- Report: #1469572
Complaint Review: Transamerica Inc. - Cedar Rapids Iowa
Reported By:
Joseph -
Thousand Oaks, California, United States
Submitted:
Updated:
-
Author Confirmed
Why?
Transamerica Inc.
4333 Edgewood Rd. Mail Drop: 0001A Cedar Rapids, 52499-3830 Iowa, United States
Phone:
800-401-8726
Web:
https://www.transamerica.com
Categories:
Business Rating:
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Transamerica Inc. On behalf of my wife who doesn't want to cause trouble. Transamerica managed her 401 K account at her employer and charged 16% of her funds to write a check. Cedar Rapids Iowa
This is a letter I sent on October 24, 2018; U.S. Securities & Exchange Commission Office of the Investor Advocate 100 F Street, NE Washington, DC 20549 CC: Mr. Mark Fuller CEO Transamerica Corp. 4333 Edgewood Rd. Mail Drop: 0001A Cedar Rapids, Iowa Subject: Redemption Fees and failure to comply with customer's requests.
To whom it may concern. My wife's ex-employer Arroyo Oaks Medical Associates, Inc. contributed funds into her retirement account 401 (k) in 2018 as part of the profit sharing plan administered by Transamerica Inc. Her employer's contract number is: xxx Her beginning balance was $913.45 which, according to instructions $913.00 was to be rolled over into her IRA account (# ) at TD Ameritrade as her trustee. What she received was a check # 1416190922 in the amount of $596.82. I understand that her ex-employer had negotiated with Transamerica that Transamerica could charge its retired employees over 16% or $150.00 of this account's value in this case to write this check this is outrageous, regardless of how this was agreed upon. Transamerica should be ashamed. Her request to have her account rolled over to her TD Ameritrade was ignored by Transamerica. I ask that her request be complied with and a check for $913.00 be submitted to her TD Ameritrade account No. XXXXXX. If there are any questions, you may contact me by email at:xxxxx Truly; Enclosures 5 Documents submitted to Arroyo Oaks Medical Association. 5 Documents received from Transamerica.
Transamerica told me today that as a company policy they will not respond to letters. They also told me that if we don't cash the check they will issue another at another $150.00 fee. They have told me that they never received the instructions for the roll over, my wife hand carried the documents to her ex-employer, I was there. They told me that I could have sent the documents / instructions directly to Transamerica. Each time you request funds you have to pay a processing fee to Transamerica for $25.00 and another fee to the employer which goes to another party of $125.00. There was a company profit sharing disbursement of $913.45 with the request that $913.00 be rolled over to her IRA account, instead Transamerica sent the IRS $153.03 California state tax $15.30 a TRS withdrawal fee $25.00 and a TPA (?) withdrawal fee of $125.00. My wife received a check for $596.82. (outrages) The account was not to be closed but a small amount was to remain. Don't deal with this company.
3 Updates & Rebuttals
Joseph
Thousand Oaks,California,
United States
She didn't agree to anything.
#2Author of original report
Wed, December 19, 2018
She didn't agree to anything, these terms were imposed on her by her employer. The complaint was sent to the SEC because they are the governing body for finincial instutions.
Jim
Beverly Hills,California,
United States
Get A Life Barbara
#3Consumer Comment
Mon, December 17, 2018
I guess the 3rd time is the charm Barbara. You're aren't just stupid but a cretinous moron to boot. Once again, the 1st amendment allows for all to speak and suppressing my right gets you nowhere and only tells me you have no love for either the 1st amendment, or the truth.
The truthful fact is this: You failed in every effort to take any responsibility for what happened to you. All of what happened to you was perfectly avoidable - none of it had to happen had you simply done your own due diligence before you overpaid on the home that eventually netted you a loss of $60K. When you screw up a real estate transaction as badly as you did, this happens. I know people who have lost far more on real estate transactions who bought the wrong property, or bought a house that needed far more in repairs than they believed. These actions have nothing to do with the realtor. It has everything to do with the buyer of the property when they either fail to properly assess the offer they should have made, or carry out a simple investigation.
The reason I am responding - other than the fact that you're stupid - is that there is no blame that needs to be assigned to anyone who works for the State of Maine (no, I don't live anywhere on the East Coast), nor should the realtor who represented you nor the realty company be blamed in any of this. If you knew anything about how State and Local governments work, then you would also know pursuing the matter with them was a waste of time. Nothing happened to the people you reported on because they did nothing wrong. The realtor - based on your own writing - did nothing wrong. Therefore, the Realty company could not have done anything wrong. You acted on an impulse and put an excessively high offer on a property you had no business doing.
Accordingly, the blame for all of this rests with Barbara - and Barbara alone. Not her husband (the poor guy who has to put up wih that). Not anyone in her family. Just Barbara. You lost $60K of your retirement for you and your husband, on your own, and you can't make that up at this point. People who read this report should simply disregard the rantings of Barbara as nothing more than a remorseful and irrational diatribe. People who read this report should also exercise due care in their retirement years and avoid the sort of actions that Barbara undertook to lose a good chunk of their life savings.
Barbara, if you're looking for justice - stop. Justice can be obtained when you were deliberately wronged as an innocent person, and the law says you would be entitled to relief in such a circumstance. The problem is you're guilty beyond a shadow of doubt of impulsively acting without exercising due diligence; this failure caused you to lose $60K, and all of this is clear from your own narrative. You are therefore not an innocent and therefore not entitled to justice.
It is important readers understand that your posts should be disregarded. Truth is irrelevant when you fail to admit your own wrongs; when you fail to do that, your smear the truth. I doubt your capable of understanding that....
The Dog
United StatesShe Agreed To It!
#4Consumer Comment
Sat, December 15, 2018
SEC isn't going to do anything! That was part of the Terms and Conditions she agreed to.
