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T. Rowe Price

T. Rowe Price
Overall Satisfaction Rating 2.17/5
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Based on 35 ratings
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    T. Rowe Price Reviews

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    Page 1 Reviews 0 - 10
    Rated with 1 star
    Verified Reviewer
    Original review: June 1, 2020

    T. Rowe Price must be the worst customer service I’ve dealt with. My Father passed away, and as the successor trustee, I have been trying to switch his accounts into my name—and off his. I called them numerous times prior to his passing making notes on what they would require. After sending them the items with a well written cover letter outlining what I was providing, I had to call them to find out if they received the information. I was told they did not need a medallion signature if the dollar amount was under $100,000–which it was. That was incorrect!

    I was told to use the Trust ID number on my Father’s trust certificate, which I did. Since it was his SS#, they rejected it even though I had already asked them this over the phone. I needed a EIN from the IRS, which they did not mention. After submitting this information, I again had to follow up with a phone call only to find that the letter that they required from the attorney stating that the trust was good, was not enough after all. I had to have the agent on the phone read verbatim EXACTLY what she required from the attorney. I relayed this to the attorney and he was still not sure, even after giving the attorney word for word what TRP told me.

    For the love of God, TRP....is this so difficult?? Am I the first person calling with this request to move a deceased family members account into my name?? Make up a “standard, stock playbook, point by point”, and email it out to us so we can get this right the first time. I am not an idiot—and did exactly what you required—twice—but still rejected. As soon as I can get my money out of T. Rowe Price, I will. And I will never return to them either. There are too many other investment firms to choose from. My suggestion for anyone reading this....steer clear of T. Rowe Price.

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    3 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: April 13, 2020

    My mother passed away, and I have been trying to transfer the assets in two trusts to my sister and me. T. Rowe Price is by far the worst financial institution I had to deal with. After filling out an IRA distribution form, Ownership change form, and Trustee Certification form, as well as sending the death certificate, and the original trust making me the successor trustee, I receive a generic letter stating: "While we would like to complete your request, we are unable to do so." No explanation of what was missing, what I might have done wrong, etc. I called, and it turns out nothing was missing, and it should have been processed! I am shocked at the lack of professionalism, and lack of concern for clients, exhibited by this company.

    9 people found this review helpful

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      Rated with 1 star
      Verified Reviewer
      Original review: April 10, 2020

      Reading the reviews on T Rowe Price, I found Myself not being alone. Which I was taking for bad customer services, is in fact intentional malicious behavior. I have been struggling a month, twenty phone calls to transfer my money abroad with still no success. Always missing a form....which I have to send by paper... I am thinking of suing them, as this surely intentional to prevent you to take YOUR money back. Very bad company, never do business there.

      7 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: March 28, 2020

      Why the hell is sooo freaking hard to find the account number? WHY? The website is not functioning properly. That wasted a lot of time just to get the simple thing done (such as submitting contact form). They have limited funds and stocks to invest and all of which are slow performing. I have used Fidelity, Voya, and other Brokerages and by far this T. Rowe Price is the worst in terms of customer service, investment performance, website usability, etc. Geez! This thing is a JOKE!

      4 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Feb. 28, 2020

      I called customer service for assistance. My husband has died and I need to transfer his account to my name. Ridiculous, blatant lies! Rep told me she cannot send me a beneficiary form. I pointed out that they sent me a packet of relevant forms, but T. Rowe Price was the only firm not to include a beneficiary form, which is important. She cannot send any forms R/T this account “since I reported him dead.” They are still sending me quarterly reports and tax info in his name.

      Since this rep was unable to help me, I asked to speak to their estate specialists. They “don’t have any”. Then I asked to speak to a manager. I was put on hold. Same rep came back to the phone and told me “no managers”, and that she would help me, yet she continued in the same vein and could not & would not assist me. I was going to leave this account with T. Rowe Price, but not anymore. I spoke to many investment firms that were kind, sympathetic and helpful, (including American Century and Schwab), and they connected me to reps with expertise. Price must think I am an idiot. No one leaves their money with clowns like these. Karma will get them and they will regret treating customers this way.

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      4 people found this review helpful
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      Rated with 1 star
      Verified Reviewer
      Original review: Feb. 7, 2020

      Don't do business with company, their people treat customers like trash.... And do whatever they can to force you to keep accounts with them. And when you want a manager they say no you can't talk to one. Especially C. **.

      10 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Jan. 29, 2020

      I may be jumping the gun. I called in due to receiving a Transfer on Death inheritance. The customer service rep. gave me very little information to the point of being ridiculous. Customer Service rep. said that because my sibling had called T. Rowe Price first, my sibling would be the only point of contact, and that I would have to go through my sibling for the account information. They only designate one contact, she said. I replied, "Even though I am an equal beneficiary of the account? So, if I'd gotten to the phone and dialed you first, I'd be the only contact?" Her pat answer was, "I can ask that account rep. to call you back. But, if they do, it will only be at his earliest convenience." So, I asked for the number of that department. He replied, "It's a new department, so, it's going to take me a while to look that up." [Rustling sound of papers.] Ridiculous runaround treatment. 24 hours later, still no callback. And, no "I'm sorry for your loss.", etc.

      9 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Jan. 8, 2020

      We moved to Canada and my husband wanted to transfer his money to a Canadian source. Well easier said than done. We did all our homework and even had our tax agent review it. After asking for a partial withdrawal T Rowe made it very difficult to withdraw OUR funds. They kept saying paperwork needed to be done, which we had done and sent in (3 times). We even had to send them information from our tax agent on the transfer as they didn’t know how to do it. STILL the payment kept being delayed. Eventually it was transferred but now we are trying to close the account.

      It’s been 3 weeks since we requested the withdrawal. Just as everyone else has said we have continually had to call and explain to a different person every time. Every time we are guaranteed that it will be dealt with. After ANOTHER phone call today the funds still aren’t transferred and now they have a different amount from what the transfer date was supposed to be and they are trying to say the account went down by 10% in 2 days! Something does not seem right with this company. We would NEVER recommend them or invest with them. Beware, they want your money and they want to KEEP it!! Just give me my own money!

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      14 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Nov. 21, 2019

      Pros: None. Cons: Too many to list (see below). Here are their ground rules to prevent getting access to your funds. Customer service reps. .... Never give customers your last name, your phone number, your email or any way to contact you again. NEVER issue a confirmation or case number. Never let a customer speak with your supervisor. Always misinform the customer when giving directions on how to fill out forms. Make mistakes on the customer's registration just so we can issue a new account number thereby invalidating previous forms, legal documents, actions etc. If making a transfer out of T. R. Price immediately rescind it. Do all these things so we can keep the money instead of transferring it to its rightful owner. Oh yes .... Try to sleep well at night.

      18 people found this review helpful
      Rated with 1 star
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      Verified Reviewer
      Original review: Oct. 31, 2019

      Tried to do a withdrawal after letting them hold on to my deferred compensation for over 20 years. Waited on hold for almost an hour in two calls. I finally got hold of the deferment department and was told that in addition to paying processing and withdrawal fees, I had to pass a timed "security question" exam in order to have my funds deposited electronically. Some of the questions, such as the date you bought your house, NOBODY would know off the top of their head. The questions were deliberately designed to fail, imo.

      What's more, after missing the test and trying to call back again, I was told that it was 'too late' and that the transaction 'failed'. I could only do a mail delivery which would take a week. It didn't stop there. I called T. Rowe Support to get a number to file a complaint and several times was numbers that didn't work. I finally had to look up their corporate number. They basically told me sorry, 'rules are rules'. I have dealt with other investment firm companies that are far better than this. Turn and run, imo.

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      12 people found this review helpful
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      T. Rowe Price author review by ConsumerAffairs

      T. Rowe Price offers a wide variety of financial products, including mutual funds, to investors. Its mutual funds are all actively managed, and many have low fees. The company was founded in 1937 and is headquartered in Baltimore.

      • Financial services: T. Rowe Price offers financial services and products to meet many investors’ needs. In addition to mutual funds, its products include college savings plans, non-retirement accounts, traditional IRAs, Roth IRAs and more.

      • Fund costs: T. Rowe Price prides itself on providing investors with low-cost mutual fund options. The company manages over 120 no-load mutual funds, and many of its funds have an expense ratio below that of similar funds managed by other investment firms.

      • Information: Interested investors can easily find information about all T. Rowe Price’s mutual funds. They can search for funds and compare them to find one that meets their goals. The website also makes it easy to download prospectuses, shareholder reports and fact sheets.

      • Client education: Consumers who want to learn more about investing can find several tools on T. Rowe Price’s website. The site has articles about retirement, college, tax and estate planning as well as charitable giving.

      • ActivePlus Portfolios: Investors looking to broaden their portfolio may be interested in T. Rowe Price’s ActivePlus Portfolios. After answering a few questions online, investors are matched to one of 10 portfolio types based on their financial goals. Portfolios consist of investments in 8-13 of the company’s mutual funds, helping to give investors additional diversification. The minimum investment for an ActivePlus Portfolio is $50,000.

      by ConsumerAffairs Research Team

      The ConsumerAffairs Research Team believes everyone deserves to make smart decisions. We aim to provide readers with the most up-to-date information available about today's consumer products and services.

      T. Rowe Price Company Information

      Company Name:
      T. Rowe Price
      Website:
      www3.troweprice.com