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VALIC reviews first appeared on Complaints Board on Oct 10, 2008. The latest review Retirement Accounts was posted on Jul 15, 2021. The latest complaint withholding money was resolved on Aug 05, 2010. VALIC has an average consumer rating of 1 stars from 42 reviews. VALIC has resolved 2 complaints.

VALIC Customer Service Contacts

+1 800 448 2542 (General Information)
+1 888 478 7020 (Plan Sponsor Support)
+1 888 569 7055 (Enrollment Center)
+1 800 426 3753 (Retirement Planning)
+1 866 544 4968 (Brokerage Accounts, Mutual Funds Or Insurance)
P.O. BOX 15648
Amarillo, Texas
United States - 79105-5648
Overnight
1050 N. Western St., Amarillo, TX 79106-7011

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VALIC Complaints & Reviews

VALICRetirement Accounts

So first off let me say there is no way to resolve the issue as I have spoken multiple times with Valic [AIG] about it and they have told me repeatedly there is nothing they can do. I just recommend staying away from that Company. They have no idea what they are doing and their processing time is so slow it has greatly impacted my families life.

My mother passed away in 2013. I inherited 2 of her accounts and my father inherited 2. I called valic, informed them that the goal was to keep the accounts in their current plans as they had a fixed interest of 4.5% and both my father and myself wanted to use our inherited accounts for our retirement.

I filled in the form how they told me to ensure we got that. What they told me was wrong. Two years later I called them stating, I thought a required minimum distribution should have started. They told me no, that won't start until my mother would have turned 72 and 1/2. I called in 2016 as I was unemployed and asked if I could withdrawal any funds and I was told no, that would cause a very high penalty and I couldn't touch the accounts until I turned retirement age. I called in 2018 for the same reason. Told the same answer. In Dec of 2020, I hired a financial advisory (not Valic) to assist with my finances. He told me Valic was wrong and I needed to have started the RMD. I began calling them and stating this to them. They told me nope, I couldn't touch it until I retired. Financial advisory told me to call them again and ask for it in writing. They provided in writing that I didn't have any RMD's until my mother would have turned 72 and a 1/2. Again my financial advisor said, he still believed they were wrong (there are significant tax penalties) so he advised to continue calling. I have done so. I have called once a month since February 2021 and every month they tell me something different. In June of 2021, I received a letter telling me I had 90 days to close my account. I called, was told it was due to how I filled out my form back in 2013, and how I had 5 years from 2013 to submit some other form as I didn't, I had to surrender (i.e. close the account). I explained to them all my actions were based on what Valic had told me to do and I had called repeatedly over the years. I was told to file for an exception. I did so. I was denied. I have to close my account, lose the 4.5% fixed interest, and pay 20% in taxes now. All of my issues have been because Valic has completely told me the wrong info over the last 9 years. So many hours of life my have been wasted on dealing with them

In regards to my dad's inherited accounts. They lost the paper work. Which actually benefited him as it means we got to refill in the paper and actually select what the right option we wanted. However, we did this in 2021. The reason is because previously when we called and asked about his two accounts, we were repeated told it was zero. I had asked my brother if he had received the monies from the retirement account for dad and he had said yes, it was in the trust. (that part is on my brother and I as my brother didn't realize there were three accounts. So he was speaking about a third account and not the valic accounts). It took my dad repeatedly saying he didn't think he had gotten it and me calling. In February 2021, when I called Valic, I didn't have the account numbers in front of me so I asked them to help me find them. They told me two different account numbers than what we had. Apparently, they changed the account numbers a few years back as such, when I was calling asking about the account numbers I had, they were showing it was nil because I didn't have the new account numbers. Seriously?! In March 2021 we filled in the new paper. We were told it would take 3 to 4 weeks. After 2 weeks, I started calling. We were told it was still in process. At week 5, I was told it was delayed because it didn't the plan administrator to sign and they had reached out about it. At week 6, I was told oh no, it doesn't need a plan administrator they have pushed it through to the next level. At week 7, I was told oh no, it does need a plan administrator. At week 8, I was told they were having trouble reaching the plan administrator. When I asked what contact information they had for the plan administrator, they stated they didn't have any. Well that would explain why they couldn't get a hold of them. I had them fax me the documents, I emailed it to the plan administrator and called them, and returned the signed documents to Valic within 4 days. At week 12, it was approved. We are also trying to get my dad medicaid. We are not able to apply until the retirement fund issue gets resolved. It took 3 months from start to finish to get the accounts changed to his name. Once changed, we then needed to start a monthly distribution. That still hasn't been resolved and is holding up my father getting medicaid and the care he needs. It was de ja vu all over again. Told it didn't need plan administrator to sign off on so submitted the forms without that. Called and kept being told it was in process only to find out on the 5th call it was held up because it did need plan administrator signing. I had them fax it to me, I sent it over to get signed. Plan administer was on holiday as school was now closed for summer. Took about a week to get signed. Sent it back to Valic and am now just waiting for proof that the distributions have started. Moral of the story, Valic has no idea what it is doing. It is effecting my families life and my dad's ability to get the care he needs. If you are able to avoid this company, do so.

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    VALIC401K Retirement Services and shady practices

    I needed to use my 401k investment since I'm retiring in few months. So I spoke to my Advisor Mr. Doug last September in 2020 and asked him his opinion in preserving my retirement account, he said he could not advise. So I asked if I could put my account in a CD. He said sure but it has to stay there for at least 3 months and we agreed. Time went by and called him in March this year 2021 to go ahead and put it back in the investment strategy account, he said we cannot do it now and we have to wait one year.
    He wouldn't give me a reason to why he didn't tell me that in the first place.
    I've already lost thousands of dollars by his lack of knowledge of his company's protocols or maybe he's doing it on purpose to cash out on the account.
    Anyway, I do not recommend this institution AIG/Valic to anybody because of their advisors shady practices and incompetence.

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      Feb 20, 2021

      Valic AIG — Retirement

      I have three accounts through my employer with Valic. I've sent them the form that was properly filled...

      VALICLoan

      I have been trying for nearly 2 weeks to take out a loan on MY money. Valic has still not released MY funds. I call almost everyday, speak to supervisors and still the loan department has not released my funds do to the fact that the loan amount keeps dropping everyday. Why is my loan dropping by almost 200.00 dollars and I'm still waiting. the loan amount should have been locked in and my funds removed from the market.

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        Nov 18, 2019

        VALIC — Online site; toll free telephone numbers; unanswered fax requests

        Hello, I've had two valic accounts since 1988, one is an annuity-retirement for which I requested the...

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        The Variable Annuity Life Insurance Company [VALIC]403b

        I was terminated 2003 .. I've not worked since then and I tried withdrawing my money from Valic, I did everything needed and Valic just won't give me my money, they are giving me the runaround.
        Online my acct stated that I needed to update my information so I did . Then I needed to fill out the workplace /job information, so i did that too. ... help !!!

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          Sep 10, 2019

          The Variable Annuity Life Insurance Company [VALIC] — orp florida

          Absolute worst customer service in the entire world. Woman knows not how to view my percent contribution or...

          The Variable Annuity Life Insurance Company [VALIC]Distribution of funds

          I had left my employer 2 yrs ago. I had invested in a VALIC 403B. As I am 62 yrs old I am entitled to withdraw from this account. Well...a month ago I submitted a form for cash distribution. I was told it would be 3-5 days till my funds would be deposited. What a joke! I called 4 times and was told 4 different stories. I then called my snake of a financial advisor ..no response. I then emailed him..no response. My only option is to either confer with my lawyer or call my Vanguard advisor to be able to access my funds. DO NOT CHOSE VALIC FOR ANY FORM OF FINANCIAL FUND. You will be sorry..I know I am.

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            The Variable Annuity Life Insurance Company [VALIC] — Overnight service

            I'm upset that their over night service is not really overnight. I faxed my paperwork on late Thursday...

            Aig Valic — 401k retirement fund

            Doing buisness and also trying to close my account with valic has been a utter nightmare! I had to fax the...

            The Variable Annuity Life Insurance Company [VALIC] — Retirement account

            On September 10, 2018 I contacted my Valic rep in order to withdraw funds from my account. He was no help and...

            The Variable Annuity Life Insurance Company [VALIC] — There whole process. Customer service. They lost a check for over $32000 because they sent wrong form

            My company switched to valic. After several hours and trying to find out why a roll over of over $32000 wa...

            The Variable Annuity Life Insurance Company [VALIC] — Rollover

            about 1 month ago I requested paperwork for my husband and my account, never received paperwork for mine so...

            The Variable Annuity Life Insurance Company [VALIC] — Trying to cash I retired

            I have been waiting for the forms to with draw my funds. I am retired. I called on Aug 1, 2018 the rep said...

            The Variable Annuity Life Insurance Company [VALIC]Hardship application

            I submitted a application for hardship home forclosure on 7/9/2018. The rep denied my proof and requested need information i sent new information they denied it again. I sent new information and they accepted it however they now say they are on a block out and will not be able to Process the application as of 7/18 till 9/18z my complaint is that my application was signed and dated way before the block out and it is a hardship for foreclose nor did anyone communicate that there will be a block out and action should have been taken before the 18th. Poor communication and not ethical the way this was handle.

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              The Variable Annuity Life Insurance Company [VALIC]Rollover to an external source

              My former employer used Valic for its 401K/403B programs. After leaving the company and as I start to close in on retirement, Valic contacted me. They wanted to reach out to me to remove myself from the former employers account (and the low management fee) to move me into an annuity at a much higher management fee - 150 basis points. Industry standards are typically less than 100. Moving thru the process was easy. Valic provided all the paperwork digitally. When I noticed the excessive management fee, I decided it is more prudent to move out of Valic to a more affordable management fee and avoid annuities. Valic suddenly converted all digital exchanges into snail-mail... to slow down the process and get a couple more months of management fees from my account. Their answer as to "why" they could no longer digitally transmit information was simply that this is their rule.
              So, this is a terrible company - they are not customer friendly. They tried to shift me into an annuity. They did not provide adequate education of other options. They tried to drive me into an egregious management fee which would cost me hundreds of thousands of dollars. And, they have created every possible barrier to transfer now that I am anxious to leave Valic. Horrific way to treat people. Simply terrible.

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                The Variable Annuity Life Insurance Company [VALIC]closing of my account

                This is the worst company in terms of customer service; which leads me to believe they have even worse methods of what they claim they do, which is invest your money. I have tried, about 4 different times, to retrieve and transfer my funds to a different company. Each time, it seems, in an attempt to keep my business, they have failed to mail me the necessary papers; either that or I apparently haven't answered security questions, which is understandable, but are they really suggesting there are no measures in place to ensure security is maintained? There's isno other way you can verify that I am the real account holder? Hmm! . I'm reporting this company and their useless "supervisors."

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                  VALIC — customer service

                  I called today to return a phone call from Veronica and a lady named Shantee answered. i got my security...

                  VALIChorrible company

                  Please do not do business with this company. They are helpful in getting you to invest. When you need your money you will get the runaround. Customer service at its worse.

                  They are much like ENRON! Buyer beware! AIG appears to be the mother of this company. I will never do business with this company again.

                  Investing in retirement is great, but you will have to be careful who you place your investments with. Do your homework!

                  Never Again Valic!

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                    VALIC — customer service

                    I seem to be having a problem getting my money from you. Every time there seems to be a different reason that...

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