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November 2023 by Justin F.
Too cheap to support Direct Connect for Quicken. I did some reading and saw that it used to be supported but it was cheaper to stop supporting it so they stopped. Every financial institution, including tiny banks in the Dakota's supports this. Please step into this century, folks.
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November 2023 by Virginia W.
if I could give zero stars I sure would. To pay into a company who then wants to over charge for you to take money when you need it is asinine. On top of that customer service is less than lacking. I don't understand how they take my money then hold it hostage and require you to jump through fiery hoops to use it and make you feel bad for even trying to . will be dropping the amount I put in and maybe even stop contributing at all. the fees and crap they charge plus their attitudes are bs
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October 2023 by Timothy K.
Been trying to get a loan from my 401k for 4 months only to be told a dozen different things by many different representatives for this company. DO NOT USE THEM FOR 401k!!!!
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October 2023 by Jessica M.
I requested my withdrawal 31 days ago. I've received 4 different answers when asked when the money would be deposited. After speaking with a supervisor I was promised she would get answers and call me back. Of course, I have not received a call. This company doesn't care about a person's hardships or needs, just how they can benefit from individual's money. I will never invest with them again.Update: I received an email stating my request was competed on 10/6. I received a second Emai saying it would be completed on 10/10. Called today, 10/10 and day 35, and they still have my funds with yet another distribution date provided. COMMUNICATION BETWEEN DEPARTMENTS IS NONEXISTENT.
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September 2023 by Antoinette T.
At this point I'm not sure if this is even a real company or just a shell. Principal goes to GREAT lengths to keep you from your money horrible customer service. After my experience with them I stopped contributing to my 401k because I would NEVER trust them with my retirement. Filed a complaint with the BBB, the Employee Benefits Security Administration and contacted my HR department at my employer to seek additIonal means of reporting on this fraudulent company. Someone needs to file a class action lawsuit against them because this cannot possibly be legal
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August 2023 by Gage P.
Any other institution is better than this one. They are not for the people, they are for the people's money. They will hold on to your money like there company depends on it. Forget withdraws or roll overs they are a joke of an institution. Don't waste your time or money with this place and strongly confess to your companies / employers to not utilize this 401K services for your employees.
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August 2023 by E. R.
I am going to be short. STAY AWAY ...if you need an amount for a hardship ; you will not get it. They are going to do all that they can to hold it and delay the process. Save yourself from the agony , the stress and the pain of being treated like a thing in your golden years. The frustration , the agony, the misery.. is a black hole of empathy ..a vortex of heartlessness,
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August 2023 by Chanequa R.
I think all my experiences were awesome with all the employees I had talked to.and would have been done with exceptional speed and accuracy had my previous employer not delayed the process. But great company will probably use them in future!
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August 2023 by Equalia L.
There is something very sketchy about this organization. My 401k was moved here and I have been trying to get my statement for the second quarter ending June 30. I have tried twice and this time I got an email:We apoilogize the statement is not available yet, they will be completed as soon administratively possible. Yes, that is how they spell "apologize."I'm wondering if they are about to go under.
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April 2023 by susan v.
Worst bank, ever. I have about 1,000 in an IRA rolled over from my employer's retirement account. It has sat with Principal for about 5 years with a rediculously low APY. Ididnt realize I even had this account until sometime later. I tried to roll it over to my 401k, also with Principal and it never went through online, i waited and waited while i kept getting enail after email that it was pending. Finally fed up, I called and asked to roll it out of Principal. They want a $30 roller fee to my Roth in another bank. They want a $10 check fee as well. Obviously i have to pay the taxes to rollover from Traditional IRA to my Roth but these fees added, ill have about $873 dollars left. What a complete rip off. I just transferred my Calsters pension to my Sofi Roth IRA with no fees! By the way that was a transfer of about $31,000. dollars...NO FEES, Principal. I am dedicated to let everyone in the world know not to bank with you.**update, I contacted the bank as you asked and a lady called me, i missed the call. I called back to speek with her and the representative stated something to the affect of, "she left a note about the phone call stating she would handle this and only waive the $10 check fee but not the $30 closing fee". I said, ok....(waiting for her to transfer my call). The representative stated, "is there anything else I can help you with today?" I replied, "yes, she said she would handle it so let me talk to her so she can handle it!" The representative said something to the affect of, "she said she would waive the fee only". After repeating myself again, i was finally transferred to the correct person who DID waive both fees. She agreed that changes need to be made. Having said that, she was undoubtedly a lower level manager who seems to "get it". Will upper management do the same? We shall see. I'm waiting for my rollover.
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November 2022 by Ivanna T.
WORSE company to deal with trying to rollover your funds from Principal to another company - HORRIBLE ! It's taking 3 months of going back and forth because Principal is so difficult - I would never recommend Principal
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October 2022 by JR. K.
This institution is shady. I requested a 401K rollover distribution check and they never sent it. I requested a replacement check, and they failed to send it again. My funds were missing for months. Finally, I requested that they overnight the check to me via UPS. I had to provide my own UPS account number so they could bill the overnight delivery fee to it. I finally received the check. If you are trying to get them to send you funds, I recommend that you skip the step of having it sent through regular mail. They will not send it. Just call them and have them overnight it to you. That way you'll get a tracking number too. It's free to set up a UPS account.
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October 2022 by Jest M.
Had a 401k with my company for a year and a half. I left my company 5 months ago and was forced to roll over my account due to leaving the position. This reset the year and a half sales fee of 1%. This doesn't sound like much, but I had already lost about 12% in how the account was invested. This was partly my part on the 401k, but when it rolled over I could not change where the funds were invested. I ran into some financial trouble and I was forced to pull from this account and was met with the usual taxes plus that sales fee even though I was nearly half a year past the sales fee period. I withdrew the account and was charged after having an account with them for 2 years. Spoke with the manager and she said she couldn't do anything about it.
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September 2022 by Corey H.
I have noticed for the last few months that the number of shares in each of my investments decreases. The first time I noticed this was in August. I called Customer Service on 08/29/2022 at 10:15 AM CT and spoke with Josh. After I explained the issue, Josh tried to downplay it by saying that the amounts are small, so I should not worry about it. Josh went on to say that my account balance will change with fluctuations in the market, which I agree, but those fluctuations are primarily based on the share price. The only time that the number of shares should change is because of a dividend (shares should increase), a purchase (shares should increase), a sale (shares should decrease), or a fee (shares should decrease). I did not purchase or sell shares during this time period; however, my account showed that I received dividends, but no fees were deducted. So I wanted to know why my shares decreased. Josh finally came back and mentioned some $36 fee that would be reflected on my account the following week. I check my account every Saturday morning and I still have not seen the $36 fee. As a matter of fact, there is a line item for fees on my statement and it is always $0. Here we are on 10/01/2022 and my shares decreased again this week. I am debating on what to do next, because calling Principal will be fruitless. I may need to get my employer and/or regulators involved. All in all, something is not CLEAN at the Principal. There is very little transparency about fees deducted: (1) no transaction history showing the number of shares and the price at which shares were sold for the fee deduction and (2) fees are not reflected in the line item on my statement. Also, the representatives seemed incompetent and don't seem to care very much in trying to figure out the root cause of the issue. If it were my choice, I would NEVER have an account at Principal!
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September 2022 by Kenneth H.
My company uses Principal as our administrators for our 403b. I had some money laying around in a traditionally IRA and wanted a rollover. After the computer identifies you via your phone number the customer service put me through all these prompts and tells me the name of my cat was wrong but apparently I passed the other 4 questions. Then he switched me to someone who asked me other verifying questions. So I asked him to verify that the form I was going to submit for a rollover was correct and he preceded to answer many questions I didn't actually ask. If you're as busy as I am you want to get this done and not make a project out of it. He wanted to explain to me how my Roth IRA which i don't have works. I told him I only want to focus on the mailing address and check payable. He told me this info is on the website. He seemed smug and I got frustrated and told him I didn't want to continue. He was right the address was on the website. Just the paid better attention. Throughout my career I have had the pleasure of working with better companies. It's 2022 and someone is trusting you with their retirement monies. Act like it.
