T. Rowe Price
Our promise. We provide a buying advantage with verified reviews and unbiased editorial research.
About T. Rowe Price
This profile has not been claimed by the company. See reviews below to learn more or submit your own review.
T. Rowe Price Reviews
A link has directed you to this review. Its location on this page may change next time you visit.
- 4,241,241 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.
As a beneficiary, T Rowe Price by far has the most complicated, burdensome, lengthy process for getting my family member's money. Between hold times for customer service, complicated claim forms, required signatures and documentation, I have already spent well over eight hours on this with at least two more hours to go. ETrade? 5-10 minutes. Everyone else? 1-2 hours. I would not leave money here even if it were the only option!
I am not unhappy with their mutual funds. I have invested with them for over 20 years and have approaching 3 million dollars invested. This significant amount allows me to be enrolled in T. Price Preferred Services. If I need to call though, either the supposedly enhanced service number or the regular number, the hold times are terrible. Often the representative does not know anything about my problem and then transfers me again. If I am unlucky, it can take an hour or two to address something simple. Finally, I am asking myself why I don't find a better company; one that's rated better in customer service as well as having good fund selections, etc.
My account was inherited from my parents. Unfortunately, my experience has been something less than good. Price has a very high opinion of themselves, and a very low opinion of us----the clients. To them we are sheep and we need herding. They do not believe we have brains. Price's web page is extremely confusing and totally unfriendly and difficult to navigate. Price makes you wait on hold interminably for help either online or thru a broker. The brokers will make recommendations that are unwise and money-losers and foolish just because they have quotas to fulfill. Price has high fees that reduce your return, and if you leave, they keep a portion of your money just to be spiteful. DO NOT INVEST WITH TR PRICE. ANYWHERE ELSE IS BETTER, THIS PLACE IS A RIP-OFF!!!!
Requested a withdrawal from my 401K on 13 April 2021. Total amount requested was withheld for taxes, plus 20% for Federal taxes, despite my paying for express delivery. Told that it would take two to three weeks for me to receive my proceeds. Have not seen proceeds or heard from T.RowePrice. Sent letter to CEO and filed a complaint with BBB.
I recently paid off a loan. The money was debited from my bank 7 days prior to my 401k account being credited. Where was the money for 7 days? That's 7 days I'm losing making money on that amount. That is wrong. In today's world of electronic money handling, there is absolutely NO reason to hang onto my money, or anyone's, for 7 days. SO disappointed.
I have a 401k loan with T. Rowe Price. They've been deducting money from my pay check but the balance that I owe has not changed. I called and they told me that the money is going toward interest. I asked for loan amortization schedule, but I was told that that's not going to be provided for me. So much for transparency. So I have no idea how are my money being applied toward the loan, how is the interest calculated, how is the monthly payment determined. I'm not supposed to know any of that. As long as I work for the current employee they have complete access to my paycheck and they can do with my money whatever they want to. I believe that's unacceptable.
This is the second time in a year I tried to transfer an inherited IRA account From T.Rowe to another Inherited IRA account at a different broker. I gave up the last time due to significant roadblocks from T.Rowe. The reason... they are totally inept and offer nothing but interference. I called today (1/21/21) to ask a few simple questions about scheduling ongoing RMD distributions at 2:01 pm and waited 53+ minutes on hold to get to an 'agent'. After telling her my situation she had to put me on hold again so she could do some research. After another 15 minutes on hold, she hung up on me. Pissed to no end, I immediately went into my other broker's inherited IRA account and submitted a request to transferred my entire T.Rowe IRA account to them. Enough is enough! Let's see if they try to run interference again on this transfer. I will surely consider harsher actions to get my money out of T.Rowe.
I have an inherited IRA account at T. Rowe Price. Can't get away from this company soon enough. Took several hours and 3 or 4 phone calls in an attempt to exchange from a money market fund into an equity fund. I am an experienced investor and have accounts at other much more user friendly companies where I trade and invest without issue. I have spent endless minutes on hold listening to the same 20 notes of music torture without any sign of help. Every person who answered transferred me to someone else where the music torture on hold started all over again. Avoid this company. I gave up and am moving the funds to another company.
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 Company Information
- Company Name:
- T. Rowe Price
You’re signed up
We’ll start sending you the news you need delivered straight to you. We value your privacy. Unsubscribe easily.