First Financial Group of America / dependent care flex account
I found out the hard way that flex spending account are frauds. I am a single mom that works one job. I was advised through my benefits department that a flex account would be good for my childcare. I signed up with the First Financial Group of America. This company never contacted me nor sent me any type of information about their company but they faithfully remembered to take my money. I finally contacted the company. Even though this account had never been used or deducted from in 11 months, I find out after contacting them that the account totaled $4800 that they planned to keep. I then questioned their methods. I brought it to their attention that the account had never been used. I also asked about their account managers managing the account but not noticing that the account had not been used. I was informed that they were keeping my money and that it's an IRS rule that says they can. I then scramble to find my daycare receipts. I finally locate a few and send them in because they do not take processed checks from your bank. In the end, they kept $2100 of my money that could have helped my single parent household a great deal. I told the representative that this was a very expensive lesson to learn and that I will manage my own money in my own savings account in the future.