my money.

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      Voya Financial Company Information

      Company Name:
      Voya Financial
      Formerly Named:
      ING Direct
      Website:
      www.voya.com