About Voya Financial
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I purchased a $10,000 lump sum VOYA Critical Illness Insurance through my employer. I suffered a heart attack in September 2021 and submitted a claim a month later. Heart attack is clearly one of their eligible conditions to receive the benefit payout. After submitting all my paperwork, they asked for a specific form from the hospital, a UB-04 which I obtained and submitted. VOYA then paid out $700, not the $10,000 lump sum they clearly owe me. I've paid nearly $700 a year for this policy since 2018.
Deceitful conflicting correspondence. Delay after delay. Mismanaged. Out and lie to you. I cannot believe UPS is even associated with company. They can't correctly process a simple hardship withdrawal correctly. How are they handling our retirement. All of the UPS folks that have had problems should start contacting UPS Corp Compliance and Ethics and make complaints.
Trying to get 401k disbursement from Voya as plan was terminated. Filled out paperwork and sent it in in Dec. 2021. Here it is March 17 2022 and still waiting. I have talked with numerous people including supervisor and get the same answer - call back in 10 business days if check doesn't arrive. Same run around. Then they claimed I needed a pin # that I never had. I was told that pin would be overnighted to me by UPS. Nine days later I am still waiting. Then I was told again that check has been issued and mailed. My bank has still not received it. My opinion is these people are very dishonest and are trained to lie to their customers just to get them off the phone. Will definitely not deal with these people again. Not sure where to turn for help.
I made a claim w/ the Security Exchange Commission after 3 months of the run around. They wouldn't close or quit charging me. Finally got it closed after 2 months of calls. I didn't need a specific pin to set up the account online and give them my money. However when time came to cash it out they claim I needed a different pin that I never set up when I enrolled?!?!
So they claim they sent it to me 4 times. I waited for 2 months. Nothing. They won't talk to me without it. Finally they agree to accept a notarized letter to send it to my email, which I sent with tracking. In the meantime I get a pin in the mail on 3.10 dated 3.3. I call in with it and guess what, it's expired?!?! They claim they did not receive my notarized letter, yet USPS tracking shows it was delivered and accepted on 3.10. So they're still denying me access to my funds for no reason. They need to be audited and shut down. Fraud...run run run!!
Mid year of 2020 I set up a 401K plan for our medical practice. I entrusted a local Financial Advisor to guide us through the process. My preference was fidelity or Trans America. Our advisor persuaded us to go with Voya. Big mistake! The customer service is almost non existent. I have had Fidelity and Merrill Lynch and could always get support right away. In January of 2022 I decided to change my personal election from moderate risk to conservative risk. I went to the website and changed the election. In reviewing my account in early February I saw I had lost significant money and that I was still in the Voya managed funds. I emailed and called. Days later I got a callback. The person I talked to said she could see where I made the change but could not figure out why it did not change in the system. I went into my account again and changed the election.
As of March 7, 2022 my account was still in the managed funds and the YTD loss was 15%. If that rate sustains for 2022 it will annualize at a 60% loss. Additionally my contributions are quite lower than my employer records indicate. I had our employer records audited and they are correct. No one at Voya has contacted me to correct this additional problem.
Huge disappointment. We entrust professionals who have a fiduciary responsibility only to find my hard earned money not only not gaining but losing principal. The biggest frustration is no one at Voya attempting to remedy the problem. I do not hold them responsible for the market but I do hold them responsible for a technology platform not working and no support to correct the problem and stop the bleeding.
I emailed and got an email response that they would be in touch with me within two business days (which is too Long) but they have not even gotten with me in that time frame. It is now day four and my financial losses are increasing each day because Voya will not follow through on customer service and correct the problem.
I trusted ING which became Voya with my retirement and investment savings. Bad move on my part! During a bull market from 2012 - 2020, I made little if any money with my investments. When questioned, Voya didn't take responsibility nor did it (Michael Smith) ever apologize for such inadequate investing. I have now moved most of my money (most not all because Voya's recommendation of investing in Pershing which disallows liquidating your money unless they want you to or suffer the financial consequences) to Vanguard and I'm happy to report that even though I'm an English major, my investments are doing better than they ever did at Voya.
I had a small 401K housed with Voya through my old employer. I was laid off unexpectedly after only 6 months of employment not to mention during the process of moving across the country and would rather cash it out than roll it over (I could use the money). Not only did my $250 quickly become $106 with all the Voya and plan fees, they sent my check to my old address! I specifically told the rep I was moving and she agreed we should update my address before initiating the cash out. I told her my concerns and she assured me it would be sent to the correct address. Fast forward one month, I’m still hurting for money and I call to check the status only to find out the check was sent to my old address!!! Why is it always something?!
I have spent 3 weeks just trying to rollover my 401k from my previous employer into my new employer Voya 401k. I thought it would be easy rolling over a Voya 401k directly over to another voya 401k. 3 weeks, two hours on the phone and about 5 different people all in a game of phone tag. There was no clear directions for someone like me (never having done a rollover before) as to what information I needed to compile and how to execute the rollover. After the 5th person, I had a good idea of what to do and then I called back only to find that they cancelled my checks without telling me. I would have been waiting for those in the mail and nobody had the courtesy to tell me that I would need to have them re-issued.
I had to call them to get the checks reissued and there was no clear answer as to why they were cancelled in the first place. I only called them by chance to get information on the exact total that was being sent, so if I had not called them for that information, there's no telling how long I would have waited. Potentially could have missed my 90 day rollover period.
Wife had allergic reaction to something that gave her SJS Which gave her major organ failure and was in critical condition! On their list of covered conditions and denying claim they are 100% selling false insurance/the brochure you see is not the actual cover which you can’t see til you buy so basically selling in bad faith and also way to deny legitimate claims!! Warning false advertising and selling of insurance and deny legit claims stay away!!! They are in our opinion a fraudulent Company that should be closed!
Voya is not honest, and they are very difficult to deal with. They make it impossible to get a withdrawal of funds. For example, they claim to have near a 4 Star rating. Look for yourself. They have their 460 odd reviews here for you to read. There are 35 reviews per page, I looked at the first 7 pages, these date back to 2017. Of the 245 reviews all but~10 are 1 star ratings, how is that an Average 4 Star rating. It's not, it is simply a lie and it is characteristic of this company. Like me, most of their customers hate them because they are arrogant people who do not care about their customers.
I tried to unenroll from their program and I was told I could not. They will continue to pull money from my paycheck till I retire or quit. Website claims they are voluntary. What a joke. Voya = scam!
Their website is awfully slow. It takes 30 seconds to load pages in the back end. It's actually painful to do anything in your account because the pages take so long to load. Their customer service consists of ignoring your preference to be emailed, and instead leaving voicemails. And of course, they don't follow up. Their process for rollovers and withdrawals is terrible. They made me call to initiate the rollover, then emailed me paperwork. Why can't I download it on your website? Why do I have to call to get a PDF? They want a letter of acceptance to carry out the rollover -- but provide no guidance in how that letter should be formatted. Getting my money out and see ya. ✌
Nearly died of covered infectious disease and complications from infection. Paid into insurance for thirty one years, only to get the denial, appeal, stall and not pay. I question their mission statement about ethical and exemplary service. Desperate calls were met with...
I was told my check was mailed on the 29th, then they said, it was mailed on the 4th, then the 5th, and finally, a manager (who was extremely useless) told me it was mailed on the 7th. I asked for solid confirmation, because I am tired of being lied to. He said he would call me later that evening with that information, he never did. I still haven't received my check, and at this point, I probably won't. I pity any poor soul who has to suffer the insolence of a Voya customer support person. This has been a horrible experience, and they absolutely do not care, especially if you need this check for your livelihood.
This company is the worst. They stall and stall any withdrawal. It’s always some excuse why you cannot access your money. Do not use this company. When you start to close in on getting your funds they try another tactic. "We didn’t get your paperwork" or the timeframe has expired.
Voya Insurance will rip you completely off! They claim to have low rates on policies that are higher than average. The cancellation takes about 2 months to process. During the process they still charge you for the cancelled policies and your refund will be way less than the money they took in payments. I do not recommend doing any business with this company!
Voya recently began promoting an emergency saving connected to a member's 401k. I had been putting money into that for over a year, designated as after tax savings. I submitted a request to withdraw that money on Dec 10, 2021. That request was approved and noted in their automated system since Dec 13, 2021. The automated message said that the funds would be direct deposited on or before Dec 21, 2021. However, they couldn't manage to deposit that money early, and was not deposited on Dec 21, 2021 as promised.
I feel that they should pay me a penalty for failing to hold up their fiduciary duty to transfer my money to me. Further, when I contacted their customer service and explained the urgency and their failure to deliver as promised, they escalated my issue to a supervisor but that "someone would be in touch within 48". That puts it just before the holiday weekend and if I don't hear from them and have to recontact they'll probably make me wait an additional 48hrs which means I won't get my issue or my money resolved until next week. Why call it an emergency fund if they're going to take 2-3 weeks to give me my own money. But because they are a corporation they don't have to pay any consequences for failing to do their job in a timely manner. This abuse of customers has to stop. Voya does not deserve their #1 rating.
I am currently doing a rollover from Voya. Last Friday December 11, 2021, the process was started and all the info that was needed from myself was detained and the process started. After a half hour to 45 minutes the process between I and the voya employee was over. What was to happen next was for voya to send the email to the employer for verification and approval.
By Monday it hadn't happened so at 3:00 pm I called Voya. They said it would be Tuesday the next business day. So I relayed the message to the employer. Tuesday comes and goes and no email. So now we are no email Friday, not Monday and nothing on Tuesday. Wednesday I was not able to call in due to my availability. Thursday I called the employer and to my surprise still no email. She told me she looks many times a day waiting for the approval email, and nothing. So Thursday morning I called Voya and they said she would have it by mid day and if not to please call back. So Brenda and I waited patiently for the 4th promised email from Voya. Never happened!!!
Now it's Friday 7 days later with no email, I called in to Voya and asked to speak to a manager or someone in charge after explaining my story, The man understood and he said I was to defiantly receive a phone call, or a voicemail from a supervisor by end of business day. Guess what? NEVER HAPPENED. Now it's Saturday morning. Long story short !!! Do not use this financial institution!!!! They will LIE to you and hold and use your money as long as they can. It's nothing short of stealing!!!! AWFUL!!!!
My husband died of a massive heart attack and had a retirement account through his job with Voya. My financial advisor helped me in submitting the paperwork to do a rollover to my 401. To suffice it to say Voya has lied and still have yet to give me my hardworking husband's money. First said needed a certain form which my financial advisor had sent numerous times. Then finally was told check was in mail. Guess what. It never showed. I called and was told they would send it UPS and guess what it still never showed and was told they had incorrect mailing address which when I asked what address they had for me it was the correct one!
Just got off the phone with them and received the usual comments that they must train their customer service. To say, it is shameful and so dishonest.
After submitting all the necessary paperwork including the judgement that I would be evicted Voya still denied my withdrawal. I am now homeless because of them. Please believe they do not care about anyone least of all you.
As a retired school teacher, I am shocked at the the stalling tactics that the financial corporation Voya Financial is using to avoid giving their retired clients their well-earned retirement proceeds. Voya states that their policy is to issue clients requested withdrawals within 7 days of the request. Yet, since October 19, it has been three weeks since my initial request for a partial withdrawal. And I've been given nothing but lame excuses. After researching Voya Consumer Reviews online, I'm finding that there are several other retirees with the same experience.
After my initial complaint On November 1, Voya Pension 2 manager Kaylee, stated that I would have my two withdrawals no later than Tuesday November 8. The excuse was that the third-party approving agency, Penserv, sent an incomplete application. I had to call Voya Pension 2 again to get this information. I set up a conference call with Voya and Penserv. Penserv stated they sent all 5 pages. But the agreed tone again fax Voya another copy of my withdrawal application.
Today, November 8th I called once again. I was shocked to now hear from manager Aurelio ** that now the excuse is that "the fax was BACKWARDS!" They claim they can't read the fax. These excuses are unbelievable. I made more phone calls including leaving a message to a Retirement Financial attorney to get information on a class-action lawsuit. After researching online, I found out that other retirees are having the same experience with Voya Pension 2. Can someone help us?
It has been a month -so far- and so far I’ve submitted the same documents to Voya for my 2 accounts 4 times for each account! They would say they hadn’t received the documents from me or my new company or my 3rd party administrator, then, when pressed, they would miraculously find one or two of the three documents. When they finally completed one of the account rollovers, they said they still had received 0 of the three required documents for the other account, even though 3 separate entities had sent the documents for both accounts at the same time. Finally, after I’ve had to complete my application with my new company 3 times -so far- they send the check only for it to be returned by the bank! I’m at a loss!
Voya's IT team decided that one hundred million Mac and iPhone users do not deserve full access to their platform via Safari. Want to see your contribution history? How about matching contributions? Nope. Is there even a warning on the site that Voya discriminates against Mac users? No, but there should be: "Here at Voya, it's 1990." Even Samantha, the aloof customer service agent who deigned to talk at and over me, needed 21 minutes to suggest "my" problem was my browser. I do not trust this company. Deposits take nearly ten days to show up. I was forced to open an account here. My financial advisor cringed when I spoke 'The V Word'. "Brace yourself" he warned me. "It's nearly impossible to ever get your money back from them." I'd have been better off stuffing my mattress with cash. At least I'd know where it is.
I was forced to make multiple calls to the customer service phone number regarding a withdrawal request from my retirement account due to erroneous information being shared with me multiple times and, ultimately, failure to execute the withdrawal request with me which cost me $ and significant follow up time on the phone yet again. In my final call, I demanded to speak to a manager and waited 15 minutes on hold until I was connected. The manager provided me with a completely different solution path to my issue and could not explain to me why multiple agents I spoke to prior to this over three weeks failed to provide this information. If I had the choice to move this $ to a competent company, I absolutely would (I'm a government retiree). If you have a choice with your retirement $, stay away from VOYA!
This company not only waited until I had ten days left to rollover my money before mailing out that notice and the information on how to do so, but when I got it from them it was a day past the due date to roll over my money. Not only did I lose a huge chunk because they automatically made it into a check and sent it out before that day had passed, but I had to pay a fee for being under 65 to them for electing to have money withdrawn instead of rolled over, on top of that I had to pay a transaction fee so I ended up receiving less than a third of all my savings.
** this company, if they could have called me before the date and asked me if I had gotten the paperwork or if I wanted to roll it over or not I would still have the other 2/3 of my retirement money I had worked so hard to save. They literally commit fraud and have legal grounds to do so and it's **. I wanted to roll my money over but it was too late when I got the information how to and the statement telling me I had to or lose it.
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.
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.
Voya Financial Company Information
- Company Name:
- Voya Financial
- Formerly Named:
- ING Direct
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