Transamerica Retirement Services Reviews

The representatives are VERY inconsistent with the information they supply you. I have been trying to close out my account for about six weeks now. A very small and not complicated account from my previous employer. One agent will say one thing and the other will contradict everything the previous agent reported. Please be a bit more thorough and look at the account history before providing false or misguiding information.

I had to use transamerica for my work 401k. After my employment ended I initiated rollover paperwork to move my money to a Vanguard account. I had to have it notorized and then sent it in. Nothing happened. 3 weeks went by and then I called them. They told me I had to have a section filled out by my former HR. They were rude and unhelpful. I was too fed up with matters to deal with it again very soon. I tried to log into my account a couple of months later. I couldn’t get in and it said my account was locked. I called them and they explained that they unlocked my account and should be good. I tried again multiple times without success. On my 4th attempt I finally spoke with someone who explained that Transamerica had changed websites and I needed to go to the new one and register. I had not been notified of this. I then had to do all the paperwork again and get the HR company involved. This later became a blessing as working directly with transamerica employees is really difficult. After multiple tries and many weeks they said I was good to go and my money would be going through. It should have been close to 80 thousand dollars. When I saw it my jaw dropped to see it was about 30 thousand dollars short of that! I called my HR rep who agreed something was very wrong. He helped set things straight. After about another 2 weeks they sent the remaining 30 thousand dollars without any explanation as to what happened. Then it showed up, in the wrong account! They had sent it with directions to my Roth IRA account! 30 thousand dollars of what should have been pretax money was put in a post tax account. I called to find out what happened with Transamerica and they said the paperwork indicated my 401k account at Vanguard so the problem was on their end. I spoke directly with multiple Vanguard representatives to find out that Transamerica had indeed entered the wrong account info and had lied about it. Luckily after all of this Vanguard was able/willing to fix the error.