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Incompetence with withdrawal requests
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CALIFORNIA -- I requested a withdrawal from TIAA CREF that as stated on their website would take 3-5 days. On the 5 day I contact the company to find out when I could expect the withdrawal. I was told it would take 7-10 days. On the 10th day I contacted the company and was told they could escalate the request but I would need to call back in 3 days. On the 13th day I called and was told I needed to call back the next morning because I had to wait 3 days and should call back on the 14th day. ON the 14th day, I was told someone would look into my request and I should receive the rush withdrawal in 48-36 hours. On the 16th day, I called for a status and was told the funds had been transferred to my bank. Then a representative informed me that they "accidentally" sent my entire retirement savings to my bank. They withdrew all the money in my retirement and sent it to my checking account. She explain to me that it "wasn't clear if I was asking for $1000.00 or 100% so they sent 100%. Then apologized for the error. No one ever posed the question to me, or even mentioned that there was a problem on all the occasions that I called the company. In fact, I asked why it was taking so long and I was told they were "understaffed". And that it was because it was "tax time". TIAA CREF is incompetent and I would highly suggest that you stay away from a company that would make suggest a huge mistake with your money.
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User Replies:
Pomona Guy on 05/13/2007:
rhondam718732 on 05/14/2007:
Get your $ outta there fast!
east coast girl on 05/29/2007:
The same thing happened to me. I filed my paperwork in mid October and did not receive my finds until almost Christmas! They admitted finally after several "escalations" that they had let my paperwork fall through the cracks. I thought my troubles were over with them, but at tax time, I discovered that one of their representatives had misinformed me - grossly so. I had taken out part of my funds, which I had been the main contributor to, not my employer. I was prepared to pay the 20% and then the 10% penalty at tax time. The rep explained to me that I was incorrect because of the type of funds involved and also because it was mostly my own funds, I would not pay 30% tax when that is not my tax bracket. He explained for over 30 minutes how I was wrong. I finally believed him and only had the 20% withheld and did not expect an additional 10% at tax time. In short, the 20% would be enough to cover my taxes and the penalty. At tax time, I was hit with a massive tax bill and when I called to report this representative's misinformation, I went through the endless calls again and spoke finally to two managers. One told me that their customer service reps were there to answer only basic questions and send out forms as requested and that their information beyond that could not be credible. He actually said that! Now I am weeks later and it was assigned to a specific person in their Participant Relations department. He was to pull the call and listen to it. He has not done so and informed me today that they would not be reimbursing me for any of the taxes. I have contacted the Attorney General and a few other agencies about this. The fact is that they have someone working for them that goes out of his way to misinform customers. He was thorough enough to have me change what was correct and end up paying unexpected taxes over $1500. This person will not even be reprimanded, if he still works there, because they have not verified what I have now told them over the course of 11, yes 11, phone calls. what is worse is that part of my money is stuck with them. Does anyone know other agencies I might try speaking to about this?
Bob5432112345 on 07/23/2010:
I too have had similar experience with TIAA-CREF. Every person you talk to there tells you something totally different, and they constantly make errors. Some don't even have a firm grasp of English. It's pretty shameful that teachers' money is withdrawn without their choice and given to these people. Can you imagine what kinds of "investments" they are making with our money, if they can't even take care of a simple transaction without confusion?
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