About T. Rowe Price
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I’ve been attempting to cash out my 401-K for 3 days. I filled out all the necessary paperwork to wire the money to my bank account. The agent said the information I provided didn’t match. I provided the same information in October 2019 and my withdrawal was approved. Every agent you speak with tells you something different about your account but every one of the agents pulls up your information the same way. T. Rowe Price has all kinds of road blocks to keep you from withdrawing money you invested. I requested a Customer Survey Form and NEVER received one, you’re told you would receive a survey at the end of your call but you never receive it.
I wanted to take distribution from my 401K as allowed by Cares Act under hardship and Coronavirus today on Dec 29, 2020. They denied that to me saying that the deadline was December 28, 2020. However, the Cares Act and IRS read the deadline to be December 30, 2020. Who is making law in this country? Companies themselves or Congress and government agent? I am in hardship and unable to pay my bills while congress provide such relief. I am not happy at all. This company should be punished.
They froze my account without notice. They refused to unlock it. Customer service unable and unwilling to help. They froze my account because I hung up on a nasty representative. Now I have to get something notarized so they can unlock it.
I was told by a TRP rep that when I funded an old margin account I would be able to short a stock. So I sent them a check for $7,000, then they told me I needed to submit additional paperwork which would take weeks to process. I told them to cancel my account and return my money, their rep said this would take several more weeks and I would get my $7,000 only, no interest. I think they make it so difficult to close an account so they can use my money to make money for trp.
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.
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.
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.
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!
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.
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. **.
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.
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!
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.
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.
I live overseas and am entitled to redemptions only. They are usually made with a few keystrokes but his time TR Price wanted a phone call. They then upped their ante to a written letter and furthermore said they were no longer allowed to make telephone calls to clients. A registered letter requesting redemption ended up in Baltimore but remained undelivered. TR Price did nothing to help. A second letter is well on the way but nothing has been heard. So, what was once a simple operation has turned into a monthly ordeal leaving me desperate for funds. Frank **
My father invested in T. Rowe Price believing it would help me when I went to college. Unfortunately this company makes it impossible to withdraw money from your own account by coming up with various reasons that they cannot release it to you. They got my siblings and I social security number mixed up and then wouldn't release money until we filled out 4 different forms. They said they would send the forms but they never come. When you call to try and find out why you always speak to a different person who never understands what is going on and then when you try and use the automated service to just check the account balance it simply hangs up on you. Do not invest money here unless you want to lose it.
Their service is very different than their fancy name. One of the other reviewers mentioned that their helpline is a joke and provides a standard response for everything. I can confirm that this is true. At one time they provided value added free membership to Morningstar.com. However, it never worked properly and they were never able to help me with that problem. Then at some point I suddenly found that I no longer had the free membership because they had raised the balance threshold for receiving the service. I wrote them an email and ask them if they could grandfather me because I was a long-term customer. They gave me a stock answer: unfortunately no. The only reason I am still with them is that my account is a few dollars up and I don’t want to liquidate my investment and get stuck with a capital gain.
If I had a choice of investing my 410K with another company, then I will be the first to move out of T. Rowe Price. Here are a few things that this company needs to improve:
• When you call their help line, the voice recognition system is a joke. ‘She’ does not want to hear what you say, ‘she’ is rigid and inflexible, ‘she’ just keeps saying things over and over (ANNOYING af!). Basically, ‘she’ is dumb. At this day and age, in 2019 for god shake, this system, in a company that is profitable, is really unacceptable. It is obvious that T. Rowe Price does not want to invest in this.
• When you email a question or a complaint, what you get is a standard reply with the same old saying “we regret…blah blah blah,” and “call a retirement plan representative at…”. They do not even try to answer your question/complaint. This is another joke!
• Lastly, when you actually speak to a representative, most of them are acting exactly like the email and the voice recognition system; generic answers and never give any definitive solution. This is the overall joke.
Simply, put, T. Rowe Price customer support; electronically or personally, is a total joke.
My husband has had mutual fund investments with T. Rowe Price for years. Now that he is a year away from retirement, he contacted them to see about setting them up to manage his accounts, and to "run the numbers" to make sure he is on track to fund his retirement before he stops working. All was well - they sent a risk assessment questionnaire, asked for all kinds of financial information from both of us, then set up a telephone consult to discuss everything. The gentleman on the phone was cordial, seemed competent, and told us he would analyze everything and come up with investment recommendations and get back to us in about a week. That was MONTHS ago... Nothing! No call, no email, NOTHING! Let me just say this... You have one chance to make a good impression and you blew it, big time! Myself, I've been with Vanguard for years, with no problems whatsoever.
I had a frustrating experience trying to withdraw my 401k. Spent all day going back and forth with different customer service reps, and could not figure out how to navigate through the website and find the place where I would deduct the funds. I finally was transferred to Essence, and she was so patient with me and walked me through all the steps and I finally was able to to submit a request for the funds! I truly hope she is recognized for her great customer service and hard work!
After jumping through hoops on a hardship withdrawal to get a downpayment for a home, they asked my bank account info. But under their rules they can not transfer monies to a bank account. I have four days to receive, deposit and distribute this sum. It is to be delivered via USPS. The worst system on the planet. Just saying if you need your money now, this is not the place to do business.
I paid off my 401K loan. I waited the period of time I was told to wait which was 7 days. On the 8th day it was not paid off so I call on the 9th day for them to tell me, "Oh we are so sorry, we will expedite getting this paid off for you." Their expedited timeframe is another 5 days. Their customer service line is a joke, I spoke to supposedly 2 managers and they couldn't do anything but tell me, "We are so sorry but our back office needs that time to pay off the loan." What kind of antiquated systems are they using? How in the world is it fair to hold someone's money that long. And they have no empathy towards the situation, just. "Oh we are sorry but hey we will call you on Monday and let you know if it got handled." REALLY???
T. Rowe Price is a great company for investing, but not so much on the customer service front. I lost my job and fell behind on a 401(k) loan payment and after 3 months they reported me to the IRS when I should have had until the end of the calendar year to pay off the loan. Getting this fixed was a HUGE hassle. At the end of December I decided to do an indirect rollover from my 401(k) to a traditional IRA. This requires them sending a check or electronic payment to your bank account and then you have 60 days to put the funds into the IRA without any tax penalties. I mailed them the application form with a voided check to do this. A week later I noticed the funds were still not in my bank account so I went to their Live Chat support and was told they mailed the check because I did not include a voided check with my application form. These guys are really testing my mettle lately.
I believe the process of attempting to contact T. Rowe Price & trying to get answers from them is the most frustration I have experienced with any company in my life (I'm 59 & for 38 years have owned a retail store chain). It starts with the advisors that never returns calls. After giving up on ever getting a return call... I try to call a general number: only to be "on-hold" for 30 minutes. I hang up & try again... this time finally talking with a real person (I believe he was real LOL!). I quickly explained my frustration, & asked for the area I needed. "Andrew" didn't asked my name or phone (in case of disconnect )... but rather transferred me again - only to be on hold again & hanging up after another 30 minute wait. I've decided to move on to another company that respects my time as a customer.
I just spent over an hour trying to connect with T. Rowe Price to get a distribution. Every time after going through the many hoops they have set on the phone, I get disconnected at the last stage when I am about to talk to the right person. I think TRP is grown too big. Customers does not matter to them anymore. They need to increase and train their staff. Who cares to know that after a few months they will add voice recognition! They need to be broken down to smaller manageable companies, just like what happened to ATT if you are old enough to remember. I am thinking of moving on.
When I came to retirement age I had 53,000. That was handled by J.P. Morgan. I also had 20,000 at the same place. Sure wished I had left them there. I had a small 401k with T. Rowe Price. So I made a very bad decision to go with them. I was drawing 500 a month to supplement my SS. In about 4 years they tell me my fund is depleted. I knew there was no way. I got all of my 1099R copies for the years in question. Which to the best of my knowledge I never received each year. I then got all of my bank records from my one and only bank where all transaction were handled. I then sent them to a company called FINRA. This is a consumer watchdog for mishandling of funds. At present it looks like I have been cheated out of approximately 46,000. Be very careful who you let watch over your retirement!
Retirement Planning - T. Rowe Price is too large of an investment house to provide accurate and competent service to its clients. As a client because of my company choosing them to manage our 401k, I had no choice but work with them. Every time I contacted them even working directly with their Retirement Plan Experts, I was given misleading and incorrect information. They are all about making money not provided great service or accurate and complete information for their clients. When requested to speak to a Manager was left on hold for 45 minutes and told manager was on another call and then still wouldn’t transfer me to a manager. So also dishonest and untruthful as well. Where is the integrity?
Unfortunately I have no choice but to use T. Rowe for my company's 401k plan. They are the worst I have ever had to deal with. Give me back Vanguard or Fidelity. T. Rowe takes forever to process anything you do. I requested a payoff of my 401k loan. I gave them auto deduct and they took the money out of my savings account. It's been over 12 days now and they still haven't paid off the 401k loan. Now they tell me it will be another 4 days. WHY? what takes so long to process that. They are the WORST and their fees are high as well. If you have a choice go with anyone else other than T. Rowe.
Poor customer service from representatives as well as Management. I’ve been waiting for almost 3 weeks to transfer ownership of shares. From managers not understanding my requests to sending me the wrong forms to taking over a week to find out who needs to sign off on the new, correct form at T Rowe-unbelievable. Today, Doug **, manager informed me that the person that needs to sign the form has been sick this week and last week and there’s no one taking his place that can sign the form. So you’re upset I’m closing my account and think you can stall this process because that is a ridiculous excuse. To think at one point they managed over $100,000 of my portfolio. Scary. Don’t invest with this company. Invest with Fidelity, they understand customer service.
T. Rowe Price is very thoughtful and very strong. Buying them is very easy in either my taxable account or my IRA or 401k. Record keeping is deliberately fluid and transparent. I can match my funds to the markets and benchmarks very easily. It has a broad universe of choices in all asset classes. The fees are lower than average and there are K1s. I like that I get an American on the 1-800 number. But I would like for them to offer funds with a little more risk in their DC universe. It is frustrating to only be offered large cap, mid cap and then target date funds.
T. Rowe Price Company Information
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