ComplaintsforMutual of America Financial Group

• Initial Complaint

  02/05/2024

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  The issue is: I made excessive contribution to Mutual of America *** in the amount of $7000. $500 applied to account and $6500 supposed to be refunded to me. I never received my money back.I made direct transfer on 12/15/24. 12/19/23 Mutual of America accepted this transaction, and it was cleared on my bank statement on 12/20/23.I called on 01/02/24 - the representative informed that I already made contribution in February 2023. No more $7000 allowed per year. (However, contribution made in February 2023 supposed to be applied for 2022 tax year. After contribution was made, I called Mutual of America and representative ensured me that this was for 2022). I never received refund. Per representative (om 01/02/24), refund was issued 12/28/24 but it was not cleared that was posed, and was not indicated in which form refund supposed to be posted mail or direct deposit. Investigation was initiated on 01/04/24. I made many phone calls to find about any update but no one in customer/participants services could help. Every time, new representative picked up the phone, I explained the situation every time over and over, and each representative promised to call me back with update about the process or about resolution. Investigation was assigned to Bank reconciliation department, and people who works in participants department complained that no any response was received. All representative said the same do not worry, I or supervisor will call you (shortly, tomorrow). No one called me back. The following useless phone contact were made:12/22/23 (no name) stated that no issue found and just have to be patient and wait.12/26/23 representative stated the same as above.01/02/24 representative informed that I made excessive contribution, and refund was issued (check or transaction # ******* , she was not sure). 01/04/24 spoke with ** ***** , she said do not worry, probably check will arrive by mail, and she will email someone to call me (never called).01/04/24 called again, spoke to **************** She found no information about clearance of refund and that check was sent. ****** initiated investigation stating that personally will keep me informed.01/05/24 I asked to escalate the issue. The representative (no name) discussed the situation with one of supervisor, and supervisor said that it is only 24 hours since investigation was requested, and I will receive phone call. I asked when, she did not give me the answer.01/12/24 spoke with ****** No update. She stated that will send one more email to Bank reconciliation. She provided case # ********* She said that there is no time frame for investigation process. Also, she provided the name of department supervisor ************ 01/117/24 - spoke with ************** I requested to speak with supervisor but he did not help with this. He stated that discussed with colleagues, he will escalate this problem, and will ask his co-worker to call me tomorrow for sure as he will be off. No one called back.01/18/24 spoke with *************** she stated that will discuss with supervisor and will she o supervisor will call me back later today or tomorrow. She stated that will contact for sure, and do not have to worry. No one called.01/19/24 I spoke with ** **** She reviewed the notes, and informed that will email to billing department because refund was initiated in this department. 01/30/24 spoke with ** ***** per herself, she will email to ********************** I am still waiting for response. No one from ********************* called.02/1/24 spoke to ** ****** She transferred supervisor ** ****** ** ***** said that I still have wait, it takes time. She stated there is not time frame for resolution, that she will send one mor email to the Bank. She refused to tell what b. I asked to contact Bank directly but she stated that this des not work this way. Per ** ****** there is no any update on this issue. She promised to call be for any update or if no update yet. She said that will call me before 5 pm and other days but, as usually in this company, she did not call me. Therefore, I still have no idea when my money is and I feel that company sent it to someone else or keeps it for itself. No one takes responsibility for this abusive situation.Please, help me to receive refund in the amount of $6500. Thank you.

  Customer response

  02/07/2024

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me and the matter has been resolved.
  
  Sincerely,
  
  ***********************
  
  
  
   
  
  

• Initial Complaint

  11/29/2023

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  On 10/07/2013, I submitted two rollover forms to Mutual of America to initiate two internal rollovers from a previous employer's retirement accounts (Housing Options for the Mentally Ill) to a different Mutual of America account for my current employer (****************************, 403b, plan #******). The first rollover was from a TDA (plan #******) with $14,789.65 and the send rollover was from a SEP (plan #******) with $3,346.90.Per the instructions on the rollover form, I submitted the rollover documents via email, sending them to ******************************.Within the week (on or before 10/13/23), the funds from both the SEP and TDA were emptied.On 10/20/23, I received an email from ****************************** stating that they were processing my withdrawal, and 10/27/23, I received notice via email that my withdrawals were complete.However, I DID NOT request a withdrawal--I requested an internal rollover per the forms I submitted. As of 11/28/2023, my SEP and TDA were still empty, and the funds still have not been rolled over into my 403b. Additionally, though I DO NOT want a check, no check for the erroneously withdrawn funds has been sent to **** am requesting a completion of the rollover ASAP, and to be made whole by receiving a credit for the interest earned on my funds that I have lost due to this processing delay.

  Customer response

  12/01/2023

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me and the matter has been resolved.
  
  Sincerely,
  
  ***********************
  
  
  
   
  
  

• Initial Complaint

  11/20/2023

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Resolved

  More info

  I requested a withdrawal on 10/16/23. While the withdrawal request was being reviewed my account that had reduced by $50 overnight. I also was not able to review statements as to what my account had been. On 11/01/23 I received an email that the withdrawal had been processed and the fund would be available within 3-5 business days. The *** was sent to the wrong account and my bank sent it back on 11/03/23. I spoke with someone on 11/07 & 11/08 and was assured the *** was resent to the correct account. I have not received the deposit yet as of 11/17/23. All Ive been told is the reconciliation department was notified and I just have to wait. This is not a professionally ran company and I feel the staff is severely understaffed, undertrained therefore unmotivated to assist customers.

  Customer response

  11/27/2023

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me and the matter has been resolved.
  
  Sincerely,
  
  ***************************
  
  
  
   
  
  

• Initial Complaint

  11/10/2023

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Resolved

  More info

  My mother, ************************, had (has) an Annuity Account with ********************** (hereinafter MOA). She passed on July 14, 2023, and I notified MOA of her death, provided a certified copy of her death certificate, provided updated addresses for beneficiaries, and requested all forms necessary to finalize the distribution of funds from this account. MOA acknowledges receiving notice of ***'s death in August, which is in accordance with my **** receipt showing delivery on August 3. To date, neither myself nor any of the other beneficiaries has received any correspondence from MOA. We have not even received the necessary forms to initiate the claim. The rote recitation of each phone call is "well, they are so far behind". While I might understand some time to review the claim forms, how long can it take to just put those forms in the mail? This delay will cause a great deal of additional work in the filing of Mom's final tax return unless completed by 12/31/2023. A review of other complaints shows a regular modus operandi of delay, delay, delay.

• Initial Complaint

  09/21/2023

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  I needed money so I withdrew everything and closed out my account from Mutual of America in April of 2023. They said they would send me a check. I got the check and deposited it at my bank, Fifth Third. A week later I got a refer to maker copy of the check back. I called the bank and they said there was no money in the account to cash the check and charged me $15 for it bouncing. I called Mutual of America to figure out why the check was unable to be cashed and they said the check is showing that it was cashed on their end. I called the bank to make sure there was no deposits from them or for that amount, there was not so I called Mutual back and told them. they said they will cancel that check and send me a new one. Two weeks later I still did not receive the check so I called again they said the check is showing cashed they will investigate and give me a call back. I have called probably 15 different times and every time the person says I'll investigate and give you a call back by the end of today and no one ever calls me back.. here we are 6 months later and I call again I said I need this resolved immediately and they said they have to open a fraud investigation and it will take around 180 days making this whole situation from the time I received the check to the time of a possible resolution an entire year. I think they are just trying to wait it out to see if I forget about it but $230 is a lot to me it's less than a ***** to them. Plus the banks $15 bouncing fee. They can simply call the bank to confirm I didnt cash it, give me MY money and continue their investigation.. A YEAR OF THIS IS ABSOLUTELY OUTRAGEOUS! If I didnt need that money I wouldnt have requested it!!!

  Customer response

  09/24/2023

  Better Business Bureau:
  
  I have came to a conclusion in reference to complaint ID ********.   It took my bank only a few hours to actually dig deep into my account and find the deposit. They said it was sent through the mobile app to be cashed. I do not remember doing that but appareny I did it during a mania episode and have no recollection of it.. So everything has been figured out. I apologize!
  
  Sincerely,
  
  ***************************
  
  
  
   
  
  

• Initial Complaint

  08/03/2023

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Resolved

  More info

  My father passed away on January 28, 2023. I was his beneficiary on his 410k account that is handled through Mutual of America. I received a letter in the mail on August 1, 2023 from Mutual of America stating that the balance of my father's 401k account had been electronically transferred to my checking account. Upon checking my account, there is no deposit from Mutual of America. $37,259.26 is missing and they cannot account for it. ********************** has confirmed 3 different times that they have the correct account information and NO ONE will tell me where my money/my father's retirement account funds are. I want my money deposited into my account IMMEDIATELY.

  Customer response

  08/07/2023

  Better Business Bureau:
  
  In reference to complaint ID ********, the business has finally submitted the missing deposit and this resolution is satisfactory to me and the matter has been resolved.
  
  Sincerely,
  
  *************************
  
  
  
   
  
  

• Initial Complaint

  06/22/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  4/20/23 Mutual of America cashed our $10,000 check (#****). 4/21/23 *********************** left a voicemail stating check had been received. Returned phone call to **************** requesting paperwork to set up SEP **** **************** indicated paperwork would be sent. To date, no paperwork has been sent. **************** has not returned phone calls. Left message for *************** Head ***************************** who has not responded. $10,000 is not showing up in either existing account at ********************** (Plan ****** ***** Plan ****** Traditional ***** The SEP *** has not been established as paperwork has not been mailed. The status of the $10,000 is unknown despite the check being cashed.

  Customer response

  06/27/2023

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me and the matter has been resolved.
  
  Sincerely,
  
  ***********************
  
  
  
   
  
  

• Initial Complaint

  05/15/2023

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  After I left my job in June of 2020, Mutual of America withdrew my funds ($645.01 after taxes were taken out) from my 403b because they were not transferred to a new retirement account. Since then, I have called 20+ times, spoken to multiple customer service agents, and continue to get the ring around. I've waited several times on hold, one time waiting on hold for 4 hours only for an IT person to answer the phone, and hang up on me. Every time I speak to an agent I am promised that I will hear back, and never do. I ask every time for contact information to reach back out to someone directly and am told that "it doesn't work like that" and I will have to call the customer service line every time I reach out.I received a letter on 3/16/2022 telling me that there was an uncashed check in my name, which was the $645.01 check that I had not received. Over the past year I have been trying to get the check reissued to me. Most recently I called in April and spoke to **** who promised me the check was being reissued to me and that I "just had to trust her". This gave me hope, so I waited. Nothing arrived, so I called again on 5/2/2023 and spoke to two reps. *** first one (I did not get their name) told me that the check had been cashed and the case was closed. This was impossible because I was out of the country during the day that they stated it was cashed. I then spoke to ********* who told me it may be out for delivery and to wait 5-7 business days. I waited, still nothing. I most recently called on 5/9 and spoke to *** who said she would investigate and call me back in 24 hours, and still have not heard back.At this point I am losing hope and unfortunately may have to consult with some legal resources in order to get this resolved. My hard earned money is being held hostage from me and it is very disheartening.

  Customer response

  05/19/2023

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me and the matter has been resolved.
  
  Sincerely,
  
  *********************
  
  
  
   
  
  

• Initial Complaint

  04/10/2023

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  I have been attempting to rollover my 403b account from Mutual of America into a new account with Brighthouse since the request for MY FUNDS was submitted to them in mid November. I have been keeping track of my account balance and printed out summaries that show my balance has bounced from the correct amount on one day, zero the next day, back to the correct amount, then zero again. No company representative can explain this activity.. We were told we would have the funds by April 4. *************** representative gave very clear instructions regarding how to send the funds. The Mutual of America representative said the transfer would be expedited and sent overnight directly to Briighthouse. She was supposed to call me with an update. The call never came. When the funds did not appear, we conference called M of A again. To our dismay, we we were informed that the funds were sent regular mail to my home, Six days later, no one knows where my money is. Calling this company is useless. The answers change with every call, and nothing is followed through correctly. After spending another hour on the phone, I was told a "leader" would call me. I am still waiting for the call. My experience with Mutual of America has been one of incompetent, irresponsible and unprofessional behavior.

  Customer response

  04/15/2023

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me and the matter has been resolved.
  
  *************************************************
  
  
  
   
  
  

• Initial Complaint

  03/30/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  I filed a life insurance claim #****** on January 24, 2023 for my mom ************************* death with Mutual of America life insurance and was told 4-6 weeks to hear from them by mail but nothing. Have called SEVERAL times but only get the run around. Finally spoke with the person (*******) that's handling the claim several weeks ago and was told the funeral home will be paid in a couple days and that he would be sending a letter for me to fill out through the mail but still nothing, I have been promised call backs several times but no contact. Then recieved letters about the another company taking over April 1, 2023 and payments due. The funeral home has made several attempts to call with no avail and now is seeking payment from me. We are going into the 10th week now and I haven't heard from anyone by mail, email or phone.

  Customer response

  04/24/2023

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me and the matter has been resolved.

  
  
  My issue has been resolved, the funeral home has been paid, I recieved paper work for remainder of funds from the insurance policy, returned paper work and now awaiting funds.
  

  
  

  
  
  Sincerely,
  
  *************************
  
  
  
   
  

  
  

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