Transamerica Retirement Services / Transamerica Retirement Solutions (TRS)trs transamerica retirement services

This company TRS, is by far the most incompetent and shady financial institution I've ever done business with. I would encourage anyone with money invested through work or pension, or anyone who owns any type of securities, to cash out and look else where! After my father died they continued to make pension payments to his account even after informing them of my father's passing. They then, without letting us know about any of this, withdrew $50, 000 from my dad's checking account, after they discovered their accounting error, throwing our books into disarray, and truly putting our finances at great risk. I would have been happy to pay back any unearned payments or money the estate was not entitled to. However, the way they stole back the funds from my Dad's account in the middle of the night, and without notice, is truly disgusting.

It took them 24 hours to reverse a transaction and take money FROM a bank account but them MONTHS to make a deposit into one.

Aside from their first royal #### up, I inherited several retirement accounts at the time of my father's passing. They have proceeded to hold these funds hostage, even after full well knowing I was listed as a beneficiary, and also having court documents proving my ownership of my father's estate. This is truly criminal. It has taken over three months for them to make a simple sale of an IRA, and deposit the $5, 000 to my checking account. Hoops, hoops, and more hoops, forms, and then just moving on to just strait lying to cover up their lack of customer service, and not depositing the money to my account when they said they would. They were VERY efficient when it came to stealing back funds -24 hours at the most! They have every piece of documentation they could possibly need to make the deposit, but are too incompetent to complete a simple transaction, even after them screwing up my dad's retirement accounts and pension. I too got an official letterhead from my bank, providing direct deposit information along with a voided check. I TOO faxed this this to them three times!! And even after all that, they couldn't even complete the direct deposit, and now say they have sent a check in the mail - making me wait again for the check to arrive, then deposited, and then more days for it to clear and for the funds to available. I truly despise this company

I will be reporting them to the SEC, BBB, and am contemplating legal action. Run away and invest in an REAL company like Schwab, or Fidelity - they are professionals and not liars.

Responses

  • Di
    Dimer Feb 28, 2018

    I completely agree about their ineptness...horrible horrible company and employees.We have contacted Transamerica on 3 seperate occassions. They sent us the wrong amount on my husband's 1099R. They then sent a letter dated on 1-2-18 asking for part of the monies they had overpayed back. We sent a check to them on 1-8-18 which was cashed on the 16th of January. The letter also stated that they would send out TWO seperate 1099 R's...the incorrect one and the corrected one once our check was received. They have NOT sent the corrected one as of this date. They just keep putting us off and telling us they are working on it. This is causing us not to be able to file our taxes. They made a mistake and now are unwilling to correct it which is causing us a lot of stress.

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