Resolved: Primerica - Horrible customer service. If you have other options I would recommend using a different investment institution.
Update by user Aug 23, 2017
The legal department was able to solve the issue. Customer service may not be able to help you, but by asking for a Primerica attorney you can get to someone who cares and is able to solve problems.
Update by user Aug 23, 2017
Success! I was contacted by Lubna Javaid from the legal department at Primerica.
She listened and understood and was able to solve the issue. She also offered a bit of useful advice to anyone that may not be able to get help by the folks in customer service.
Just simply ask for the attorney for Primerica. They will transfer you and you will get answers and more importantly, help.
Update by user Aug 03, 2017
Ok, take a deep breath... I posted an update here last evening about how no one from Primerica had replied to my email sent to them from their posting on this site.
Today, while I am away from home for an hour or so, Susanne left a message on my answering machine that everything was taken care of and if I had any questions I could call her back. Well, I had lots of questions so I called back. I asked whoever answered the phone for Susanne. They wanted to help me instead but I was FIRM that I wanted to only speak to Susanne who had called me and left the message, or a manager that could handle a really frustrated person such as myself.
Eventually I was able to speak to Virginia. Here is what she told me and I repeated it several times to make sure that I really understood what they have done. They did not send the check last Friday as I was told would happen last Thursday. They mailed it yesterday, Tuesday of this week.
Last week they could not make it out in the name I had requested so that it could be directly deposited into my IRA held at another institution, even though I had filed notarized paperwork they had sent me to be able to do that. They also could not deduct withholding taxes from the check as it was already made out to send the next day. This week they mailed a check without subtracting the withholding taxes in THE NAME I REQUESTED IN THE BEGINNING and mailed it directly to me. Right now I am so frustrated with these people.
They were not able to get one thing right, primarily because they will not allow you to talk to a manager directly and work together with you to solve a problem. WHY would anyone allow them to handle their money and future? I will update when/if I ever get my money from them. If I worked for Primerica, I would be looking for a better employer.
Some of the people are good but their business model and customer service remain terrible in my opinion. Oh, and since I have reposted here again I expect another call from them to see if I feel they have done a good job....
Update by user Aug 02, 2017
I wrote the original comments on Thursday July 27th. Friday evening I checked my email and read the following email from Primerica: "I have read your post and would like to offer my assistance in resolving your concerns.
Please email me at email@example.com, with your contact information so we can follow up. Regena Wood Primerica Life" It was after hours but my reply to Regina was: Thanks for the response Regina, Nicole contacted me by phone yesterday, about 15-20 minutes after my posting on Pissed Consumer's website. Nicole is the only person before you who offered any assistance. I appreciated what she tried to do to help, but gave up anyway.
I was informed yesterday that my check had been processed and would be mailed today. I asked if it could be reprocessed and have 15% deducted for taxes and I would just take the check as a distribution, then have Vanguard cancel a like amount of distributions for 2017. This would have kept my distributions on track for this year with taxes withheld and no extra work when filing my income taxes. Seemed simple to me, but apparently not an option.
I thought it would have gotten both Primerica and Vanguard off the hook for my legal name issue. Anyway she read me all of the legal stuff that makes sure Primerica is off the hook and the only one who can have any issues later with the IRS is me. Again, I feel brushed off and on my own with not much help from anyone at Primerica. If you have not seen a transcript of the original issue.
my account is xxxxxxx and I am xxxxx, Jr. AKA xxxxxx, or xxxxxx. If I had gotten an explanation from anyone in a supervisors position before dying on hold after more than an hour, I might not have been upset enough to post my complaint on line. Funny that was what I had to do to get any response, which is exactly the point.
I believe it is too late to offer any help at this time, as they say "the check is in the mail". Or at least that is what I've been told. It's now Wednesday August 2nd of the following week. No other response from Primerica has been offered.
Nor have I received the check yet that was supposedly mailed last Friday. My opinion of their customer service still stands.
Original review posted by user Jul 27, 2017
My work place only offered one option for the company match 401K benefit, which was through Primerica. No one should ever turn down a 401K with company matching funds in my opinion, so I opted in.
I would do it again. But I would prefer my work place had used a company other than Primerica. I have been investing in 401Ks, SEPs, and IRAs for forty years. I am no expert, just aware that if I don't invest and take responsibility for my future no one else will do it for me.
My experience with Primerica is that they seem to recommend what makes a good commission for them. I had trouble getting them to give me what I felt would compliment my existing portfolio in another investment institution. In fact the impression I had was that they wanted me to transfer my existing portfolio to them. No thank you.
Well I retired and wanted to close and transfer my Primerica funds directly to my IRA at my preferred investment institution. They charge fairly hefty fees to sell your shares and close the account. No way around that. Then offer little help, I any, from customer service.
So, I must be unique in that I am a "Junior" on my birth certificate and have always gone by my middle name. Consequently I have my birth certificate name on the Primerica account (they would not allow my to use my middle name as my first name, they had to match my employment records I am guessing) and my middle name is used at my preferred institution. No one will accept the check since the names don't match and no one will change the names either. Over a month has gone by with my closed account funds tied up in a check floating around on desks and going back and forth in the mail.
After much time on the phone trying to straighten this all out, Primerica had my send them the now voided check along with their notarized forms, copies of my birth certificate, social security card and drivers license. THEN they call ME and say that my birth certificate, which is certified, won't work. When I ask for a reason I am transferred to "that department" and am placed on hold. After a half an hour on my land line with no response, I call them back from my cell phone while leaving the land line on hold in case someone should pick it up.
I get a different receptionist on my cell phone and ask for a manager. She puts me on hold. After ten minutes I call back and get someone else and am put on hold for another ten minutes. My land line is also still on hold.
I hang the cell phone up and call back again and finally get someone who will not give me a managers name but does appear to go back and forth to someone for clarification without leaving me to die on hold. After twenty minutes working with her we have made no headway in how we can fix the issue. I decide to just have the check sent directly to me with whatever name they want to use and I will have to deal with the IRS for taxes. She reads me a long list of things I have to agree to, which I do.
Then she says I need to hold while she goes back to her supervisor at which point I tell her I've had enough of being on hold and can she call me back. She assures me she will call me back shortly. I hang up BOTH phones (my land line showed an hour an forty five minutes with no response yet from when they called ME) and I'm still waiting for them to return that phone call "shortly". It's now been over 24 hours.
Did I mention that my local representative said she couldn't help me, I had to deal with corporate? Worst customer service I have ever experienced.
Review about: Primerica 401k Retirement Plan.
Reason of review: Poor customer service.
Preferred solution: Transfer my 401K check directly to Vanguard instead of leaving me holding the bag..